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Private Sector Operators Urged to Understand Fiscal Policies for Effective Planning
Dike Onwuamaeze
The Centre for the Promotion of Private Enterprises (CPPE) has advised operators in the private sector to pay more attention on understanding the fiscal policies of the government in order to plan effectively.
The CPPE also enjoined investors to get ready for opportunities that would open up in the bond market as the federal government intensified borrowing to fund its fiscal deficit, which would be much higher than the projected N6.39 trillion.
The Founder and Chief Executive Officer of the CPPE, Dr. Muda Yusuf, gave the advice while presenting a review of the 2022 Budget and economic outlook at the 5th Annual Retreat of the Bridge Club in Lagos State.
This is as the President of the Bridge Club, Mr. A.U. Mustapha (SAN) said that the club would focus its interventions in the society on the educational sector and urged Nigerians to come together to build the country in the spirit of oneness.
According to Yusuf, “There is always a policy side that comes along with the annual budget. For many businesses, the policy side of the budget is even more important than the appropriation itself. It can make or mar whatever business you are into because of its far-reaching implications on business.”
He also stated that the inability to deregulate the downstream sector of the country’s oil and gas sector has chased away the private sector and left the sector in the hands of politicians and bureaucrats.
Yusuf said: “Security challenges in the Niger Delta are hampering Nigeria’s ability to produce its 1.88mbpd target and take the opportunity of the rising crude oil in the international market.
“Most oil majors are divesting from onshore to offshore operation due to insecurity. It has affected investment in the oil and gas sector, the ability of the government to earn more revenue and harvest foreign exchange (FX) inflows.
Earlier on Mustapha in his opening address, said the club would focus its interventions in the society on the educational sector.
Mustapha said: “We have supported a lot of initiatives and we have given to the indigents. But we will put education at the front burner of our interventions in our society since education is everything.”
