In a noteworthy session, the Central Bank Governor, Olayemi Cardoso, alongside 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, engaged with House Representatives in Abuja.
Cardoso presented insights into the alarming depreciation of the naira and other pertinent issues affecting the fiscal landscape. He underscored the imperative for the economy to bolster its exports as a means to fortify the naira’s position. Furthermore, he articulated the Central Bank’s commitment to fostering confidence through price stability and stability in the foreign exchange market, with an optimistic outlook on its impact on inflation rates.
In concurrence, the Finance Minister, Edun, expressed a cautiously positive perspective on the nation’s economic trajectory, contrasting the present scenario favorably with the past. While acknowledging the surge in living costs, he emphasized ongoing efforts to alleviate the plight of the vulnerable populace. Of particular note is the focused attention on revitalizing the power sector to rekindle investor confidence.
The forthcoming sectorial debate, as announced by Speaker Abbas Tajudeen, promises a comprehensive evaluation of the financial sector’s preparedness to mobilize resources for budget implementation, underscoring the legislature’s commitment to sound fiscal governance and economic sustainability.
-26 September 2024
