Economic Advisory Council warns against multiple exchange rate 

The Presidential Economic Advisory Council (PEAC) has urged the Nigerian government against the continued implementation of multiple exchange rates by adopting a unified currency rate regime that will guarantee stability in the economy, especially in the foreign exchange market.

It equally warned that several difficulties and challenges might arise if the N2.3 trillion Economic Sustainability Plan (ESP) recommended by the Economic Sustainability Committee was not properly implemented.

In a statement issued on Tuesday by the Senior Special Assistant to the president on Media and Publicity, Garba Shehu, the PEAC also suggested that government give priority attention to improvement of the ease of doing business in Nigeria and explore mass housing schemes in generating employment through Public Private Partnership.

The advisory body enjoined the Nigerian government to carry out the ESP by employing current administrative and institutional frameworks, saying priority be given to sources of funding to avert inflation and that a deadline of 12 months be set for completion of projects under the ESP.

Read also: Naira falls at official market over govt’s plan to harmonise exchange rates

It stated that the ESP must advocate “export-oriented production strategies,” use of local resources, reduction of post-harvest losses in agriculture currently hovering between 40 and 60 per cent, and make the economy friendly to “non-debt” private sector-funded investment in a bid to curb the cost of debt servicing.

Chair of the PEAC, Doyin Salami, expressed his satisfaction with the current review of the Medium Term Expenditure Framework (MTEF) and the 2020 budget, deregulation of the pump price of gasoline, endorsement of the implementation of the Oronsaye Report and the adjustment of the exchange rate of Naira.

But he affirmed that more efforts should be channelled at enhancing efficiency, accountability and coordination among Ministries, Departments and Parastatals.

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