The Chairman of the Senate Joint Committee on Banking and Insurance, Yahaya Abdullahi, has decried the economic hardship in the country, saying he has never seen “something like this”.

Abdullahi, who is the senator representing Kebbi North Senatorial District of Kebbi State, said this at the committee’s meeting with the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, alongside the economic team in Abuja on Friday, February 9, 2024.

The senator called on the economic team to work together to provide solutions to the hardship being faced by Nigerians.

He said: “I’m 74 years old and I have never seen something like this. We need solutions.

“We have to sit down and seize all opportunities that we have, we need to not only think out of the box but bring innovative and creative thinking.”

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Speaking, Cardoso assured of stability in the naira/dollar exchange rate, saying: “In terms of volatility of the exchange rate, we are using various tools to ensure stability of exchange rate sooner than later.

“I really can’t tell other than to say that I do believe that once all the measures kick in, there will be price discovery that will indeed make sense for everybody.

“We all have a responsibility in ensuring demand and supply. We are working on supply, but on the demand side, we all have to moderate our various interests on that.

“This is to ensure that demand begins to come to a level that is sustainable.”

On his part, the Minister of Finance, Wale Edun, said the ministry has plans to introduce major tax reforms to increase non-oil revenue.

Edun said: “We are looking at ensuring that government expenditure is carefully spent, even the President has reduced his own expenditure.

“For the medium term, be assured that the monetary and the fiscal policies being implemented are going to increase production and funding and the government will play its own role.”

The Star