MPC Urges Federal Government To Review Domestic Debt

The federal government needs to evaluate its domestic indebtedness to domestic economic agents and develop settlement plans. This is part of considerations of members of … Continue reading MPC Urges Federal Government To Review Domestic Debt


Godwin-Emefiele-Governor-of-Central-Bank-NigeriaThe federal government needs to evaluate its domestic indebtedness to domestic economic agents and develop settlement plans.

This is part of considerations of members of the Monetary Policy Committee (MPC), at its final meeting for 2016.

In a communiquĂ© issued at the end of its two-day meeting in Abuja, the committee explained that the country’s debt profile has resulted among other things, to a slow down in economic activities.

Addressing the meeting, Central Bank Governor, Godwin Emefiele, said: “members stressed the need for a robust and more keenly coordinated micro-economic policy framework that would restart output growth and stimulate aggregate demand.

“Consequently, the MPC welcomes efforts at resuscitating planning, noting the progress made in developing the medium term economic recovery plan.

“The MPC urges the government to assess the extent of its indebtedness to domestic economic agents, and develop a framework for securitizing the debts, in order to settle its outstanding domestic contraction obligations, which cuts across all sectors of the economy,” Mr Emefiele stated.

The meeting which is aimed at facilitating the attainment of price stability and supporting the economic policy of the Federal Government, came to an end on November 22, 2016.