CISLAC tasks incoming administration on economic diversification

The Civil Society Legislative Advocacy Centre/Transparency International Nigeria (CISLAC/TI-Nigeria) has called on the incoming administration to implement reforms to deepen economic and export diversification while improving the business climate.

The organisation reiterated the need to strengthen the ease of doing business and block leakages.

Executive Director of CISLAC, Auwal Ibrahim Musa Rafsanjani, said this in a press release, made available at the ongoing Spring Meetings of the World Bank and the International Monetary Fund (IMF) holding in Washington DC.

He stressed the need for the incoming government to sustain strategic policies with the potential of driving economic growth and development, saying deliberate efforts must be made to sustain the effective programmes

To encourage long-term development, he said government should also ensure that borrowing is done on conditions that are consistent with debt sustainability.

Rafsanjani called for efficient tax administration to ensure compliance with remittances devoid of all forms of evasion.

He charged the incoming government to prioritise engagement and enlightenment of taxpayers to educate them on their obligations.

He said: “Private credits are expensive for a nation such as Nigeria that struggles with revenue generation. Hence, this frontier of borrowing should be discouraged.

“There is a need to strengthen the foreign exchange policy to reduce the impact of volatility on loan repayment and thereby reducing the public debt burden that arises from local currency devaluation.

“We have a long way to go towards revitalising the economy. But the incoming government needs to demonstrate the political will to, at least, ensure transparent and accountable implementation of strategic and sustainable developmental policies.