Chieftain of All Progressive Congress (APC), Asiwaju Bola Tinubu has said economic restructuring will require a change in economic mindset and strategy.
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He made this known on Wednesday at the National Defence College (NDC) Abuja, in his paper presentation to Course Participants titled: “Strategic leadership: my personal theory and practice.”
He explained that the monetary policy must be consistent with the environmental need of our domestic requirements, noting that too much is tied down.
He added that President Muhammadu Buhari-led federal government must ease the monetary policy to stimulate the economy: “you have to spend yourself out of this recession and you cannot do that by consistently stifling the Banks of liquidity.”
He said: “Sincerely, where we see contradiction in the policy, we are going to talk about it, this is a nation of freedom, a democratic country, and this is our government, we are not like the other party who will invent one lie to lie, and to bury a lie and other mistakes.”
“The monetary policy needs constant reviews and evaluations, and how it would affect the market and ordinary people as well, because if there is no liquidity in the market the Banks would price out the ordinary man, and inflation is growing at 18 percent,” he warned.
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Tinubu said we must avoid the nostrums of mainstream orthodoxy that say government deficits are always bad.
He added that in the situation we face, deficit spending is essential to bolster aggregate demand and direct funds to projects that build infrastructure and bolster employment.
He said its better harmonize monetary policy with fiscal policy, arguing that it undercuts our goals if monetary policy is unduly tight at a time fiscal policy begets deficit spending.
He also urged that trade policy be realign with the need to create a meaningful industrial base and more potent agricultural sector.
He said Nigeria can no longer allow cheap imports to preclude the development of industries.
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