Fed Govt vows to end hyper-inflation and GDP per capita decline
By Patience Ikpeme
The federal government has announced that it plans to end hyperinflation and prevent GDP per capita from falling below 30 percent.
This announcement was made by the Minister of Finance and the Co-ordinating Minister of the Economy, Mr. Wale Edun, at a two-day retreat in Abuja. He stated that President Bola Ahmed Tinubu is committed to creating jobs, reducing poverty, controlling micro and macroeconomic policies, attracting investors, stabilizing exchange rates and driving the economy towards reducing poverty levels.
Edun also assured that efforts are being made to address hyperinflation in Nigeria’s economy so it will soon be a thing of the past.
Although removing fuel subsidies has slowed down economic growth in Nigeria, he noted that interventions have been put in place to cushion any negative impact on Nigerians.
Members of the Presidential Committee on Fiscal Policy and Tax Reforms were reminded by Edun about President Tinubu’s 30-day deadline for delivering tangible results on their assignment.
The Chairman of this committee said its Terms of Reference include Fiscal Governance, Revenue Administration and Tax Policy Review.
The deliverables expected from this committee include optimum taxes; harmonized revenue collection functions; revised national tax policy; national fiscal framework; preparation of bills for constitutional amendment; revenue optimization; production of a model template for sub-nationals as well as establishment of a national tax amnesty scheme.
In summary, these announcements show how serious Nigeria’s government is about improving its economy through various reforms such as addressing inflation issues while ensuring job creation opportunities are available for citizens across different sectors like agriculture or manufacturing among others.
