NLC charges Nigerian govt on effective fiscal policies

The Nigeria Labour Congress (NLC) on Monday urged the Federal Government to upgrade the nation’s economy by applying proper monetary and fiscal policies for successful economic systems.

The NLC President, Joe Ajaero, made the call at the Workers Day Celebration in Abuja.

He lamented that Nigeria has unfortunately become a country led by men and women pursuing policies that are detrimental to the country’s progress.

Ajaero added that Nigeria’s economy was on autopilot, struggling to survive on its own.

The NLC chief pointed out Nigeria’s economy has become one of the most mismanaged in the world because of bad policies by successive governments.

He said: “All the key macroeconomic variables are not promising with inflation at double digits, and unemployment worsening and rising.

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“The reasons are not far-fetched with youth unemployment very high at 65 percent while the exchange rate continues to depreciate steeply alongside the debt stock.

“The two key broad instruments for the successful management of any economy as experts have pointed out remain to have the right mix of Monetary Policies and Fiscal policies.

“The structures ought to complement each other, but not to oppose each other. It is this complementarity that serves as the keel and rudder that keeps it balanced and sailing even in the midst of choppy waters.

“In a nutshell, when there is a structural dissociation, the economy experiences schisms and suffers dislocations that must be corrected for system balance and sustenance.”

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