Business
THEHuman Rights Writers Association of Nigeria, HURIWA, has expressed profound dismay at recent policy changes that have far-reaching implications for our nation. The decision to remove the Federal Capital Territory, FCT, from the Treasury Single Account, TSA, system is a step that cannot be justified.
HURIWA believes that these measures will lead to gargantuan corruption and economic crimes unless extraordinary steps are activated to monitor the processes of revenue mobilisation, allocation and deployment of such incomes by a dedicated team jointly drawn from the Economic and Financial Crimes Commission and the Independent Corrupt Practices and Other Related Offenses Commission.
Emmanuel Onwubiko, national coordinator, HURIWA, on October 18, said “the move to exit FCT from TSA not only reeks of impunity but also poses a grave threat to our nation’s fiscal discipline and integrity.” “It opens the floodgates to huge corruption and mismanagement of public funds, if adequate checks abd balances are not activated by the President and then information made available to credible civil society organisations by the relevant disbursement and procurement officers on what uses such money accruing to the coffers of the FCT are deployed to ensure transparency and accountability in the management of public funds,” he said.
Furthermore, we vehemently reject the exemption of certain items from importation, as it appears to be a calculated effort to cause speculation in the exchange rate of the dollar, enriching cronies of the Central Bank Governor and the President. This policy change comes at a time when the value of the Naira has plummeted to an all-time low, causing severe economic instability.
The exemption of goods from import bans will not only harm our local industries but also potentially lead to the flooding of our markets with fake and substandard goods. This is a dire threat to our national economy, as locally-made products face unfair competition from imports.
It is with great concern that we note the growing poverty rate in our nation. The recent projections made by the World Bank on unemployment and poverty in Nigeria are alarming. Nigeria is now home to the largest population of absolutely poor people in the world, a fact that should stir our leaders into urgent action.
“We call on the government to take concrete steps to reduce the cost of living for Nigerians. The majority of our citizens, over 130 million people, are multidimensionally poor, and they are struggling to meet their basic needs. The burden of hunger, unemployment, and poverty is a ticking time bomb that must be addressed with the utmost urgency.
“We implore our government to reconsider these policies and ensure they are in the best interest of the nation. The future of our great country depends on the wise and just decisions of our leaders. It is imperative that they act in the interest of the Nigerian people and safeguard our nation’s prosperity and well-being,” he said.
HURIWA recalled that President Bola Tinubu had last week pulled the Federal Capital Territory Administration out of the Treasury Single Account.
This move, argued the president, is expected to pave the way for enhanced progress and growth of the FCTA under the leadership of Nyesom Wike, and give him more control over finances.
The move, which allows Wike greater financial autonomy over the FCT was announced at a news conference Friday in Abuja.
The TSA, a Federal Government policy that requires all government revenue to be deposited into a single account, was introduced in 2015 to improve transparency and accountability in government finances.
Besides, the Central Bank of Nigeria had last week lifted the foreign exchange restrictions it placed on importers of 43 items eight years ago.
In a statement signed by Isa AbdulMumin,
CBN’s director of Corporate Communications, the bank said this is a significant change to the foreign exchange market policy.
According to the central bank, this action will boost liquidity in the Nigerian Foreign Exchange Market and intervene from time to time, stating that interventions will decrease as liquidity improves.
In a circular in June 2015, the CBN published a list of imported goods and services that will not be eligible for foreign exchange in the Nigerian foreign currency market. The list which was originally 41 was updated to include two more items.
Below is the list of the items:
Rice
Cement
Margarine
Palm kernel
Palm oil products
Vegetable oils
Meat and processed meat products
Vegetables and processed vegetable products
Poultry and processed poultry products
Tinned fish in sauce (Geisha)/sardine
Cold rolled steel sheets
Galvanized steel sheets
Roofing sheets
Wheelbarrows
Head pans
Metal boxes and containers
Enamelware
Steel drums
Steel pipes
Wire rods (deformed and not deformed)
Iron rods
Reinforcing bars
Wire mesh
Steel nails
Security and razor fencing and poles
Wood particle boards and panels
Wood fiberboards and panels
Plywood boards and panels
Wooden doors
Toothpicks
Glass and glassware
Kitchen utensils
Tableware
Tiles-vitrified and ceramic
Gas cylinders
Woven fabrics
Clothes
Plastic and rubber products
Polypropylene granules
Cellophane wrappers and bags
Soap and cosmetics
Tomatoes/tomato pastes
Eurobond/foreign currency bond/ share purchases.
HURIWA believes that these policies are meant to cripple the local manufacturers and encourage Corruption.
A.
-October 18, 2023 @14:45 GMT |
Tags: Emmanuel Onwubiko HURIWA
