Madonna University Alumni President Advocates Bold Fiscal Reforms for Nigeria’s Transformation
Fadekemi Ajakaiye
President of the Madonna University Alumni Association, Peter Nwachukwu, has reaffirmed his commitment to national development at the Peace Achievers Awards, where he received the prestigious Special Recognition Award in Financial Management and an Honorary Doctorate in Leadership and Financial Management from the American Management University. Leveraging the platform,
Nwachukwu delivered a strong call for transformative fiscal reforms to propel Nigeria’s economic growth, enhance security, and foster development.
Speaking to journalists at the event, Nwachukwu highlighted the critical need to diversify revenue streams and reduce dependency on oil. “Nigeria’s tax-to-GDP ratio of 9.4% is relatively low,” he said. “This untapped potential can drive development, curb borrowing, and ease inflationary pressures.” He advocated empowering states to harness their unique resources thereby fostering fiscal autonomy and economic innovation.
Nwachukwu linked national security to economic stability, emphasizing how insecurity disrupts agriculture, weakens investment, and fuels inflation. “Fiscal reforms must address root causes like unemployment, poverty, and inequality,” he noted. “Creating employment and empowering marginalized communities can reduce social tensions and foster stability.”
He also underscored the importance of aligning fiscal and monetary policies to ensure sustainable growth. “Stable interest rates, inflation control, and targeted credit facilities for sectors like agriculture, technology, and manufacturing are vital. Effective collaboration between fiscal authorities and the Central Bank is essential to maintaining price stability and a predictable exchange rate,” Nwachukwu stated.
He concluded by urging stakeholders to embrace bold, innovative reforms that unlock opportunities for all Nigerians. “The solutions to our challenges lie in strengthening fiscal federalism, prioritizing human and infrastructural development, and driving inclusive prosperity,” he declared.
A distinguished alumnus of Madonna University, Peter Nwachukwu is renowned for his visionary leadership in financial management and commitment to the development of Madonna University and the growth of the Nigerian economy at large.
