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Senator Obvious: “2017 budget won’t make impact if the exchange rate is not fixed”

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Senator Obvious: “2017 budget won’t make impact if the exchange rate is not fixed”

​Former Governor of Benue state and Senator representing Benue North West Senatorial District, George Akume, has called on the Central Bank of Nigeria, CBN, to introduce only two foreign exchange rate regimes in order for the 2017 budget to impact the common man.

Akume made the call while contributing to the budget debate on the floor of the Senate.

He said that the multiple exchange rate regime where each sector has its foreign exchange rate was responsible for instability of the Naira; and the resulting hardship in the nation.

The Senator argued  that the sum of N7.29trillion which shows an increase compared to last year’s budget was not a reality, but a marginal rate.

“The increase in 2017 Budget against that of last year cannot be a reality, but a marginal figure, in view of conflicting and inconsistent exchange rate,” Akume said.

He said the current practice where each sector of the economy has a different exchange rate was unsustainable and must be collapsed into a two tier exchange regime.

“The current conflicting and inconsistent exchange rate should be synchronised into two exchange rate regime,” he emphasised.

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