Amidst the mounting challenges posed by the escalating cost of living in Nigeria, the Minister of Finance, Mr Wale Edun and his Budget and National Planning counterpart, Atiku Bagudu have assured Citizens that proactive measures are being implemented to alleviate the high cost of living in the country.
At the second edition of the sectoral debate convened by the house of representatives in Abuja, key figures including the Governor of the Central Bank of Nigeria and the Chairman of the Federal Inland Revenue Service, FIRS, Zacch Adedeji aligned their efforts with the Ministers to tackle the pressing issue of inflation.
The Finance Minister, Mr Edun who is also the Coordinating Minster of the Economy said that the nation’s economy is now much better than in May 2023.
He said that even though there is an increase in inflation and a high cost of living, the government is working hard to confront all the vested interests in the economy to ensure that the economy is strong and resilient.
According to him, before the coming of President Tinubu’s administration, the nation was heading for economic disaster occasioned by the manner the fuel subsidy was administered.
He explained that the government anticipated that there would be some challenges as a result of the removal adding that inflation had increased and the cost of living had spiked.
The minister, however, expressed the commitment of President Tinubu to protecting the poorest and the vulnerable.
“As things improve, there will be further intervention on behalf of the vulnerable to assist in the cost of living. Let us be confident, calm, and assured that Nigeria will change in terms of economic management and that there will be intervention in every sector.”
Also, in his presentation before the lawmakers, the Minister of Budget and National Planning, Alhaij 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.
He said that the ministry is working on the urgent need to stimulate sustainable economic growth in the country.
Bagudu also said that the federal government through the ministry is seeking ways to partner the National Assembly to stimulate economic activities in the nation.
He added that the improvement being witnessed in the various sectors of the economy would help to provide the needed buffer for increased production in many sectors of the Nigerian economy.
Still speaking on the state of the economy, the chairman of the Federal Inland Revenue Service (FIRS), Mr Zacch Adedeji said that the agency is projecting N7.2 trillion as tax revenue adding that they are working assiduously to bring in more people into the tax net.
The FIRS Boss who maintained that the President will not introduce new taxes said that the agency in the last few months had contributed significantly to the government’s revenue generation adding that they had provided a one stop shop for tax collection.
By Oduyemi Odumade, Edited By Grace Namiji
Similar posts
Top popular
Post comments (0)