SECTORAL DEBATES: CBN GOV CARDOSO, EDUN ARRIVES HOUSE OF REPS FOR DEBATE ON ECONOMY

February 6, 2024

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Governor of the Central Bank of Nigeria, Yemi Cardoso and the Minister of Finance, Wale Edun are currently before the House of Representatives in the ongoing sectoral debate on the economy.

The Executive Chairman of the Federal Inland Revenue Service, FIRS, Zacch Adedeji and the Minister of Budget and National Planning, Abubakar Bagudu are also before the lawmakers.

It would be recalled that the House has been holding sectoral debates on different sectors. Last November, the House held a similar retreat on the Defence sector.

In his speech, the FIRS Chairman told the lawmakers that the FIRS is not going to introduce any new taxation or increase the existing tax.

He noted that FIRS is not a revenue-generating agency but only serves as a collector. He added that he is confident that his agency is confident of exceeding the N19.2 trillion as stated in the 2024 budget.

“We are not a revenue generating agency, but a revenue collector. We only collect based on policies,” Mr Adedeji said in his statement.

He informed the lawmakers that the agency is struggling to get all petroleum tax due to oil theft and cuts in production.

At the time of filling this report, the Central Bank Governor is was speaking on the FX volatility and lack of liquidity in the market.