BusinessDay/Time Economics roundtable suggests holistic reforms to revive economy
Time Economics and BusinessDay at a summit held in Abuja suggested to the Federal Government to embark on holistic reforms that would revive the economy, while making further case for structural reforms that would put the economy on the right stand.
Ogho Okiti, a former presidential adviser on economic matters and the CE0 of Time Economics, said the Federal Government could leverage its capacity to address and block leakages in the economy to embark on structural reforms that would grow the economy, attract investments and ensure inclusive growth.
Okiti said: “If we don’t address most of these problems that are more of structural, there are little impact the monetary and fiscal policies of the government could do, and the CBN would not invent any magic to solve our problems if we don’t address our structural problem.
“Many people see the monetary policies as the solution to the economic problems. That is because the way the monetary policy translates to the economy is faster than the way the fiscal policy did to the economy.
“Beyond the monetary and the fiscal policies of the government, we still need to go step further on structuring the systems, since some of the problems we are having are systemic challenges”
Okiti, suggesting further step to be taken, said: “Like I said, there are key things in the last one years. The first was that we need effort to tackle corruption and block leakages, which is key.
“Because if you are going to grow the economy and increase pubic investment in infrastructure, the government needs to bring in all the money that accrues to it, and block leakages that divert such monies into private pockets.”
In furtherance, he said: “The second issue is increase in taxation and dealing with tax evasion. For the same reason, government needs to bring in all the revenues. So, if someone is not paying taxes, the government makes all the efforts to collect its money.
“The third issue of which I have issue is that there is a perception that the state is a better manager of resources. Government needs to deal with that perception as soon as possible.”
The way to go about it is to embark on key reforms in many sectors of the economy.
“For instance, in every sector, let’s take our airports for instance, while should the government be running airports. Our own government are not usually good business people. Even in education, health care, some of the reports need to be deepened.
“There ought to be reforms to expand infrastructural investments in the country. Even the entire budget of N6.08 trillion would not be enough with the kind of infrastructural deficit we have,” he said.
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