New Telegraph

FG Addressing Hgh Cost Of Living, Edun, Bagudu

The Minister of Finance, Mr Wale Edun and his Budget and National Planning counterpart, Senator Atiku Bagudu on Tuesday disclosed that the Federal Government under the leadership of President Bola Ahmed Tinubu is taking proactive steps to resolve the high cost of living in the country. Both ministers spoke in their separate presentations at the sectoral debate organised by the House of Representatives for the finance sector and stakeholders on the current cost of living at the plenary. The finance minister, Edun said that the nation’s economy is now much better than in May 2023 when the present administration took over. 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. “Where we are as a nation is a much better place than we were in on May 29, 2023.” According to him, before the coming of the Tinubu administration, the nation was heading for economic disaster occasioned by the manner the fuel subsidy was administered. He said 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.” He said there was a need to tackle inflation because full inflation accounts for 33 per cent of the consumer price index insisting that there was a need to return to production, adding that industry required energy to function optimally and that the president was also committed to using state power to subdue vested interests in the oil sector. Also, in his presentation before the lawmakers, the Minister of Budget and National Planning, Senator Bagudu said the president was committed to national development, adding that the president reckoned with the challenges of the living conditions of the people. He explained, “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. “We have seen investments in the rail sector, the NNLG, and we assure you that we will overcome the challenges of the moment and sustain the economic growth as promised by the president,” he said. 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 with 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. Speaking on the issues, the chairman of the Federal Inland Revenue Service (FIRS), Mr 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. He said that the agency in the last few months had contributed significantly to the government’s revenue generation adding that they had provided one stop shop for tax collection. Adedeji further stated that the agency had raked in N12.3 trillion in revenue to the federation and that the agency is working to develop the people and the technology used in driving tax collection by the government.

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