FG urged to save 5% GDP earning for emergency

The federal government has been asked to develop a strategic financial fund by setting aside five per cent of its GDP annually to fund emergency cases likely to disrupt the economy

A former Head of Department of Political Science, Dillard University, New Orleans, USA, Professor Nchor B. Okorn, made the recommendation while presenting a keynote address at the Sam Momah Annual Lecture series on Thursday in Abuja.

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The lecture tagged ‘The Emerging Economies and The Nigerian Conundrum’, was held in honour of a former Minister of Science and Technology and author of 13 books, Maj Gen Samuel Ifeanyichukwu Momah, on the Nigerian economy and others.

Prof Okorn said fiscal policy on infrastructure, roads, schools, hospitals etc would create jobs and “people will earn income and in turn spend, thus stimulate standard of living and promote smooth monetary policy through increased injection of funds in circulation.”

Also speaking, a former Minister of Education Dr. Obiageli Ezekwesili, said growth and development happen by deliberate intentions and for nations to grow there must be sound policies, strong institutions that enable predictability in the assessment of incentives and sanctions and the right set of priorities in investments of goods and services.

She urged Nigerian citizens to interrogate their aspirations, saying, “Who is the one carrying our aspiration; it is determined and defined by the citizens of a country the legitimacy of leaders to lead them towards their aspiration.”