The House of Representatives on Tuesday began the second phase of its Sectoral Debate series aimed at promoting transparency and accountability in government operations.
The RT Hon.Tajudeen Abbass led 10th House in its Legislative Agenda had said that the series of sectoral debates from key sector stakeholders is to strengthen oversight of the House in key ministries, departments and agencies of the government.
The debate which kicked off with the Chairman of the Federal Inland Revenue Service FIRS Mr Zack Adedeji also featured the Minister of Finance Mr Wale Edun, the Minister of Budget and National Planning Sen. Atiku Bagudu and the Governor Central Bank of Nigeria CBN Dr Olayemi Cardoso in attendance.
In his remarks,the Deputy Speaker Hon.Benjamin Kalu said that the debate focuses on the strategies to revamp the nation’s ailing economy.
He further said that the nation demands purposeful leadership from the invited stakeholders noting that there is hunger and inflation that have slowed down economic growth and prosperity.
Speaking on the issues, the FIRS Chairman Mr Adedeji said that the agency is projecting N7.2 trillion as tax revenue adding that they are working assiduously to bring in more people into the tax net.
He said that the agency in the last few months had contributed significantly to government’s revenue generation adding that they had provided one stop shop for tax collection.
He further stated that agency had raked in N12.3 trillion in revenue to the federation and that agency is working to develop the people and the technology used in driving tax collection by the government.
Also in his presentation, the the Minister of Finance Mr Wale Edun said that the nation’s economy is now much better now than in May 2023 when the President Bola Ahmed Tinubu government took over the powers of the federal government.
He said that even though there is increase in inflation and high cost of living, the government is working hard to confront all the vested interests in the economy to ensure that the economy is strong and resilient.
On his own part the Minister of Budget and National Planning Sen.Atiku Bagudu said that the Ministry is working on the urgent need to stimulate sustainable economic growth in the country
He said that the federal government through the ministry is seeking for ways to patner with the National Assembly to stimulate economic activities in the nation.
Also in his presentation, the Governor Central Bank of Nigeria CBN Dr Olayemi Cardoso said that the apex bank is devising both fiscal and monetary measure aimed at revitalizing the economy.
He further stated that globally to he economic landscape around the world have remained challenging.
On the foreign exchange fluctuation and value of the local currency the Naira, he said that the foreign exchange market was designed to address foreign exchange fluidity.
He added that measures are being put in place by the monetary authorities to reduce the exchange of the Naira to a United States dollar and the demand for foriegn exchange is base on the number of currencies that enters the country.
Many of the lawmakers however posed questions to the issues as they noted that the economy of the nation had seriously nosedived and is indeed in very comatose situation.
The Deputy Speaker who also gave a grim of hope on the economy despite all the issues raised and debated at the session said that the House is appreciative of the fact that there are improvements in the nation’s economy
He added that the improvement being witnessed in the various sectors of the economy would help to provide the needed buffer for increased production in many sectors of the Nigerian economy.