Onyereri Seeks Establishment of Financial Services Commission


James Emejo in Abuja

The Chairman, House of Representatives Committee on Banking and Currency, Hon. Jones Chukwu Onyereri has hinted on plans to push for the establishment of Financial Services Commission (FSC) to allow both the fiscal and monetary authorities converge and get the economy out of its current poor state.

In an exclusive interview with THISDAY, he said that the National Assembly was determined to ensure the interest rate was reduced by enacting appropriate legislations to stimulate economic growth while maintaining “very low inflation rate.”
Onyereri said a private member bill on the proposed FSC was being developed to address inherent gaps in monetary and fiscal policies.

He said: “That’s the only way we can work around this economy for the good of this great country. We shouldn’t be deceiving ourselves, they should be working in tandem- they can’t be sleeping on the same bed and dreaming different dreams. That’s exactly what they’re doing; to the public, it looks like they’re making things work but I can tell you they’re not, they’re sleeping on the same bed but dreaming different dreams.

“One person won’t be chasing economic growth while the other person is chasing inflation, there should be a middle role approach to it and that’s what the financial services commission will achieve. Because what it’ll help to do is the need to have all of them sit under one roof and get us out of this economic quagmire.”

He added: “Look at the high interest rate; why should we be on double digit at this time an age? That’s why nothing is working. Let’s not deceive ourselves that’s why things are not working. There’s no how you can operate successfully as a business man or chase your SME on that very high interest rate, it won’t work.”

He stressed the need for the setting up of a Financial Services Commission.
He added: “What that commission would do is to compel both the monetary and fiscal authorities to sit under one roof and decide on what we are going to do.

Continuing, he said: “The fiscal authority on the one hand will not be talking about economic growth while the monetary authority on the other hand is talking about inflation.
“And you don’t need any rocket science to tell you that to bring down inflation, you need to produce. If there’s no production, there will be inflation because it’s not about demand and supply, it’s all about availability.”