Emefiele defends fiscal policies, replies Sanusi, Soludo

By Odunewu Segun

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, replying to the criticisms of two of his predecessors, Emir of Kano, Sanusi Lamido Sanusi and Charles Soludo over CBN’s controversial monetary policies, said the CBN acted in good faith.

Emefiele, while delivering a lecture to participants of the Senior Executive Course 38 at the National Institute of Policy and Strategic Studies in Kuru, near Jos, on Friday, stated that the CBN has always tried to act in good faith, with the best available information and in cognizance of current economic conditions, to pursue the goals of price and financial system stability, as well as catalyse job creation and inclusive growth in the country.

The apex Bank Governor in his lecture entitled, ‘Managing monetary policy in turbulent times, stated that “when you have policies that people are praising, that means such policies are not really good, because the people praising the policies know that they can circumvent them.

He advised that when we stop importing toothpicks, stop eating imported rice cultivated with chemical, stop eating chicken imported and preserved with formaldehyde, then our economy will begin to grow.

According to him, with the size and structure of the country’s import bills, it is apparent that we as a people cannot continue to depend on other countries for things that can easily be produced locally, adding that, by so doing, we are merely exporting jobs and importing poverty.

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“How do we justify the importation of items like eggs from South Africa, beef from Zambia and toothpick from China?” he queried. He expressed worry why the country cannot put its own institutions in order so as to avoid the huge amount being spent abroad, adding that the best Nigerian professionals are found abroad.

Emefiele described the comments of Emir Kano, Sanusi Lamido Sanusi, that CBN forex policies would encourage corruption as not true and baseless.

“It is easy to criticise from outside but my advice is not to sit back in a garden and call press men and begin to raise criticisms that are untrue and unsubstantiated. “We need advice of former CBN governors, there are channels they can use but not sit in their garden and call pressmen to raise criticism and say what is not true.”

Emefiele blamed the elite who preferred imported materials to local ones for the current crisis, and wondered why CBN is often condemned whenever it takes decisions to reposition the economy.

“When you introduce a new policy and people do not complain, then that policy is not working. But when policies are introduced and people are shouting and complaining, then the policies have reached the right place.”