The Central Bank of Nigeria (CBN) governor Yemi Cardoso; the Minister of Finance and Coordinating Minister for the Economy, Wale Edun; as well as the Minister of Budget and National Planning, Atiku Bagudu and the Chairman of the Federal Inland Revenue Service, Zacch Adedeji were at the House of Representatives to speak about the state of the economy.
Nigeria’s inflation rate has continued to soar and the cost of living has ballooned in recent months. But at the event in Abuja on Tuesday, the economic managers projected a brighter future.
Edun believes the country’s economy is in a much better state than it was when President Bola Tinubu took over power in May.
‘Much Better Place’
“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,” Edun added.
“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.”
Edun also reiterated the government’s promise to cushion the impacts of the fuel subsidy removal, especially for the vulnerable.
“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.”
Despite the rising rate of inflation in Nigeria, Cardoso is optimistic that with the policies of the present government, there will be an improvement.
“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,” Cardoso said.
“The Nigerian foreign exchange market is currently facing increased demand pressures causing a continuous decrease in the value of naira.”
Also speaking at the meeting, Bagudu asked Nigerians to be patient with the Tinubu government as it is working to address the hike in the cost of living.
“We are very clear that we are on the right path and the challenges of the moment are being tackled,” he added.
On his part, the FIRS boss told the gathering that the service is taking several steps to increase Nigeria’s revenue base.