Top government officials convened at the House of Representatives to discuss the current state of the Nigerian economy. Present at the gathering were the Central Bank of Nigeria (CBN) governor, Yemi Cardoso; the Minister of Finance and Coordinating Minister for the Economy, Wale Edun; the Minister of Budget and National Planning, Atiku Bagudu; and the Chairman of the Federal Inland Revenue Service, Zacch Adedeji.
Inflationary Concerns and Economic Outlook
Nigeria has witnessed a concerning surge in inflation and a significant rise in the cost of living in recent months. However, during the event held in Abuja, the economic stewards expressed optimism about the future trajectory of the economy.
Minister of Finance, Wale Edun asserted that the current economic state surpasses the conditions observed when President Bola Tinubu assumed office in May. He emphasized the strides made in achieving sustainability, citing the importance of the CBN governor’s insights on this matter.
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He remarked, “Our nation’s economic standing today surpasses that of May 29, 2023. The CBN governor has stressed the criticality of sustainability. Prior to the implementation of the President’s 8-point agenda, our fiscal position was unsustainable, steering us towards economic peril.”
Edun reiterated the government’s commitment to mitigating the effects of fuel subsidy removal, particularly for vulnerable segments of society. Despite the challenges posed by inflation and increased living costs, he reassured that measures are in place to support the most disadvantaged.
Governor Cardoso echoed optimism, predicting a decline in inflationary pressures in 2024. He attributed this forecast to the CBN’s targeted policies, improved agricultural productivity, and easing global supply chain constraints. However, he acknowledged the strain on Nigeria’s foreign exchange market, resulting in a continuous depreciation of the naira.
Call for Patience and Revenue Enhancement
Minister Bagudu urged patience from Nigerians as the government endeavors to tackle the rising cost of living. He affirmed the administration’s commitment to overcoming present challenges and assured citizens of being on the right track.
FIRS Chairman Adedeji highlighted efforts to bolster Nigeria’s revenue base, underscoring the service’s proactive measures toward this end.
In summary, the gathering provided insights into the ongoing efforts to navigate economic challenges and foster sustainable growth in Nigeria.
