The Minister of Finance, WALE EDUN and the Minister of Budget and National Planning, ATIKU BAGUDU have assured Nigerians that the high cost of living being witnessed is currently being addressed.

The Governor of the Central Bank of Nigeria (CBN), OLAYEMI CARDOSO, Chairman, Federal Inland Revenue Service (FIRS), 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 a Plenary in Abuja.

The Minister of Finance said though inflation had increased, and the cost of living had spiked, President BOLA TINUBU was committed to protecting the poorest and the vulnerable.

According to him, there was a need to return to production, adding that industry, however, required energy to function optimally and that the President was also committed to using state power to subdue vested interest in the oil sector.

On his part, the Minister of Budget and National Planning, ATIKU BAGUDU said the president was committed to national development.

The CBN boss while speaking expressed confidence that positive outcomes from the administration of President TINUBU were already emerging.

CARDOSO maintained that inflation was expected to decline in 2024 to 21.4 per cent, aided by improved agricultural productivity and ease global supply chain pressures.

He said that the challenges of the exchange rate had been tackled, adding that they were fuelled by speculation, increased forex demand, increased capital outflow, excess liquidity, and increased demand, among others.

Also speaking, the FIRS boss, said the service was not a revenue-generating agency but a revenue-collection agency, adding that the agency was doing a lot to increase the nation’s revenue base.

According to him, the target for 2023 revenue was 10 trillion naira, but the agency achieved 12.3 trillion naira because of the decision taken by the president.

ADEDEJI added that less than 60 companies, as of today, contribute less than 60 per cent to the nation’s company income tax.