Nigeria’s economy must not crumble under your watch – Experts to Finance Minister, Edun

According to financial analysts, Olawale Edun, the newly appointed Minister of Finance and Coordinating Minister of the Economy, must take the lead in addressing the economic issues that Nigeria is now facing.

Following President Bola Ahmed Tinubu’s inauguration of Edun on Monday, Nigeria’s fiscal, monetary policy, inflation, unemployment, foreign exchange, debt burden, and other economic issues have now become Edun’s immediate difficulties.

The country’s July inflation rate jumped to 24.08 percent, and the N77 trillion in debt and rising poverty rate contributed to this spike. Nigerians are now paying a higher price for living as a result of the withdrawal of fuel subsidies during the current foreign exchange crisis.

In the meantime, President Tinubu urged the ministers to address all the issues affecting the nation during his statement during the inauguration of his 45-member ministerial cabinet.

All of you who have been sworn in have been called to stand out at this time of great promise and peril in equal measure. According to him, Nigerians place a great value on excellence in service delivery as well as accountability and openness.

Experts have asked Edun and his team at the Ministry of Finance and its agencies to take direct action against inflation, poverty, unemployment, and the depreciation of the Naira against foreign currencies in support of Tinubu’s appeal to the Ministers.

In an interview with DAILY POST on Monday, Prof. Godwin Oyedokun, a professor of accounting and financial development at Lead City University in Ibadan, stated that the newly appointed Minister of Finance must engage in “business unusual” in order for the nation’s economy to function.

He said that Edun had to make sure that the remedy for the elimination of gasoline subsidies was distributed fairly to all Nigerians.

I have no reason to question Mr. Olawale Edun’s ability to address Nigeria’s economic difficulties because he is a man of integrity. There is no longer any place for excuses because they have been a member of the government from the beginning, therefore he needs to get to work right away.

“The economy is no longer grinning; people are finding it difficult to get by. Nigerians are concerned about the loss of the fuel subsidy and the exchange rate.

Since everyone is impacted by the current difficulty, the palliative should be thoroughly examined, as well as the distribution criteria.

“The Minister must look at the palliative, the formula to ensure that the common citizens get,” he stated.

Additionally, he added, “the problem of foreign exchange must be addressed head-on; the government should sit down and consider the steps to be taken that provide a long-term solution.”

Director of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, asserted that the Minister should focus on economic governance, address macroeconomic challenges, achieve budgetary consolidation, implement reforms to foreign policy, and remove trade barriers.

The Minister, according to him, must ensure that economic policies are reliable, tried, and consistent.

According to Yusuf, the Minister must make every effort to stabilize the foreign exchange market.

“Reform the tax code to ensure effective tax administration, lessen tax fraud and avoidance, and end double taxation.

“Boost the operational efficiency of revenue-generating organizations to increase their income.

“Start budget adjustments to ensure financial restraint, reduce budget padding, eliminate project duplication, and examine service-wide voting to ensure transparency.

Make that government spending and purchases are cost-effective. Ensure that the cost of governance will be reduced. Optimizing the use of national resources to free up liquidity, he said.

Additionally, Idakolo Gbolade, Chief Executive Officer of SD & D Capital Management, stated that the Minister must ensure that income leaks were stopped and that alternatives to borrowing from the government were investigated.

“The Coordinating Minister of the Economy has his work cut out for him because he needs to act quickly to ensure prompt and effective execution of the government’s palliative care policy and make sure that funds saved are well used.

The Minister must make sure that government revenue leaks are stopped and that alternatives to borrowing are investigated.

“The Minister has the burden of making sure that all MDAs work to strengthen our faltering economy.

“Mr. Edun comes into the position with relevant cognate experience to deliver; it can also be said with confidence that he was among those who drafted the economic blueprint President Tinubu is using, so carrying out the government’s policy directive shouldn’t be a problem for him.

The NNPC Limited $3 billion loan for crude swap can help bridge the government’s swift initiatives in the area of forex scarcity.

“The government is also attempting to address the effects of subsidy elimination by enacting a number of transportation-related policies that can mitigate those effects over time.

“If properly implemented, the government’s policy to stimulate the economy through various loans to the manufacturing sector, SMEs, and young entrepreneurs could help to activate the economy positively and help reduce inflation within the shortest time,” he said.