Leading figures in Nigerian finance have pledged to address the country’s soaring cost of living, offering assurances that measures are being taken to ease the burden on citizens. Minister of Finance Wale Edun and Minister of Budget and National Planning Atiku Bagudu, along with Central Bank Governor Olayemi Cardoso and Federal Inland Revenue Service Chairman Zacch Adedeji, addressed concerns during a sectoral debate organized by the House of Representatives in Abuja.

Edun, also the coordinating minister of the economy, emphasized that Nigeria is in a significantly better position than it was in 2023, despite the challenges posed by the removal of fuel subsidies. He assured that interventions to support vulnerable populations and alleviate the cost of living are forthcoming as the situation improves.

Bagudu echoed President Tinubu’s commitment to national development, acknowledging the current challenges faced by the population but expressing confidence in the government’s efforts to address them. CBN Governor Cardoso affirmed the administration’s dedication to addressing the high cost of living, emphasizing the urgency and sincerity with which the matter is being approached.

FIRS Chairman Adedeji clarified that while the agency is focused on revenue collection rather than generation, it is actively working to bolster the nation’s revenue base. He highlighted the agency’s success in surpassing the 2023 revenue target, attributing the achievement to strategic decisions made by the president.

Deputy Speaker of the sectoral debate, Benjamin Kalu, underscored the critical nature of the agenda, stressing the need to confront Nigeria’s economic, fiscal, and revenue challenges head-on. The unified stance of Nigeria’s financial leaders in acknowledging and addressing the cost of living concerns reflects a concerted effort to navigate and mitigate the impact of economic changes on citizens.