Nigeria’s economy on right tracks despite external pressures - CBN Gov, Cardoso

The Central Bank of Nigeria, CBN, Governor, Olayemi Cardoso, says Nigeria’s economy has continued to demonstrate strong resilience in the face of external pressures. Cardoso made this assertion on Wednesday at an interactive session with the Senate Committee on Banking, Insurance and Other Financial Institutions. The apex bank governor assured the Senators that despite volatility and persistent uncertainties in the global environment, especially tensions in the Middle East, the Nigerian economy remains strong and resilient, as reflected in expanding economic activities across key sectors. According to him, inflationary pressures remain moderate, while the foreign exchange market has remained relatively stable. Answering questions at the committee, chaired by Senator Adetokunbo Abiru, the CBN governor reiterated that the apex bank is committed to increasing diaspora remittances through inflow to US$1 billion monthly, ensure monetary and price stability and support sustainable economic growth. His assurance came two days after the same Senate Committee on Banking, Insurance and Other Financial Institutions was briefed on the state of the nation’s economy by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, who dismissed claims that the President Bola Tinubu administration had borrowed about N80 trillion within three years. Recall that Oyedele, while addressing the committee on Monday, described the figures as exaggerated and largely driven by accounting adjustments rather than fresh loans. Reacting to concerns raised by lawmakers over reports that the current administration had borrowed about N80 trillion in addition to the N75 trillion debt it inherited, Oyedele said the figures being circulated by commentators and reported in some sections of the media did not accurately reflect the level of new borrowing.