With the Central Bank of Nigeria’s Monetary Policy Committee set to convene next week, the House of Representatives Committee on Economic Planning has urged caution over the continued tightening of monetary policy.
During an oversight session in Abuja on Wednesday, Committee Chairman Gboyega Nasiru voiced concern that sustained interest rate hikes—while aimed at curbing inflation—may be deepening challenges in the real economy, particularly in manufacturing, and exacerbating joblessness.
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Speaking to officials from the National Bureau of Statistics, led by Adeyemi Adeniyi, Mr Nasiru pointed to what he described as “unintended consequences” of monetary policy in the face of underlying structural weaknesses in the economy.
The committee is calling on the apex bank to adopt a more balanced stance—one that gives greater weight to economic expansion and employment creation, especially as businesses continue to struggle with high borrowing costs and reduced consumer demand.
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