The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has provided advice to the Federal Government (FG) and the Central Bank of Nigeria (CBN) concerning their efforts to control inflation. During a media interactive session in Lagos, the President/Chairman of Council, Mrs. Funmi Ekundayo, suggested that the CBN should explore alternative measures beyond raising the Monetary Policy Rate (MPR).

Ekundayo highlighted that the CBN has increased the MPR several times this year, totaling approximately 225 basis points. However, she emphasized that this conventional approach hasn't shown a significant impact on inflation. She suggested that the government should consider a more comprehensive strategy for economic efficiency.

One key area for improvement, as proposed by Ekundayo, is the necessity to enhance real investment in infrastructure. Additionally, she urged the CBN and the government to tailor economic policies according to the unique circumstances of Nigeria. This custom approach, she believes, would be more effective.

Ekundayo also pointed out the importance of addressing systemic inefficiencies. She mentioned the significant salaries, allowances of public office holders, the maintenance of a large number of aides, and the duplication of functions in Ministries, Departments, and Agencies (MDAs) as contributors to the escalating cost of governance. Addressing these areas, she believes, could lead to reduced government expenses, thus freeing up resources for investment and growth.

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