Ex-ANAN President says FG must urgently “block leakages” to stem inflation

Dr Samuel Nzekwe, a former President of Association of National Accountants of Nigeria (ANAN), on Monday advised the Federal Government to “block all leakages” to control the country’s inflation rate.

Nzekwe told the newsmen in Sango-Ota that there was the need to stop public funds from ending in the pockets of individuals.

The financial expert, who spoke with the 298th Monetary Policy Committee (MPC) meeting of Monday and Tuesday in view, listed the leakages to include corruption and overloading of invoices, among others.

“These leakages have adverse effects on the economy,” he said.

Nzekwe said the MPC should not increase the Monetary Policy Rate (MPR) and other monetary parameters, pointing out that previous increases have not had any impact on the economy.

He said the harmonisation of monetary and fiscal policies was necessary to stem the inflation trend and stabilise foreign exchange.

Nzekwe also said there was the urgent need to create an enabling environment for people-oriented projects to thrive so that productivity could be enhanced.

“The Federal Government also needs to embrace people-oriented projects to enhance productivity and stem the inflation trend in the country,” he said.

The former ANAN President noted that the economy was not producing as much needed but marginally.

“This development is contributing to the problem facing the country,” he stated.

Supreme News reports that the MPC will hold its 298th Meeting on Monday and Tuesday in Abuja to decide the MPR, Cash Reserve Ratio and Liquidity Ratio.