{"id":74866,"date":"2023-08-12T19:46:06","date_gmt":"2023-08-12T18:46:06","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=74866"},"modified":"2023-08-13T12:29:19","modified_gmt":"2023-08-13T11:29:19","slug":"economist-warns-against-corruption-in-implementation-of-presidential-palliatives","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/economist-warns-against-corruption-in-implementation-of-presidential-palliatives\/","title":{"rendered":"Economist Warns Against Corruption In Implementation Of Presidential Palliatives"},"content":{"rendered":"

\u2026 Says tax reform committee will create new revenue ideas<\/p>\n

An economist, Mr. Marcel Okeke has warned that corruption could derail President Bola Ahmed Tinubu’s recently announced palliatives if not properly monitored and implemented, such that whatever \u2018goodies\u2019 that come the way of the state and local governments from the Centre would usually end up as \u2018political patronage\u2019 to be dispensed along party lines.<\/p>\n

This is just as he commended the Federal Government on the Taiwo Oyedele led Committee on fiscal policy and tax reforms, saying it will bring new revenue-generation ideas for Nigeria.<\/p>\n

\"\"He further expressed optimism that the committee would work towards harmonising taxes to provide relief for companies and individuals.<\/p>\n

Okeke made the observations on Thursday at the well-attended monthly forum of the Finance Correspondents Association of Nigeria (FICAN) held in Lagos.<\/p>\n

The President recently announced palliatives to cushion the effect of recent policy reforms on poor households and businesses. Of the \u20a6500 billion palliative (0.25% of the GDP), \u20a675 billion is to be disbursed for manufacturing support; \u20a6125billion for Micro, small and Medium scale Enterprises (MSME) financing ; \u20a6100billion for CNG buses, and \u20a6200billion for agricultural intervention.<\/p>\n

While discussing the 2023 half year economic outlook, Okeke however, said that a critical look at the palliative measures show that they are a rehash of what the previous
\nadministration did.<\/p>\n

He submitted that what the Nigerian economy badly needs at this time is a stimulus package rather than mere palliatives that are likely to end up in the wrong hands and pockets.<\/p>\n

Palliatives, he said, (especially cash transfers) are unearned, unproductive \u2018transfer payments\u2019 that do not make for any economic progress.<\/p>\n

The forum has as its theme; \u201cThe Impact of Post-Inauguration Fiscal, Monetary Policy Reforms on Nigeria\u2019s Macroeconomic Environment\u201d.<\/p>\n

Okeke emphasised the need to diversify the economy by developing sectors like agriculture and manufacturing, reducing dependence on oil.<\/p>\n

He highlighted other factors affecting the Nigerian economy, such as the coup in Niger Republic, implementation of palliatives, insecurity, and oil theft.<\/p>

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Okeke, also a sustainability expert and consultant on business strategy, noted that the depreciation of the Naira had led to significant foreign exchange losses for companies.
\n\u201cIt is a challenge because those losses are incurred because of the fluctuations of the Naira, or the unification of exchange rates.<\/p>\n

\u201cAnd I have not seen anything the government is trying to do to check many of these companies which are conglomerates and multinationals, who play across the globe.<\/p>\n

\u201cSo, if they have currency loans or facilities, what is happening to the Naira is what is reflected in the reports that they are coming up with.<\/p>\n

\u201cAs long as the fate of the Naira is such that it keeps sliding against major currencies of the world, this is the kind of report that they are going to have at the end of the year,\u201d he noted.<\/p>\n

The economist calls for quick government’s intervention to prevent further company collapses.<\/p>\n

He cited the exit of GlaxoSmithKline (GSK) as an example, attributing its inability to repatriate revenues and dividends to foreign exchange shortages.<\/p>\n

Okeke said that he hoped that GSK\u2019s departure would not trigger a trend of other companies leaving as well.<\/p>\n

He said, \u201cIt came to my knowledge that in a couple of five years, they have been unable to repatriate their revenues and dividends and that has been the fate of other major multinationals because of the shortage of foreign exchange in the economy.<\/p>\n

\u201cSo, when you sum all those things, that will show you how soon this economy will be doing well or how far it will not be doing well.<\/p>\n

\u201cI pray that the exit of GSK will not turn into bandwagon for others to also leave.\u2019\u2019<\/p>\n

On security, he observed that the government’s efforts are commendable but more needs to be done because ” we have to be alive for us to do anything. For foreign investors to respond to our policies by way of investment, they have to also be alive. The activities of bandits, Boko Haram among others are existential threats. Also, the judgement of the presidential election tribunal will will determine a lot of things in the economy going forward. “<\/p>\n","protected":false},"excerpt":{"rendered":"

An economist, Mr. Marcel Okeke has warned that corruption could derail President Bola Ahmed Tinubu’s recently announced palliatives if not properly monitored and implemented, such that whatever \u2018goodies\u2019 that come the way of the state and local governments from the Centre would usually end up as \u2018political patronage\u2019 to be dispensed along party lines.<\/p>\n","protected":false},"author":6,"featured_media":72440,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[6956],"coauthors":[2391],"class_list":["post-74866","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-marcel-okeke"],"yoast_head":"\nEconomist Warns Against Corruption In Implementation Of Presidential Palliatives - National Wire<\/title>\n<meta name=\"description\" content=\"An economist, Mr. Marcel Okeke has warned that corruption could derail President Bola Ahmed Tinubu's recently\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/economist-warns-against-corruption-in-implementation-of-presidential-palliatives\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economist Warns Against Corruption In Implementation Of Presidential Palliatives - National Wire\" \/>\n<meta property=\"og:description\" content=\"An economist, Mr. Marcel Okeke has warned that corruption could derail President Bola Ahmed Tinubu's recently\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/economist-warns-against-corruption-in-implementation-of-presidential-palliatives\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-12T18:46:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-13T11:29:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2023\/05\/Tinubu-q.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"662\" \/>\n\t<meta property=\"og:image:height\" content=\"457\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/economist-warns-against-corruption-in-implementation-of-presidential-palliatives\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2023\/05\/Tinubu-q.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2023\/05\/Tinubu-q.jpg\",\"width\":662,\"height\":457},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/economist-warns-against-corruption-in-implementation-of-presidential-palliatives\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/economist-warns-against-corruption-in-implementation-of-presidential-palliatives\/\",\"name\":\"Economist Warns Against Corruption In Implementation Of Presidential Palliatives - 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