CPPE Calls on President-elect to Prioritise Macro-Economic Stability
The Centre for Promotion of Private Enterprises, CPPE, has called on the incoming administration to prioritise macro-economic stability with emphasising on moderating inflationary pressures, stabilising the exchange rate and boosting economic growth.
In a statement tagged “Economic Agenda for Incoming Administration,” CPPE Director, Dr. Muda Yusuf, also urged the next administration to ensure sufficient implementation of policies that would bolster the Nigerian economy.
Yusuf called for a reform in tax regime to ensure efficiency in tax administration, reduce tax evasion and tax avoidance and eliminate multiple taxation.
The CPPE also called for among other things, the; “elimination of fuel subsidy to save an estimated N7 trillion annually.”
- Elimination of foreign exchange subsidy to unlock a minimum of N3 trillion revenue annually from the sale of CBN forex to the official foreign exchange window. Unlock more income from revenue generating agencies through enhanced efficiency of their operations.
- Initiate budget reforms to ensure fiscal discipline, curb budget padding, curb duplication of projects and review the service wide votes to ensure transparency. Ensure value for money in government expenditure and procurement. Commit to reduction in the cost of governance.
In addition, CPPE called for foreign exchange policy reforms to unlock inflows of capital into the economy, reduce arbitrage in the forex market and improve transparency in the forex allocation.
“Ensure a market reflective exchange rate to eliminate the distortions in the forex ecosystem. Ensure level playing field in forex transactions,” he stressed.
