Chieftain of the All Progressives Congress, APC, Asiwaju Ahmed Bola Tinubu has urged the Federal Government to review its monetary policy quickly to revise the downward spin of the economy and continuing hardship in the country.
Speaking yesterday as guest lecturer at the National Defense College Course 25 with the title, Strategic Leadership: My Political Experiences, the National leader of the party said the country’s current inflation rate at 18 per cent was killing the economy and pushing millions of Nigerian beyond poverty line.
Tinubu who supported his lecture with the premise, “when it is necessary, we must speak truth to power, we are the power, we will talk the truth to ourselves”, went on to say,
“ In a situation we face, deficit spending is essential to bolster aggregate demand and direct funds to projects that build infrastructure and bolster employment. We must harmonize monetary policy with fiscal policy. It undercuts our goal if monetary policy is unduly tight at a time when fiscal policy begets deficit spending
“What am I doing if I have a billion and you are ready to give me 180 billion, that is 18 per cent, do I have to work or do anything again?. These are the factors they have to look at quickly to ease the monetary policy. You have to stimulate the economy you have to spend yourself out of this recession and you cannot do that by consistently stifling the banks of liquidity. It is their money. It is their saving.
“The monetary policy must be consistent with the environmental need of our domestic requirements, you cannot hold on too much or too tight to a policy
Continuing, he said the Federal Government must developed a bottom-up approach in re-engineering the economy in this period of uncertainty to “ diversify the economic base, strengthen our industrial base, modernize infrastructure, enhance agriculture and provide employment and of course ease of doing business.
“We can no longer allow cheap imports to preclude the development of industries and sectors strategic to our enduring economic future. A nation in progress seeks to minimize, not harvest additional contradictions, otherwise its leadership is doomed to fail”