CBN Gov. Cardoso, Finance And Budget Ministers Appear Before Reps

On Tuesday, the House of Representatives received the presence of the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, as he addressed the current state of the economy.

During the plenary session in Abuja, Cardoso provided an update to the lawmakers on the declining value of the naira and other monetary concerns impacting the economy.

The CBN Governor was earlier summoned 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, Zacch Adedeji.

The lawmakers had expressed their concerns regarding the continuous depreciation of the nation’s currency.

Cardoso emphasized the importance of earning through exports to strengthen the naira, highlighting the CBN’s plans to promote stability in consumer prices and the foreign exchange market to instill confidence.

He expressed optimism that the bank’s policy measures would have a positive impact on inflation.

In response, the finance minister, Edun, stated that the country is currently in a better economic position compared to May 29, 2023. While acknowledging a rise in the cost of living, he also recognized the potential disaster the country was heading towards before President Bola Tinubu assumed office.

The minister emphasized that additional measures will be taken to support the underprivileged population in the country. He highlighted the government’s focus on the power sector, aiming to enhance investor confidence.

In a recent announcement, House Speaker, Abbas Tajudeen, revealed that the upcoming sectorial debate will evaluate the nation’s preparedness in mobilizing the required financial resources for budget implementation.