Finance minister Wale Edun, and budget minister Atiku Bagudu, have assured Nigerians that President Bola Tinubu is addressing the high cost of living Nigerians are battling.

CBN governor Olayemi Cardoso and FIRS chair Zacch Adedeji joined the ministers to allay the fear of Nigerians about the current inflation.

They all spoke when they appeared at the sectoral debate organised by the House of Representatives for the finance sector and stakeholders on the current cost of living at the plenary in Abuja on Tuesday.

Mr Edun, also the coordinating minister of the economy, said, “Where we are as a nation is a much better place than we were in on May 29, 2023.”

He added that Nigeria as a country was on the road to economic disaster by way of subsidy on fuel, adding that it was expected that there would be challenges due to subsidy removal.

Mr Edun said that inflation had increased and the cost of living had spiked but stated that Mr Tinubu was committed to protecting the poorest and the vulnerable.

“As things improve, there will be further intervention on behalf of the vulnerable to assist in the cost of living,” Mr Edun stressed. “Let us be confident, calm, and assured that Nigeria will change in terms of economic management and that there will be intervention in every sector.”

According to him, there is a need to tackle inflation because full inflation accounts for 33 per cent of the consumer price index.

He said there was a need to return to production, adding that industry required energy to function optimally and that the president was also committed to using state power to subdue vested interests in the oil sector.

Mr Bagudu said the president was committed to national development, adding that the president reckoned with the challenges of the living conditions of the people.

“What is happening in our country is obvious to someone visiting a construction site. We are very clear that we are on the right path and the challenges of the moment are being tackled. We are getting support from international partners, and they are all acknowledging the commendable steps that the president is taking.

“We have seen investments in the rail sector, the NNLG, and we assure you that we will overcome the challenges of the moment and sustain the economic growth as promised by the president,” he said.

Mr Cardoso expressed confidence that positive outcomes from the administration of Tinubu were already emerging and would further emerge in the near future.

“The concern as per the cost of living is genuine, and the urgency of the matter is not lost on us at the CBN, and we are working tirelessly to bring up a lasting solution,” said the apex bank chief.

(NAN)