Financial Discipline, Macro-Economic Considerations, Panacea For Growth-NACOFED

PHOTO: MINISTER OF STATE FOR FINANCE, MR. REMI BABALOLA.

MAKURDI, BENUE April 16, (THEWILL) - The National Council on Finance and Economic Development (NACOFED) Friday in Uyo, the Akwa Ibom State capital, said there was need for government to cautiously trace its way out of the current recession through measured expansionary budget and fiscal stimulus plan.

In a communiqué at the just concluded two-day 11^th annual conference,

it stressed the need for financial sector umpires to balance financial regulations and macro-economic considerations to stimulate growth, urging for synergy between fiscal policy and monetary policy.

The conference solicited for enhanced collaboration on economic policies at both national and sub-national levels to create an enabling environment and open up markets to allow private sector provide competitive services.

With reference to the current global economic rebound, the meeting advised Nigeria to be cautious, adding that collective efforts would be necessary to sustain the current economic recovery plans to ensure sustainable economic growth.

The meeting stressed the need to rekindle investor confidence through investor education and urged the Securities and Exchange Commission (SEC) to carry out enlightenment campaign to educate the general public about capital market operations and the opportunities therein.

At the meeting, N235.493 billion was shared among the three tiers of government as statutory allocation for the month of March.

According to Minister of state for Finance, Remi Babalola, who chaired the conference, the figure shows an increase of N6.834 billion or 2.99 percent compared to that of February, 2010, attributing the increase to the volume of import as well as higher prices of crude oil in the international market within the period.

He said the total revenue distributable for the month including value added tax (VAT) is 284.592 billion, but excludes augmentation and exchange difference which were not distributed as 2010 budget is yet to be approved.