The Chartered Institute of Stockbrokers (CIS), has again urged the National Assembly to pass the Chartered Institute of Securities and Investment Management (CISIM) Bill in order to enhance global competitiveness in Nigeria’s capital market.
This was even as it said the Federal Government’s borrowing activity vis-à-vis its budget deficit will spur the debt securities market, adding that the Government could finance the budget deficit of N5.2 trillion through the capital market.
Speaking on the CIS Annual Macroeconomic report titled; The Nigerian Economic Review for 2020 and Outlook for 2021 with recommendations in Lagos, Chairman, Research and Technical Committee, CIS,
Akeem Oyewale, noted that with the negative impact of COVID-19 on facets of the economy, it was imperative for the government to churn out effective strategies to get the economy bouncing again.
Oyewale noted that even though most projections for recovery are centered around the end of the first quarter (Q1) of 2020, issues like rising debt services/revenue, unemployment, burgeoning budget deficit, low revenue accrual in terms of taxes needs to be urgently addressed.
While making recommendations, Oyewale urged the National Assembly to pass the CISIM Bill as the proposed act is a fundamental tool to meet the regulatory demands of the contemporary Nigerian Capital Market (NCM).