Large Scale Reforms Needed To Pull Nigeria Out Of Economic Challenges — Deputy Speaker Kalu

Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu has said that the country is at a situation where the collective decision of the parliament and the policy implementation of the government must impact Nigerians positively.

He also said that large-scale reform measures are needed to pull Nigeria out of its current daunting economic challenges.

To this end, the Deputy Speaker said that the interconnection among the Central Bank of Nigeria (CBN), the Federal Inland Revenue Service (FIRS), the Ministry of Planning, and the Ministry of Finance embodied the holistic approach which must be adopted to address the multifaceted challenges that confronted the nation.

Kalu’s views are contained in his address at the continuation of the Sectoral Debates of the House of Representatives with the finance sector stakeholders on Tuesday in Abuja, featuring mainly the Minister of Finance and Coordinating Minister of Economy, Mr. Wale Edun; the Minister of Budget and Economic Planning, Abubakar Bagudu; the Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso and the Executive Chairman of FIRS, Mr. Zacch Adedeji, Levinus Nwabughiogu, Chief Press Secretary to the Deputy Speaker said in a statement.

He quoted the Deputy Speaker as saying: “As we gather in this sectoral debate with the Central Bank Governor, the Chairman of the Federal Inland Revenue Service (FIRS), the Minister of Budget and Economic Planning, and the Minister of Finance, it is imperative to recognise the urgency and importance of the agenda before us. We must also confront the stark realities of the economic, fiscal, and revenue challenges that our beloved nation, Nigeria, is currently facing

“We are at a pivotal moment where the decisions we make and the policies we implement will impact the lives of millions of Nigerians. The reforms we envisage should not only address the immediate needs but also lay a resilient and dynamic framework that can adapt to future challenges and opportunities.

“These measures should stimulate growth, foster innovation, and uplift the lives of every Nigerian.

“The interconnection between the Central Bank, the FIRS, the Ministry of Planning, and the Ministry of Finance embodies the holistic approach we must adopt to address the multifaceted challenges that confront us. Through synergy, we can align our strategies, consolidate our efforts, and amplify the impact of our initiatives.”

Kalu also stated that in a world of complexities and uncertainties, the path to fiscal integrity is not only a choice but also a necessity, stressing that fiscal integrity will ensure transparency, accountability, and the prudent management of the nation’s resources.

The Deputy Speaker emphasized that the essence of synergy is further subsumed in their quest for economic stability and growth.

He reminded the lawmakers and indeed, all the stakeholders that the eyes of the people were on them with high expectations.

“As we engage in this sectoral debate, let us remember that the eyes of our nation are upon us, looking with hope and expectation for outcomes that will reinforce the pillars of our economy, safeguard our fiscal integrity, and ensure a prosperous and inclusive future for all Nigerians.

“In the face of numerous daunting challenges facing our constituents, including hunger and worsening inflation, the role of the Parliament is not just of oversight but of active, visionary leadership. It is our responsibility to legislate, debate, and meticulously craft policies that will address these issues head-on. We are called upon to be the architects of reform and the voice of our people”, Kalu said.