The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye, yesterday faulted the federal government’s deficit financing model, arguing that the manner it was funding the expansionary budget deficit was depreciating the Naira.
Oye maintained that the development was also stoking inflationary pressure, thereby rendering Nigerians poorer after each budget circle.
Oye, who urged the government to listen to the ideas being championed by private sector operators on how to recalibrate its reforms, spoke when he appeared on the Morning Show on Arise TV, a sister organisation of THISDAY newspapers.
The NACCIMA chief spoke as the Director General of Nigeria Employers’ Consultative Association (NECA), Adewale-Smatt Oyerinde, separately maintained on the show, that all enforcement mechanisms should be activated to ensure a successful implementation of the current national minimum wage.
Oyerinde argued that with the current support from the federal government, no sub-national government should be complaining of inability to pay the N70,000 minimum wage.
