One of the very things Nigerians notice about governance is the mismanagement of funds, stemming from huge corruption and impunity.Â
Now, the nation is in huge debt, with most of the borrowed money filtering into the personal accounts of some persons.Â
In a bid to curb corruption and foster economic growth in Nigeria, stakeholders in the real sector have encouraged the Federal Government to restructure the CBN and NNPCL.
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This view was made at the 2023 Mid-Year Economic Review and Outlook jointly organised by the Lagos Chamber of Commerce and Industry, LCCI and Cordros Capital.
Revamp CBN And NNPCL For Improved Accountability
According to the communique issued by the LCCI and Cordros Capital, transparency and accountability are absent in these agencies.
The Director General, LCCI, Dr. Chinyere Almona, suggested that the “government should consider the urgent need for an all-encompassing economic and fiscal plan”.
She wants a full/partial divestment of state-owned real estate, improved transport sector, and energy assets as post-election priorities.
According to her, the government must focus more on asset-based and equity offerings to improve revenue.
“Institutional reorganisation is urgently needed in the CBN and NNPCL to improve transparency and accountability.
Adopt New And Working System
The operating environment of NNPCL is somewhat opaque, which is anti-competition.
Also, she believes that the oil sector will attract the desired investment if the government liberalises fuel import licences.
Furthermore, she advocates the liberalisation of other vital activities in the midstream and downstream.
“Government should unlock revenue from assets by complementing tax with rent, fees, dividends, and capital gains.
We Can Be Free From Debt
“Economies that optimise revenue through equities have recently offset the loss from declining commodity prices.
“The new administration is advised to borrow better to reduce debt costs by issuing a more asset-linked debt than IOUs.
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“The non-interest-bearing debt opportunities should be explored as emerging markets tilt towards project equity financing.
“Bureau de Change (BDCs) should not be referred to as parallel or unofficial markets, because they are officially licensed to trade,” she stated.
