SENATE ENGAGES WITH ECONOMIC MANAGEMENT TEAM AMIDST ESCALATING LIVING COSTS

In a notable encounter, the Central Bank Governor, Mr. Olayemi Cardoso, issued a stern advisory, urging Nigerian citizens to temper their desire for foreign currencies and imported goods to mitigate the adverse effects on the exchange rate. The caution was delivered during a crucial appearance of the Economic Management Team before a Senate joint committee comprising Finance, Banking, Insurance, Financial Institutions, and Appropriations.
Expressing the challenges faced, Mr. Cardoso emphasized the rigorous efforts underway to rectify the credibility crisis inherited by the Central Bank. He reiterated, however, that there exists no instant solution to stabilize the Naira, advocating for continued patience while assuring a forthcoming decline in the inflation rate.
Amidst a plethora of concerns, including the soaring cost of sustenance, dwindling agricultural productivity, and the pervasive dollarization of the economy, the Senate Joint Committee convened with notable figures such as Senators Adetokunbo Abiru, Isah Jibrin, and Sani Musa. The ensuing dialogue witnessed a candid exchange of insights and queries.
Senator Sani Musa, chairing the Senate Committee on Finance, scrutinized the efficacy of a $3.3 billion loan earmarked to bolster the Naira, expressing reservations over its delayed impact. The discourse escalated as Senators Orji Kalu and Abdul Ningi delved into the ramifications of economic dollarization, accentuating its palpable effects.
In a subsequent statement, Mr. Wale Edun, serving as Minister of Finance and Coordinating Minister of the Economy, acknowledged the absence of a panacea for prevailing economic challenges. Concerns over proposed food imports to alleviate shortages were articulated by Senators Adamu Aliero and Shuaibu Salisu.
As the session drew to a close, Senator Adeola Olamilekan, alongside fellow legislators, exerted pressure on the Economic Team to intensify remedial actions. Governor Cardoso reiterated the commitment to reducing the inflation rate to 21.4 percent within the fiscal year, thereby underscoring the government’s dedication to addressing prevailing ec