The national president of Petroleum and Natural Gas Senior Staff Association of Nigeria, (PENGASSAN), Comrade Festus Osifo, has again expressed his worry over recent developments in the downstream sector and the other issues plaguing the Nigerian economy.
This is just as he said harmonisation for fiscal monetary policy would help to tackle the foreign exchange market. Osifo, weeks ago, made the same call and charged federal government to create more conducive atmosphere for business to thrive.
Osifo, who made this known while addressing Labour Writers Association of Nigeria (LAWAN) yesterday on state of the economy and the nation in general, lamented that, the non-availability of forex is largely responsible for the recent unstable cost of living in the country.
He called on the Central Bank of Nigeria (CBN) to stabilise the exchange rate and work towards fiscal and monetary policy harmony because “the margin between the official exchange and the parallel market continues to widen as manufacturers continuously patronise the foreign exchange speculators thereby increasing cost of production.”
In addition he said, “Although the increase in the price of crude oil in the international market and foreign exchange are partly the determinant for the price of local consumption, having functional refineries will save the country from the daily increase in prices of goods and services.”
Likewise, he expressed his worry over too much dependence on importation of fuel at the detriment of maintenance of the nation’s refineries, adding that “efforts should be intensified to fast-track the current rate of rehabilitation of the nation’s four refineries to guarantee energy security; while on the short term, make FX available to the importers at the official rate.
“Should this abnormality and distortion continue, it has the ability to drive the country into another round of recession and further impoverish the already battered citizens.”
