FG calls for urgent reforms to tackle inflation despite fiscal challenges

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasised the urgency of adopting comprehensive reforms to address Nigeria’s fiscal and inflationary crises.

Speaking at a two-day workshop in Abuja, organised by the Federal Ministry of Finance in collaboration with the Central Bank of Nigeria (CBN), Edun stressed that synergy between fiscal and monetary authorities is critical to curbing inflation and fostering sustainable economic growth.

Edun, through his Director of Information and Public Relations, Mr. Mohammed Manga, highlighted the pressing need for innovative fiscal policies that align with monetary measures.

According to the Minister, the current inflation rate has placed a significant strain on Nigeria’s economy, and only coordinated efforts between the finance ministry and the CBN can reverse this trend.

In the workshop, giving his address on Critical Priorities in Macroeconomic and Fiscal Policy Coordination, Edun said part of the Federal Government’s Renewed Hope Agenda, was designed to bolster Nigeria’s technical capacity in macroeconomic, monetary, and fiscal policies.

As Nigeria navigates its fiscal challenges under the leadership of President Bola Ahmed Tinubu, the minister noted that strategic alignment of fiscal and monetary policies would be pivotal in restoring economic stability, curb inflation, attract investment and positioning the country for future growth.