In order to discuss the state of the economy, the Federal Inland Revenue Service Chairman, Zacch Adedeji, the Minister of Finance and Coordinating Minister for the Economy, Atiku Bagudu, the Minister of Budget and National Planning, and Central Bank of Nigeria (CBN) Governor Yemi Cardoso all spoke at the House of Representatives.In recent months,
Nigeria has seen a sustained increase in inflation and a sharp rise in the cost of living. Yet the economic managers predicted a better future during the Tuesday session in Abuja.
Speaking, the Governor of Nigeria’s Central Bank, Yemi Cardoso said “Inflationary pressures are expected to decline in 2024 due to the CBN’s inflationary targeting policy aiming to rein in inflation to 21.4 per cent, aided by improved agricultural productivity and easy global supply chain pressures.”
“The Nigerian foreign exchange market is currently facing increased demand pressures causing a continuous decrease in the value of naira.”
On his own part, the Minister of Finance and Coordinating Minister for the Economy, Wale Edun added, “Where we are as a nation economically is a much better place than we were on the 29th of May, 2023. We have heard from the governor of the CBN. He has talked about the importance of sustainability.”
“Before the implementation of the 8-point agenda of the President began, we were in an unsustainable place in terms of the fiscal situation of Nigeria. We were on the road to economic disaster.”
“Likewise, there have been other benefits that have accrued as a result of the changes that have been made,” he said.
“However, inflation has increased, the cost of living has spiked, and right from the onset, Mr president is committed to making sure that the poorest and the most vulnerable are not left behind. The palliatives, the interventions have been rolled out.”
Speaking at the gathering, Bagudu urged Nigerians to exercise patience with the Tinubu administration while it attempts to address the increase in living expenses.
“We are very clear that we are on the right path and the challenges of the moment are being tackled,” he added.
Finally, Zacch Adedeji, the chairman of the Federal Inland Revenue Service, informed the audience that the agency is working to broaden Nigeria’s income base.
