CARDOSO: NIGERIANS SPENT $40 BILLION IN 10 YEARS ON FOREIGN EDUCATION, MEDICAL TOURISM

He acknowledge that despite the commendations, the concerns regarding the cost of living and currency exchange rates remain.

Indeed, Cardoso stated that this is the major topic of concern in the villages, towns and our cities, noting that the urgency of the matter is not lost on the Central Bank.

The CBN boss while speaking on the domestic outlook said that the federal government anticipates a 3.76 per cent real Gross Domestic Product (GDP) growth in 2024, slightly surpassing the estimated 3.75 per cent for 2023.

This optimism, he said, is backed by key government reforms and the expectation of improved crude oil prices and production, which are set to drive economic growth.

According to him, inflationary pressures are expected to decline in 2024 due to the CBN's inflationtargeting policy, aiming to rein in inflation to 21.4 per cent, aided by improved agricultural productivity and easing global supply chain pressures.

"The shift to a market-driven exchange rate was intended to create a stable macroeconomic environment and discourage currency hoarding. However, short-term volatilities are attributed to arbitrage and speculation.

“To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the FX markets. This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs, enforcing the Net Open Position limit, and adjusting the remunerable Standing Deposit Facility cap," he added.

According to him, the exchange rate is determined by the dynamics of supply and demand for a product or service, in essence, similar to the pricing of cows or cars.

On the relocation of some department of CBN to Lagos, Cardoso said it was not political but that the CBN only implemented what has been done before now.

"We did not change anything we have always done this in order to get closer to the banks for best results," he said.

The Executive Chairman Federal Inland Revenue Service (FIRS), Zacch Adedeji, during his presentation at the sectorial debate said that the federal government has no plans to increase tax but to re-strategise in ways that will yield positive and more results.

"We plan to collect N19.2 trillion. We are not going to increase any tax but to re-strategise to bring more people into the tax net and that has led to restructuring. The focus of Mr. President is not to tax, but tax return on investment," he stated.

Also, the Minister of Budget and National Planning, Atiku Bagudu, said that the current economic challenges being faced was being looked into with a strategic plan to resolve the challenge.

"We will overcome the challenges of the moment. People will be inconvenienced, but things will get better as government implements the reforms," he said

The Minister of Finance, Wale Edun, during his presentation said that the country is where it is at the moment due to series of economic policies over the years.

"We are where we are today as a result of series of economic policies over the years. The president has promised to take measures that will address major stumbling blocks to the nation's economic growth," he noted.

Edun added that oil production has steadily increased as a result of improved security in oil producing areas and fight against oil bunkering and other criminalities in the area.

"The measures have increased investor confidence in the sector while the nation improves its crude oil output. Inflation, exchange rates fluctuations and other factors are also being addressed while agriculture is being strengthened for maximum production and non-oil sector economic diversification," the minister added.

He maintained that as things improve, many sectors will pick up and drive the economy and further called on Nigerians to be calm, confident and have faith in the ability of the government to turn around the economy for the citizens to prosper.

The Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, said that the collective decisions of the parliament and the policy implementation of the government must impact Nigerians positively.

The deputy speaker said that large-scale reform measures were needed to pull Nigeria out of its current daunting economic challenges and that the interconnection among the CBN, the FIRS, the Ministry of Planning, and the Ministry of Finance embodied the holistic approach which must be adopted to address the multifaceted challenges that confront the nation.

Kalu said: "As we gather in this sectoral debate with the CBN governor, the chairman of FIRS, the Minister of Budget and Economic 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"

"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 the 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," he added.

He emphasised that the essence of synergy is further subsumed in lawmakers quest for economic stability and growth and further reminded his colleagues and indeed all the stakeholders that the eyes of the people were on them with high expectations.

"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," he noted.