The Federal Government and the Central Bank of Nigeria (CBN) have moved to tighten coordination between fiscal and monetary authorities, with Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and CBN Governor, Olayemi Cardoso, signing a Memorandum of Understanding (MoU) aimed at strengthening macroeconomic stability.
The agreement is designed to bring greater policy consistency between government spending and monetary management, while improving information sharing and economic forecasting.
Under the framework, the Federal Ministry of Finance and the CBN will institutionalise collaboration on key economic policies as the government intensifies efforts to sustainably bring down inflation, attract investment, stimulate economic growth and create jobs.
The MoU, according to the ministry, reflects a shared commitment by the two institutions to ensuring that fiscal and monetary policies work in greater harmony rather than pulling the economy in opposite directions.
Push For Stronger Economic Stability
The new framework is also expected to strengthen the authorities’ ability to anticipate economic developments and coordinate responses to emerging macroeconomic challenges.
The ministry said the partnership would support efforts to achieve greater macroeconomic stability and reinforce Nigeria’s long-term economic resilience.
The agreement comes as the government continues to implement wide-ranging economic reforms, with inflation control, investment mobilisation, economic growth and job creation remaining major policy priorities.
By formalising cooperation between the fiscal and monetary authorities, the MoU seeks to create a more coordinated policy environment capable of supporting sustainable economic expansion.
The agreement was signed by Oyedele and Cardoso, underscoring the commitment of both institutions to closer collaboration in managing the Nigerian economy.
