 Good evening, I am Destiny Momor. This is News Now. The Governor of the Central Banga, Oluye Mikadozo, the Minister of Finance, Wali Edu, and his counterparts in the Ministry of Budget and National Planning, Attiku Bagudu, have assured Nigerians that a high cost of living being witnessed by Nigerians is currently being addressed. Speaking in similar vein, the Chairman of the Federal Inland Revenue Service, Mr. Zat Adeliji says the Federal Government is doing everything possible to calm the current inflation in the country. These assurances were made in separate presentation by the country's economic team in Abuja, while appearing at the sectoral debate organised by the House of Representatives during Plenary for the Finance sector on the current cost of living in the country. In his presentation, the Finance Minister explained that the country is where it is at the moment due to series of poor economic policies over the years, adding that the cost of living has sparked as a result of inflation. For the Minister of Budget and National Planning, Attiku Bagudu, he says the current economic challenges faced is being looked into with a strategic plan to resolve the challenge. In agriculture, if we need to stabilise the economy, two things need to happen. Inflation needs to be tackled. The Governor of Central Bank has said what is being done has announced his targets for inflation and the fact that inflation targeting will be a key element of the strategy, which is right because they are in charge of the targets of monetary policy. But in addition to that, when you look at inflation, a large element is food inflation. In fact, food inflation accounts for 33% of the consumer price index. So when you attack food production, raise food production, you bring down the price of food, you bring down inflation, you get a chance to bring down interest rates, and there lies the road to investment. This challenge does not come unanticipated. We reckon with global challenges that are impacting us domestically, and we reckon with the transitional nature of some of the measures that we have taken. We know that they will have some impacts, but there are compensatory mechanisms. One of it is to support domestic production, particularly one that we are most familiar with, 36 states of Nigeria plus FCT, agricultural production is a major component, and as well as other activities for which infrastructure, for which funding has been generously provided in the budget. The CBN says, though the high cost of living still remains a concern, he is sure that a central bank is working assiduously to bring lasting solutions, to bring down inflation to 21.4% through improved agricultural productivity. On his part, the Executive Chairman of Federal Inland Revenue Service, FIRS, ZAK, at Derijee allays fears that the federal government is planning to increase tax. He says the service is re-strategizing on ways that will yield positive results for the economy. Reflection pressures persist albeit temporarily, but are expected to moderate significantly by the fourth quarter of 2024. Exchange rate pressures are also expected to reduce with a smooth function of foreign exchange markets. We are committed to implementing policies that will ensure a stable macroeconomic environment and guarantee improved livelihoods for all Nigerians. And given this economic condition and with the promise of Mr. President that we are not going to introduce additional tax, we are not going to increase any tax considering the situation and welfare of our people, that what we need to do is to re-strategize within to make sure that we bring more people into tax net. So without increasing the tax rate, that will be able to meet the targets. In his response to the financial experts, the Deputy Speaker, Honourable Benjamin Kalu, says it was imperative to recognize the urgency and importance of the agenda before it. He says they must confront the stark realities of the economic fiscal and revenue challenges that a country is currently faced with. We must adopt to address the multifaceted challenges that confront us. Through synergy, we can align our strategies, consolidate our efforts, and amplify the impact of our initiatives. In the face of global economic shift and domestic challenges, it is clear that robust reform measures are not just beneficial but imperative. We are at a pivotal moment where the decision we make and the policies we implement will impact the lives of millions of Nigerians. The reform we envisage should not only address the immediate needs but also lay a foundation that is resilient. The sectorial debate is expected to continue on Wednesday when all the key areas of the economy will be discussed. Hello, hope you enjoyed the news. Please do subscribe to our YouTube channel and don't forget to hit the notification button so you get notified about fresh news updates.