In a bid to proffer solutions to the current hardship, the Minister of Finance, Mr Wale Edun, and the Minister of Budget and National Planning, Atiku Bagudu, said the cost of living being witnessed by Nigerians is currently being addressed
The Governor of the Central Bank of Nigeria, Olayemi Cardoso, and Chairman of Federal Inland Revenue Service, Zacch Adedeji, joined the ministers at the sectoral debate organised by the House of Representatives for the finance sector and stakeholders on the current cost of living at a Plenary in Abuja on Tuesday to ease the fear of Nigerians about the current inflation.
Speaking, Edun, who is also the coordinating minister of the economy, said, “Where we are as a nation is a much better place than we were in on May 29, 2023.”
He added that Nigeria as a country was on the road to economic disaster by way of subsidy on fuel, adding that it was expected that there would be challenges due to subsidy removal.
“As things improve, there will be further intervention on behalf of the vulnerable to assist in the cost of living.
“Let us be confident, calm, and assured that Nigeria will change in terms of economic management and that there will be intervention in every sector.”
According to the Minister, there is a need to tackle inflation because full inflation accounts for 33 per cent of the consumer price index, adding that there was also a need to return to production.
He added that industry required energy to function optimally and that the President was also committed to using state power to subdue vested interest in the oil sector.
On his part, Bagudu said the president was committed to national development, adding that the President reckoned with the challenges of the living conditions of the people.
“What is happening in our country is obvious to someone visiting a construction site; we are very clear that we are on the right path and the challenges of the moment are being tackled.
“We are getting support from international partners, and they are all acknowledging the commendable steps that the president is taking.
“We have seen investments in the rail sector, the NNLG, and we assure you that we will overcome the challenges of the moment and sustain the economic growth as promised by the President,” he said.
In a related development, Cardoso expressed confidence that positive outcomes from the administration of Tinubu were already emerging and would further emerge soon.
“The concern as per the cost of living is genuine, and the urgency of the matter is not lost on us at the CBN, and we are working tirelessly to bring up a lasting solution.
He said inflation was expected to decline in 2024, adding that this would be aided by improved agricultural productivity, adding that the challenges of the exchange rate had been tackled, adding that they were fueled by speculation, increased forex demand, increased capital outflow, excess liquidity, and increased demand, among others.
He said the CBN addressed the forex demand by clearing forex operations and adjusting the remuneration standard deposit, among others.
Meanwhile, the Deputy Speaker, Benjamin Kalu, said it was imperative to recognize the urgency and importance of the agenda before it.
He said, “We must also confront the stark realities of the economic, fiscal, and revenue challenges that our beloved nation, Nigeria, is currently facing.
“In the face of global economic shifts and domestic challenges, it is clear that robust reform measures are not just beneficial but imperative.
“We are at a pivotal moment where the decisions we make and the policies we implement will impact the lives of millions of Nigerians.”
He said the reform should not only address immediate needs but also lay a resilient and dynamic framework that would adapt to future challenges and opportunities, adding that these measures should stimulate growth, foster innovation, and uplift the lives of every Nigerian.
NAN
