The federal government has unveiled a 10-point fiscal roadmap, designed to stimulate the economy and set it on the path of recovery and growth.
Highlights of the roadmap were rolled out by the Minister of Finance, Mrs. Kemi Adeosun, who represented the Vice President Yemi Osinbajo, at the annual dinner of the Lagos Business School. Adeosun itemised the fiscal policies and actions being taken to tackle the key barriers to economic growth.
A major component of the roadmap is to replace administrative measures on the list of 41 items with fiscal measures to reduce demand pressure on foreign exchange (forex) at the parallel market. The Central Bank of Nigeria (CBN), in its wisdom, had barred importers from assessing forex, particularly the United States dollars, for the 41 items via the official window, a measure, which had generated intense controversy. Though the measure was applied in good faith by the monetary authority, it pushed importers to sourcing forex from the parallel market, which led to forex shortage and inadvertently affected the value of the naira and the economy.