Nigeria Monetary, Fiscal Policies: Don Advocates Establishment Of Coordinating Council

By; ADAMA JOHN, Lokoja.

A Professor of Monetary Economics, Prof. Gbenga Moses Niyi Omofa has called for the establishment of a National Economic Coordinating Council (NECC) a  high-level institutional mechanism to align the Nigerian fiscal and monetary priorities.

Prof. Omofa made the call in his Inaugural Lecture at the 28th Inaugural Lecture series of the Federal University Lokoja (FUL)  midweek, saying that there is need for institutional harmonization among other solutions.

The lecture titled: “Financial Sector Development and Macroeconomic Performance in Nigeria: An Uneasy Marriage Between the Monetarists and the Fiscalists”, was aimed at bridging the existing gap between monetary and fiscal priorities for better economy.

The Professor hinted that addressing the persistent disjunctions between Nigeria’s monetary and fiscal policy frameworks requires a shift from ideological rigidity to pragmatic synthesis.

He said that at the heart of Nigeria’s policy incoherence is the absence of a sustained platform for strategic coordination between key macroeconomic institutions.

According to him, financial sector development cannot meaningfully contribute to macroeconomic performance unless it is grounded in a coherent policy regime that harmonizes inflation control with inclusive, productivity-driven growth.

Omofa observed that the Central Bank of Nigeria (CBN), the Ministry of Finance, the Budget Office, and other economic planning agencies often operate in silos, with limited consultation or alignment.

To attain a fruitful union the renowned economist called for an end to policy silos as he underscored the imperative need to recognize and internalize the interconnectedness of various institutions and policy domains.

It is against this backdrop that he called for the establishment of the National Economic Coordinating Council (NECC), which said, would be tasked with developing joint macroeconomic frameworks and forecasts, reviewing trade-offs between inflation control, employment, and growth.

He also urged that production should be prioritize saying that financial sector growth should not be an end in itself but a means to support and catalyze the real economy.

“Aligning monetary policies and financial sector development with the needs of productive sectors such as agriculture manufacturing and services will ensure that financial resources collectively contribute to sustainable economic growth and job creation.

He also advocated sectoral recalibration and reconfiguration of financial flow to redirect capital market liquidity and credit expansion towards priority sectors such as Agriculture, Manufacturing and Technology.

Speaking earlier in his welcome remarks, Vice Chancellor of the University, Prof. Olayemi Akinwumi, a Professor of History, acknowledged the contributions of Prof. Omofa and thanked him for chosing to share his rich research journey with the institution describing the topic of the Lecture as very timely.

Prof. Akinwumi who thanked God for making the 28th of the  Inaugural Lecture series of the University possible said it was not just an academic tradition, but a celebration of knowledge, research, and the intellectual achievements of the Professors.

“This tradition is more than ceremonial, it is a platform where our Professors, having attained the pinnacle of their academic careers, share with the University community and the general public the journey of their learning, the impact of their research, and their contributions to the advancement of knowledge in their respective fields.

“As a university, we are committed to ensuring that all our Professors fulfil this solemn and scholarly obligation. It is our belief that every Professor must tell their academic story”, he said.

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