By Dipo Olowookere
The presidency has been charged to, as a matter of urgent public importance, resolve its issues with the Senate over the confirmation of members of some boards and agencies, including that of the Monetary Policy Council (MPC).
This Monday, the council could not meet to make decisions on monetary policies for the country, a thing observers said was dangerous to the economy.
Since this Monday, the Nigerian Stock Exchange (NSE) has closed in the red zone, with some analysts attributing this to the gradual loss of investors’ confidence in the economy as a result of cancellation of the MPC meeting because the council lacked quorum to seat.
President Muhammadu Buhari had in 2017 sent names of people to fill the vacant positions in the council, but the Senate did not attend to the nominees because of its rift with the presidency.
The upper parliament wants Mr Ibrahim Magu removed as the Acting Chairman of the Economic and Financial Crimes Commission (EFCC), but the President has refused. His name was sent to the Senate two times, but was rejected by the red chamber.
At a press briefing on Wednesday on the state of the economy, President of the Lagos Chamber of Commerce and Industry (LCCI), Mr Babatunde Paul Ruwase, appealed to both parties to sheath their swords.
He said the crisis was already affecting the nation’s economy.
“The disagreement between the presidency and the Senate over the confirmation of nominees for heads of some agencies is beginning to take its toll on the economy.
“For instance, the Central Bank of Nigeria (CBN) suspended its first MPC meeting for this year scheduled for January 22 and 23 due to its inability to form a quorum as a result of non-confirmation of nominees by the Senate.
“The MPC has the mandate to review economic and financial conditions of the economy, make decisions on policies for the economy in the short and medium terms, review regularly the CBN monetary policy framework and adopt changes when necessary.
“The failure of the MPC to meet as scheduled has adverse effect on stakeholders in the financial sector and the economy in general.
“We call on the presidency and the Senate to quickly resolve their differences in the interest of public,” Mr Ruwase said at the event.
On the incessant scarcity of petrol in the country, the LCCI boss said, “We have concerns over the reluctance of government to liberalise the sector and open it up to private sector participation.
“The concentration of petroleum products supply in the Nigerian National Petroleum Corporation remains a major cause for concern. The arrangement is an inherent entrenchment of state monopoly in the NNPC to the detriment of private investors.
“The midstream and downstream petroleum sector currently suffers from regulatory regime which is negatively impacting growth, investment and job creation in the sector.
“The current model of managing the downstream petroleum sector is not sustainable. It is at variance with the present administration’s vision to diversify the economy and create jobs.
“It perpetuates the phenomenon of rent economy and is detrimental to economic competition. The truth is that the citizens are the ultimate beneficiaries of a competitive market environment.”
Adedapo Adesanya