Experts in the financial sector have urged the incoming Minister of Finance and Coordinating Minister of Economy, Wale Edun to address the foreign exchange challenge and other fiscal issues in the economy.
Former Director General of the Lagos Chamber of Commerce and Industry (LCCI), Dr. Muda Yusuf said the Foreign exchange policy reform must be aggressively pursued to unlock inflows of capital into the economy, reduce arbitrage in the forex market and improve transparency in the forex allocation.
He also advised Mr. Edun, “to Ensure a market reflective exchange rate [as far as practicable] to eliminate distortions in the forex ecosystem and ensure level playing field in forex transactions as it will boost inflows from Foreign Direct Investment [FDI], Foreign Portfolio Investment [FPI], Export Proceeds and Diaspora remittances.”
In the area of reforms, he urged the incoming administration to ensure efficiency in tax administration, reduce tax evasion and tax avoidance and eliminate multiple taxation.
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The Chief Executive Officer, Centre for the Promotion of Private Enterprise [CPPE], said there is a need to “unlock more income from revenue generating agencies through enhanced efficiency of their operations and also Initiate budget reforms to ensure fiscal discipline, curb budget padding, curb duplication of projects and review the service wide votes to ensure transparency.,”
Also speaking, a Professor of Accounting and Financial Development at Lead City University, Ibadan, Prof Godwin Oyedokun, said the new minister of finance and coordinating minister for the Economy is a man of integrity with the requisite knowledge to revive the economy.
He, however, counselled him not to play politics with the position, so that his name will not be tarnished.
Oyedokun added that it is important for the minister to rejig policies that are not favourable to the economy, consult widely and subject new policies to test before implementation.
Until his appointment as minister, Edun was the Chair of Chapel Hill Denham Group, a leading investment bank in Lagos State.
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