A former member of the House of Representatives has advocated for functional fiscal policy to revive the Nigerian economy. This, he says, would reduce unemployment and insecurity.
Mr Ned Nwoko, who described the financial sector as a driving force for the economy, said the low-interest rate would provide the needed finance to develop the economy.
Nwoko, while speaking on the State of the Nation in Abuja, expressed concern over the situation of the economy, advising the government to fix low-interest rate on loans and establish a task force that would enforce the rate on the bank.
“Any government that commits itself to these sectors will bring a lot of progress to Nigeria. In fact, these areas alone can employ not less than 10 million Nigerians within two years, if properly managed.
“The banks cannot on their own be charging interest rates of 14% and even more. Government has to come in and regulate them and fix interest rates and it is a very simple thing to do.
“The government should be able to have a task force that would deal with this sector. Once it is done, you will see the economy growing; practically all houses in Nigeria are built and bought by cash.”
While stressing the need for government to focus on the economy, Nwoko reiterated that doing so would provide job opportunity, reduce poverty and improve security in the country.
“We need small businesses to access finance. We need people to have access to jobs and decent accommodation. If citizens are comfortable and properly engaged, the crime rate will reduce and insecurity would end.
“The banks need to be functional and responsive and the Insurance and Mortgage sub-sectors need to be more people-oriented.
“A part of the profits made by banks should be given back to the small businesses as loans,” he argued.
While describing President Muhammadu Buhari as an honest man, who was trying his best to develop Nigeria, the former Federal Lawmaker also advocated for a younger Nigerian to emerge President in the next general election; someone who would bring fresh and progressive ideas that would transform the country.
“I admire the current President Muhammadu Buhari because I like honesty and he is an honest man.
“But it is not just about the President or Head of State being an honest person, everybody around him must key in and deliver for the interest of the people,” Nwoko added.
Mr Ned Nwoko was a member of the House of Representatives between 1999 and 2003 representing Aniocha North-South and Oshimili North-South both in Delta State, Southern Nigeria.
Amaka E. Nliam
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