Yesterday, the House of Representatives urged the federal government to take immediate action to address the escalating cost of living, which is severely impacting Nigerians,Daily Trust report.

During a session attended by Ministers of Finance and Coordinating Minister of the Economy, Wale Edun; Budget and National Planning, Atiku Bagudu; the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso; and the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, the lawmakers voiced concerns over the economic situation.

This session was part of the House’s Sectoral Debate/Dialogue initiative, aimed at engaging with heads of ministries, departments, and agencies (MDAs) on government policies.

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Lawmakers sought clarification on the measures being implemented by the CBN, FIRS, and relevant ministries to address the current economic challenges. Earlier, they had passed a motion, moved by Rep. Ayokunle Isiaka (APC, Ogun), urging the government to urgently tackle the rising cost of living.

Representative Ahmed Jaha Babawo (APC, Borno) emphasized the urgent need for government intervention, particularly in terms of security, to alleviate the hardships faced by Nigerians. He highlighted the significant increase in prices of essential commodities, which has left many citizens struggling.

Rep. Kingsley Chinda (PDP, Rivers) echoed these sentiments, stating that many people are living in poverty and insecurity. He stressed the importance of speaking truth to power in addressing these issues.

Lawmakers also questioned the ministers, CBN governor, and FIRS chairman on their policies and their impact on Nigerians. The officials responded by providing insights into the policies being pursued and measures being implemented to address the nation’s challenges.

CBN Governor Cardoso acknowledged the concerns regarding the cost of living and currency exchange rates, emphasizing the central bank’s commitment to finding lasting solutions in collaboration with other government agencies.

The Minister of Finance, Wale Edun, assured Nigerians that despite the challenges, the current administration is working to improve the situation. He highlighted ongoing efforts to protect the most vulnerable citizens and stimulate economic growth.

Similarly, Atiku Bagudu reiterated the government’s commitment to national development, while Zacch Adedeji outlined the FIRS’s strategies to increase revenue collection without imposing new taxes.

Deputy Speaker Benjamin Kalu stressed the urgency of addressing the rising cost of living, emphasizing the need for decisive action.

In response to the crisis, the Northern Elders Forum (NEF) also called on the government to implement policies aimed at alleviating inflationary pressures and supporting vulnerable members of society.

Meanwhile, the federal government convened a special presidential committee to address food shortages, pledging to release available food stocks and collaborate with private sector stakeholders to provide relief for citizens.


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