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CBN Gov, Finance And Budget Ministers Appear Before Reps

Cardoso briefed them on the free fall of the naira and other issues affecting the monetary side of the economy.


Bayelsa
FILE PHOTO of the House of Representatives. Credit: Sodiq Adelakun/Channels TV)

 

The Central Bank Governor, Olayemi Cardoso, on Tuesday appeared before the House of Representatives 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 affecting the monetary side of the economy.

He was 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.

READ ALSO: Reps Committee Orders Arrest Of Cardoso, Accountant-General, Others

Earlier, 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 instil 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.

In his remarks, 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.”

More to follow…