CBN Governor, Finance and Economic Planning Minister Allay Fear over Rising Costs Of Living

Finance Minister, Wale Edun, and his Budget and National Planning counterpart, Atiku Bagudu, have allayed the fears of Nigerians over the rising costs of living in the country, saying it will soon be a thing of the past.

Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, also said the foreign exchange crisis has been tackled.

Also, the chairman of the Federal Inland Revenue Service, Zach Adedeji, said the agency will raise its tax collection this year, but it would not introduce a new tax.

They both gave the assurance while appearing before the sectoral debate by the House of Representatives for the finance sector and stakeholders.

The CBN governor admitted that the costs of living are high, but said the positive outcome of the ongoing reforms was already emerging.

The finance minister also said the health of the economy today was far better than it was on May 29, 2023, when Nigeria was heading to an economic disaster.

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He asked Nigerians to be confident that Nigeria would change in terms of economic management very soon.

According to him, there is a need to tackle inflation because full inflation accounts for 33 percent of the consumer price index.

He said there was a need to return to production, adding that industry, however, 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 and 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.