Nigeria’s House of Representatives says it is ready to confront the stark realities of the economic, fiscal, and revenue challenges currently confronting the nation.
The Deputy Speaker, Hon Benjamin Kalu, made the commitment during the resumed Sectoral Debate with Heads of Financial institutions in the House of Representatives
He said that the debate aimed to address the dwindling economic situation in the country.
He noted that the engagements are also an important aspect of the House constitutional mandate to exercise oversight over the executive branch to ensure the order and good governance of our country.
“As we gather in this sectoral debate with the Central Bank Governor, the Chairman of the Federal Inland Revenue Service (FIRS), the Minister of Budget and National Planning, and the Minister of Finance, it is imperative to recognise the urgency and importance of the agenda before us. We must also confront the stark realities of the economic, fiscal, and revenue challenges that our beloved nation, Nigeria, is currently facing.
“In a world of complexities and uncertainties, the path to fiscal integrity is not just a choice but a necessity. It is the bedrock upon which trust between the government and its people is built and the foundation that supports the robust architecture of our national economy. Fiscal integrity ensures transparency, accountability, and the prudent management of our nation’s resources. It is our duty and responsibility to safeguard this, not just for the present generation but for the future ones that will inherit the outcomes of our decisions today,“ Hon. Kalu said.
He also said that the essence of synergy cannot be overstated in the quest for economic stability and growth.
“The collaborative spirit we foster within this hallowed chamber attests to the collective will and dedication of the House to steer our nation towards a brighter, more prosperous future.
The interconnection between the Central Bank, the FIRS, the Ministry of Planning, and the Ministry of Finance embodies the holistic approach we must adopt to address the multifaceted challenges that confront us. Through synergy, we can align our strategies, consolidate our efforts, and amplify the impact of our initiatives,“ he said.
The Deputy Speaker, who presided over the session, said that in the face of global economic shifts and domestic challenges, it is clear that robust reform measures are not just beneficial but imperative.
“We are at a pivotal moment where the decisions we make and the policies we implement will impact the lives of millions of Nigerians. The reforms we envisage should not only address immediate needs but also lay a resilient and dynamic framework that can adapt to future challenges and opportunities. These measures should stimulate growth, foster innovation, and uplift the lives of every Nigerian. As we engage in this sectoral debate, let us remember that the eyes of our nation are upon us, looking with hope and expectation for outcomes that will reinforce the pillars of our economy, safeguard our fiscal integrity, and ensure a prosperous and inclusive future for all Nigerians. In the face of numerous daunting challenges facing our constituents, including hunger and worsening inflation, the role of the Parliament is not just of oversight but of active, visionary leadership. It is our responsibility to legislate, debate, and meticulously craft policies that will address these issues head-on. We are called upon to be the architects of reform and the voice of our people,” he added.
Those who appeared before the House for the debate were the Minister of Finance, Mr Wale Edun; the Minister of Budget and National Planning, Mr Atiku Bagudu; the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso; and the Chairman of the Federal Inland Revenue Service, Mr Zack Adedeji.
While addressing the House, the Minister of Finance, Mr. Wale Edun, said that inflation has increased in Nigeria, leading to untold hardship, but that the ministry is working on addressing it.
The Minister of Budget and National Planning, Mr Atiku Bagudu, said that the ministry gave Nigerians the best budget in recent times.
He assured the House that the economic team will address the challenges Nigerians are facing.
In his submission, the Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, said that the Nigerian foreign exchange market is currently facing increased demand pressures, causing a continuous decline in the value of the naira.
“Factors contributing to this situation include speculative forex demand, inadequate forex supply due to non-remittance of crude oil earnings to the CBN, increased capital outflows, and excess liquidity from fiscal activities. However, I want to emphasise that we are now at a turning point, and the bold reforms underway across different segments of the economy, though initially challenging, are aimed at addressing these challenges sustainably,” he said.
He acknowledged that, despite the commendations, concerns regarding the cost of living and currency exchange rates remain.
Similarly, the Chairman of the Federal Inland Revenue Service, Mr Zack Adedeji, disclosed that his agency’s projected ten trillion Naira in revenue collection for 2023 was able to surpass the projection for the year.
He noted that for 2024, the agency’s projection is 19.2 trillion naira only.
He, however, said that there is no plan to increase income tax in Nigeria.
Members took turns asking necessary questions of the economic managers and got the desired answers.
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