- Nigeria’s Economy In Much Better State Than When Tinubu Took Over -Edun
- With Tinubu’s Policies, There Will Soon Be An Improvement-Cardoso
- Tinubu’s Government Working To Address Hike In Cost Of Living-Bagudu
- Nigeria Working Hard To Increase Revenue Base-FIRS Boss
While Nigerians crumble under the weight of rising cost of living exacerbated by the removal of fuel subsidy and the floating of the naira, the men saddled with the responsibilities of managing Nigeria’s economy has assured Nigerians that there is light at the end of the tunnel.
The Matrix reports that earlier on Tuesday, 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.
At the occasion, the men expressed optimism about a brighter future for Nigeria and Nigerians.
Leading the charge, Edun revealed that the country’s economy is in a much better state than it was when President Bola Tinubu took over power in May.
“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.
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“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.”
On his part, Cardoso is optimistic that with the policies of the present government, there will be an improvement despite the rising rate of inflation in the country.
“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.
“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.
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“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”.
“We are very clear that we are on the right path and the challenges of the moment are being tackled,” he added.
Earlier, the House of Representatives had urged the Federal Government to address the rising cost of living in the country.
This followed the adoption of a motion presented by a lawmaker from Ogun State, Isiaka Ibrahim, at the plenary in Abuja.
Ibrahim, who led the debate on the motion titled: “Urgent Intervention on Reducing Cost of Living,” said the rising cost of living in the country was unbearable.
He lamented that the impact was huge on individuals and families, and urged the government to intervene to bring down the cost of living.
The lawmaker pointed out that the skyrocketing cost of housing, food, healthcare, and education had led to increasing hardship in the country.
He said: “The current inflation has eroded the purchasing power of individuals with higher prices for goods and services.
“Stagnant wages and limited job opportunities have also further exacerbated the financial strain on individuals and families, making it increasingly difficult to make ends meet.”
Meanwhile, the FIRS boss told the gathering that the service is taking several steps to increase Nigeria’s revenue base. He, however, assured Nigerians that there is no plan to increase income tax in Nigeria.
