The Federal Government has begun moves to strengthen the level of coordination between the monetary and fiscal policy instruments in order to return the economy to the path of growth. The Minister of Budget and National Planning, Senator Udo Udoma, stated this at the Monetary Policy Committee’s retreat in Abuja He said there was a need to harmonise policies in order to achieve the broad objectives of macroeconomic growth in the country.
The retreat, with theme, ‘Pathway to Price Stability Conducive to Economic Growth’, was attended by the Minister of Finance, Mrs. Kemi Adeosun; Central Bank of Nigeria Governor, Mr. Godwin Emefiele; and other top government officials.
Udoma, according to a statement on Sunday by the CBN, said both the monetary and fiscal authorities had no choice but to work together to guarantee the country’s economic growth. He explained that there was a need for both authorities to work together to reduce inflation and interest rate, while stabilizing the exchange rate.