The House of Representatives at its plenary session on Tuesday, 6 February 2024, held a sectoral debate with the heads of relevant agencies on the state of the nation’s economy. The sectoral debate focused on discussing and providing valuable insights into the efforts of the executive to address economic challenges and promote sustainable development.

At the commencement of the sectoral debate, the Deputy Speaker of the House of Representatives, Hon. Benjamin Okezie Kalu (APC: Abia) noted that the purpose of the debate is to deepen the engagement of Members and the Executive in national development, policy issues and promote the enactment of appropriate laws to enhance Nigeria’s economic growth and development.

The sectoral debate had in attendance the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Minister of Budget and Economic Planning, Sen. Abubakar Atiku Bagudu, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, and the Chairman, Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji. The Ministers and the heads of the other government agencies in their submissions, provided a comprehensive assessment of the nation’s economic landscape, policy priorities, and strategic interventions aimed at advancing the nation’s economic situation.

The key issues discussed at the sectoral debates were centered around:

1. The monetary policy decisions, interest rate, and exchange rate stability of the Central Bank of Nigeria.
2. The fiscal policy measures and the spending priorities of the Ministries of Finance; and Budget and Economic Planning aimed at stimulating economic growth.
3. The strategies of the executive to stimulate investment and drive economic growth.
4. The strategies for enhancing revenue mobilization, diversifying the tax base, and optimizing tax collection efforts of the government.

At the end of the debate, lawmakers reaffirmed their commitment to foster economic growth and advance the welfare of citizens. It is expected that the outcomes from the sectoral debate will inform legislative reforms aimed at strengthening economic growth and promoting sustainable growth.