Month: July 2024

According to him, welfare policies by the federal and the state governments were yet to be felt by Nigerians. “My major concern about these measures is the parameters being used to determine those eligible for those grants for three months. “These welfare policies of the Federal and the state governments have been seen not to get to the intended beneficiaries and the aim is always defeated in the long run. “I also believe that this measure would not address the hardships being faced by the very poor citizens that these policies are targeted to assist because of continuous high food inflation and skyrocketing cost of living. “The fiscal policies of Tinubu’s government in the first half of the year has not helped to alleviate the hardship introduced by its monetary policies. This has led to the unbearable situation the country found itself,” he told DAILY POST. However, Muda Yusuf, the director, Centre for the Promotion of Private Enterprise, CPPE, said the government has carried out a lot of policies but more needs to be done that will impact the generality of Nigerians. He urged that the government should roll out more fiscal interventions in the agro-allied industry, construction, Iron and steel, and mining sectors. “There is a lot the government can do via the fiscal policy level. In terms of direct support to the farmers, it is better to do it directly than through the state governments. I think through that, there should be an impact in terms of food production. I hope the state government will commit to this with all sense of sincerity. “The measure can help the supply side. I am aware that there are also plans to have similar interventions to the real sector. “The real sector is responsible for Fiscal Policy measures rather than monetary policy. Fiscal policies are more potent in driving production”, he said. Prof Godwin Oyedokun, a don at Lead City University in Ibadan, said the recent N555 billion cash disbursement approval is a significant fiscal measure aimed at addressing the inflation-induced hardship faced by many Nigerians. Oyedokun, however, explained that injecting a large sum of money into the economy could exacerbate inflationary pressures if not accompanied by measures to increase supply and stabilize prices. “The fiscal measures introduced by President Tinubu, including the N555 billion cash transfer program, demonstrate a proactive approach to addressing the immediate economic challenges faced by Nigerians. “However, the success of these measures depends significantly on the coordination with monetary policies to manage inflation and ensure overall economic stability. “A holistic approach, combining short-term relief with long-term economic reforms, is essential for addressing the underlying issues causing inflation-induced hardship and achieving sustainable growth