Yesterday, the Federal Government painted a positive economic picture of the days ahead.
Key members of the economic team assured that policies of the Bola Ahmed Tinubu Administration are yielding fruits.
Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun, his Budget and National Planning counterpart Atiku Bagudu, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso and Federal Inland Revenue Service (FIRS) Chairman Mr Zacch Adedeji promised an imminent drop in the high cost of living and inflation.
They spoke when they appeared at the sectoral debate organised by the House of Representatives for the finance sector in Abuja.
Edun said: “Where we are as a nation economically is a much better place than we were on the 29th of May 2023.
“Before the implementation of the 8-point agenda of the President began, we were in an unsustainable place in terms of the fiscal situation of Nigeria. We were on the road to economic disaster.
“We had expenditure which was wasteful and unsustainable by way of the subsidy.
“Not just on fuel, but the subsidy on foreign exchange which confused the incentive framework and people were changing cheap dollars in order to make instant profits.
“Of course, in turning back from that road, as we have heard, there will be dust.
“However, bold measures have been taken and there have been positive results.
“If we look at the finances of the government today, there have been benefits to the federation account; there has been a reduction in the consumption of petrol by about 20 million litres because there was smuggling apart from wasteful use of petrol.
“Likewise, there have been other benefits which have accrued as a result of the changes that have been made.
“However, there has been a cost. Inflation has increased. The cost of living has spiked and right from the outset, Mr. President committed to making sure that the poorest and most vulnerable were not left behind.
“That is why the palliatives and the interventions have been rolled out.”
