CBN urges quick passage of 2017 budget
The Central Bank of Nigeria’s (CBN) Monetary Policy Committee (MPC) has called on the relevant authorities to ensure the quick passage of the 2017 budget and to seriously consider using the public private partnerships in its infrastructure development programme.
The CBN governor, Mr. Godwin Emefiele,while briefing journalists in Abuja, at the end of the 111th meeting of the MPC, urged operators in the power sector to take advantage of the priority FX allocation given to the real sector to enhance their operations.
According to him, such a step, would cushion the economy against any possible shocks in the event of a shortfall in budgeted revenue.
Responding to questions, he stated that importers of industrial raw materials, equipment and agricultural input would continue to be given priority in FX allocations.
The nation’s foreign reserves, he said, had risen to about $28.9 billion due to rising oil prices, noting that in spite of this, the CBN would continue to be prudent in managing the foreign reserves.