CBN Governor, Finance, Budget  Ministers Appear Before Lawmakers

Following the summon of the Central Bank Governor, Olayemi Cardoso by member of the House of Representatives, the governor on Tuesday appeared before the House  to speak on the state of the economy.

Appearing before the lawmakers during plenary in Abuja, Cardoso briefed them on the free fall of the Naira and other issues relating to the impact of monetary policy on economy.

The Minister of Budget and National Planning, Atiku Bagudu and the Chairman of the Federal Inland Revenue Service, Zacch Adedeji were also part of those summoned.

The lawmakers expressed worry about the continued fall of the nation’s currency.

Cardoso said the 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.

He believes that the policy measures of the bank are expected to impact positively on inflation.

Meanwhile the finance minister said the country is in a better place economically than it was on May 29, 2023.

Edun said the country was on the road to disaster before President Bola Tinubu came into office, but agreed that there has been a rise in the cost of living.

Noting that there will be further interventions to assist the poor in the country, the minister stated that special attention is being paid to the power sector to boost investors’ confidence.

Last week, Speaker Abbas Tajudeen announced that the sectorial debate for the financial sector “will assess the nation’s readiness to mobilise the necessary financial resources for implementing the budget.”