The apex bank governor during his appearance before the lawmakers during plenary in Abuja, briefed them on the free fall of the naira and other issues affecting the monetary side of the economy.
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, 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 on Tuesday appeared before the House of Representatives to speak on the current state of the Nigerian economy.
The apex bank governor during his appearance before the lawmakers during plenary in Abuja, briefed them on the free fall of the naira and other issues affecting the monetary side of the economy.
The lawmakers earlier expressed worries over the continued fall of Nigerian naira in the foreign exchange market, Channels TV reports.
Cardoso, who failed to map out concrete steps (if any) to address the economic decline, told the lawmakers that the nation’s economy must earn through exports to boost the naira, stating that the CBN plans to instill confidence through stability in consumer prices and foreign exchange market.
According to him, he believed that the policy measures of the bank are expected to impact positively on inflation.
In his remarks, the finance minister in the usual rhetorics also told the lawmakers that Nigeria was in a better place economically than it was on May 29, 2023 when President Bola Tinubu assumed office.
Edun said Nigeria was on the road to disaster before President Tinubu came into office, but agreed that there had been a rise in the cost of living.
The minister, who noted that there would be further interventions to assist the poor in the country, stated that special attention was being paid to the power sector to boost investors’ confidence.
Recall that last week, the Speaker of the House of Representatives, Abbas Tajudeen, announced that the sectoral debate for the financial sector “will assess the nation’s readiness to mobilise the necessary financial resources for implementing the budget.”