Nigeria Business & Finance Updates

Adeosun’s input to Nigeria’s economy can’t be ignored – Experts

Adeosun’s input to Nigeria’s economy can’t be ignored – Experts

Former Minister of Finance, Mrs. Kemi Adeosun has been commended for spearheading some of the critical reforms, which have sanitised the fiscal space, reduced corruption in the federal civil service as well as stabilised the Nigerian economy.

Specifically, experts said she was a key actor in the country’s eventual exit from recession in 2016 by reshaping policies, which put the economy on the growth trajectory.

Managing director, Financial Derivatives Limited, Mr. Bismarck Rewane, said Adeosun was a major compliment to the economic team, as she possessed adequate knowledge of the workings of fiscal policy.

Besides, Rewane said the former minister understood the fiscal stimuli that the country needed to get out of recession and helped the economy recover faster despite the high interest rate regime at the period.

“She targeted fiscal spending to areas that needed growth, which was complimentary to the fiscal side.”

Similarly, Professor Richard Mayungbe,  who heads the Nigerian chapter of the Institute of forensic accountants, said Mrs Adeosun recorded a lot of achievements when she was in office.

“She introduced the whistleblower policy, which has helped the government to recover a lot of funds,” he said. “ She also actively implemented the TSA policy. She had introduced this policy when she was commissioner of finance in Ogun State. “The integrated payroll system, which has helped to expose ghost workers was also one of her achievements. There is also  a software that the Customs is using now to make their work more efficient. That was her initiative. Finally, although she did not introduce Biometric Verification Number (BVN), she ensured the policy was continued and fully complied with.”

Likewise, the Managing Director, Crane Securities Limited, Mr. Mike Eze, said Adeosun’s tenure was beneficial to the capital market and the economy.

He said among various developmental initiatives were Green Bond and Sukuk Bond floated under her watch. ‘‘Having worked in the capital market and financial circle, she supported the bonds wholly and both of them were highly successful,” he said. “Her regime was beneficial to the market and economy. Nigeria went into recession and also exit recession under her watch due to her prudent management. She also implemented the treasury single account, which has saved the economy and the government billions of naira and brought proper accountability to the system. She has a very strong character, which is needed to run an economy of any nation,” Eze said.

Speaking in the same vein, Former Chairman, Association of Stockbroking Houses of Nigeria and Managing Director, Compass Securities Limited, Mr. Emeka Madubuike, said that Adeosun was very close to the Capital Market Planning Committee that fashioned out the 25 years capital market plan.

“Through the instrument, both the green and sukuku bond were floated which was a huge success,” he said.

The former minister, among other initiatives, played leading roles in the development of various cost cutting initiatives through the pursuit of carefully thought out policies aimed at promoting transparency in the payment process, drastic reviews of the procurement process, the sanitisation of the public-sector payroll system, leading to the elimination of huge number of ghost workers, amongst other laudable objectives.culled from leadership.ng

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