Nigerian Economic Society

Academics, politicians, traditional rulers converge in Kano to discuss Nigeria’s economy

By Uzair Adam Imam

A 2022 and the 63rd annual national conference of the Nigerian Economic Society (NES) ended successfully Thursday, September 29, 2022.

The conference, which started Tuesday, was aimed at providing possible ways to enhance fiscal sustainability in Nigeria as the country ranks fifth on the list of ten countries with the highest debt exposure.

The event hosted academics, politicians and traditional rulers from all parts of the country to grace the event held in Maryam Abacha American University of Nigeria, Kano.

Speaking at the closing ceremony, Prof. Umma Ahmad Jalingo, the second woman president of NES and the first one from the north in 63 years, commended the successful completion of the event.

She said the past three days had been very impactful, adding, “Today, September 29, has marked the culmination of this program with yet an important component.”

His royal highness, the Emir of Kano, Alhaji Aminu Ado Bayero, commended the organisers for holding the conference in Kano.

The emir said the conference was relevant, looking at Nigeria’s current economic situation. He also commended all the papers presented.

Some of the papers presented included “Impact of Fiscal Policy on Financial Inclusion and Development in Nigeria” by Taiwo A. Segun, “Fiscal Policy Options and Poverty Reduction in Nigeria” by Muhammad B. Ado and “Public Debt and Poverty in Nigeria: The Role of Governance Quality” by Omowuwi O. Idowu, among others.

NES was founded in 1957, three years before Nigeria’s independence, and aims to provide intellectual leadership in understanding and to manage economic, social and political changes in Nigeria.

High debt will burden future generations – Dr Hassan Mahmud

By Uzair Adam Imam

The Director, Monetary Policy Development, Central Bank of Nigeria, Dr Hassan Mahmud, said the high debt would be a burden on future generations in the country.

Dr Hassan Mahmud disclosed this on Wednesday at the 63rd National Conference of the Nigerian Economic Society (NES). 

The 3-day conference, which started on Tuesday at the Maryam Abacha American University of Nigeria, Kano, was themed “Fiscal Sustainability and Policy Response for Economic Recovery in Nigeria”.

It was gathered that the country’s public debt in the first quarter of 2022 had risen to N41.6 trillion from N39.56 trillion recorded in December 2021.

However, the debt by the Federal Government has continued to throw a big threat to future generations as it may impinge on the country’s economic growth.

He said, “When debt is high, it becomes a burden on future generations as it leaves no room for borrowing when there is a shock.

“High debt can increase the cost of private sector borrowing, crowding out viable private sector investment and high servicing requirements.” 

Mahmud said despite the challenges, the public debt is an important instrument for the economy, adding that the country’s borrowing plan is guided by debt sustainability.

He added, “Nigerian borrowing plan is guided by the debt sustainability threshold to ensure debt carrying capacity does not impinge on growth.”

The event hosted many academicians and politicians from all over the country, many of whom also commended the conference and its organisers.

Nigeria’s economy in chain since the start of Ukraine war – Minister

By Uzair Adam Imam

The Federal Government has said that the adverse effects of the war in Ukraine and the ongoing security challenge in Nigeria have contributed to the aggravation of the fragile economic situation in the country.

At the start of the war, the Organisation for Economic Cooperation and Development (OECD) warned that the world economy would pay a “hefty price” for the war in Ukraine, encompassing weaker growth, stronger inflation and potentially long-lasting damage to supply chains.

In Nigeria, inflation is already hitting living standards and reducing consumer spending as business owners become less optimistic about production.

The Minister of State, Budget and National Planning, Prince Clem Ikande Agba, disclosed this Tuesday at the 63rd National Conference of Nigerian Economic Society. 

The 3-day conference, which started Tuesday at the Maryam Abacha American University of Nigeria, Kano, was themed “Fiscal Sustainability and Policy Response for Economic Recovery in Nigeria”.

The Minister, represented by the Director Macro Economic, Mr Felix Okonkwo, said fiscal discipline is what Nigeria needs to build a stable and inclusive economy.

Agba stated that the Federal Government is focused on addressing the revenue issues, which it considers essential to the economic and financial health of the country.

He added that insufficient revenue was why Nigeria could not contain its fiscal deficit after the recession, meaning that the country’s capacity to continue to support and raise capital expenditure has not been improved.

He said, “The adverse effect of the War in Ukraine, insecurity, global food crisis, oil theft in the Niger Delta, rising energy prices, massive depreciation of the naira exchange rate, high fuel subsidy and increasing inflation as well as insufficient fiscal buffer aggravated the fragile economic situation in the country.”

The chairman of the occasion, Shamsuddeen Usman, said the conference aimed at providing possible ways to restore the country’s economic stability through enhancing fiscal policies.

The President of the Nigerian Economic Society, Prof. Umma Jalingo, who organized the event, said the association was founded three years before Nigeria’s independence and was aimed at enhancing the country’s economy.