Representative Gboyega Isiaka, who serves Yewa North/Imeko-Afon Federal Constituency in the House of Representatives, is advocating for decisive interventions by monetary policy authorities to address the depreciation of the naira.
Building on his point, he reiterated the necessity of achieving a more stable foreign exchange rate to foster economic growth, especially within the private sector.
While addressing the deliberations on President Bola Ahmed Tinubu’s 2024 ‘Renewed Hope Budget’ in the House of Representatives, Isiaka raised a cautionary note against speculative attacks that may undermine the strength of the naira.
‘As our fiscal ecosystem is getting settled and organized, we need a more stabilised foreign exchange rate, particularly because of the private sector.’
‘I urge our monetary policy managers that as we maintain the exchange rate along its fundamental path, we should also be wary of ‘Self prophesying speculative attacks’ at the naira because this is part of the factors that are believed to have contributed to what we have today as the exchange rate,’ he said in Abuja.
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However, he applauded Tinubu’s administration for its accomplishments in debt service improvement, tax revenue, and deficit reduction.
Tinubu had last week presented the sum of N27.5 trillion 2024 budget proposal to a joint session of the 10th National Assembly.In his presentation, he declared, ‘The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.’
The lawmaker acknowledged that the 2024 budget may be challenging in the short term, but when passed, has the capacity to further move the country to increased economic prosperity.
Isiaka underscored the need for greater efficiency and performance from government institutions, including the judiciary, to ensure the successful implementation of the budget’s goals. He reiterated the call for increased funding in technical and vocational education across the country.
‘Where we are today as a country is a combination of our deeds and misdeeds in the past and also a combination of global challenges that have posed headwinds to the economy.’
‘While we may be products of our past, we should not be prisoners to our past. I believe this budget has the potential to usher in economic prosperity for the nation.’
‘Let us note however that no matter how good our policies are, they have to be implemented by our institutions. Our institutions therefore need to be strengthened, including the judiciary and all the other institutions that we can talk about,’ he stated.