GNI calls for decisive actions to halt naira depreciation

The lawmaker representing Yewa North/Imeko-Afon Federal Constituency at the House of Representatives, Gboyega Nasir Isiaka has urged monetary policy authorities to take decisive actions that will curb naira depreciation.

Isiaka fondly referred to as GNI stressed the need for a more stable foreign exchange rate to support the growth of the economy, particularly the private sector.

While reacting to the deliberations on the 2024 ‘Renewed Hope Budget’ of President Bola Ahmed Tinubu on the floor of the House of Representatives on Wednesday, Isiaka warned against speculative attacks that could undermine the naira’s strength.

“As our fiscal ecosystem is getting settled and organized, we need a more stabilised foreign exchange rate, particularly because of the private sector.

“I urge our monetary policy managers that as we maintain the exchange rate along its fundamental path, we should also be wary of ‘Self prophesying speculative attacks’ at the naira because this is part of the factors that are believed to have contributed to what we have today as the exchange rate,” he said in Abuja.

He, however, hailed Tinubu’s administration for improving debt service, tax revenue, and deficit reduction.

Tinubu had last week presented the sum of N27.5 trillion 2024 budget proposal to a joint session of the 10th National Assembly.

In his presentation, he declared, “The 2024 Appropriation has been themed the Budget of Renewed Hope. The proposed budget seeks to achieve job-rich economic growth, macro-economic stability, a better investment environment, enhanced human capital development, as well as poverty reduction and greater access to social security.”

The lawmaker acknowledged that the 2024 budget may be challenging in the short term, but when passed, has the capacity to further move the country to increased economic prosperity.

Isiaka also called for increased efficiency and performance of government institutions and agencies, including the judiciary, to effectively implement the budget’s goals, reiterating the need for improved funding of technical and vocational education in the country.

“Where we are today as a country is a combination of our deeds and misdeeds in the past and also a combination of global challenges that have posed headwinds to the economy.

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“While we may be products of our past, we should not be prisoners to our past. I believe this budget has the potential to usher in economic prosperity for the nation.

“Let us note however that no matter how good our policies are, they have to be implemented by our institutions. Our institutions therefore need to be strengthened, including the judiciary and all the other institutions that we can talk about,” he stated.