The Federal Government (FG) has claimed that it is working hard to eliminate inflation in the country, News About Nigeria reports.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed this on Thursday, after a meeting with investors at the ongoing Spring Meetings of the IMF and World Bank in Washington DC.
He noted that the fiscal and monetary authorities were complementing each other to bring down inflation.
He also stated that the government is working to bring stability to prices of goods and stabilising the exchange rate, with the aim of bringing down interest rate. He said by doing so, investors will be able to borrow at a more affordable rate.
Edun assured the people that the problem of too much liquidity in the system would also be addressed.
“We will pin down Ways and Means to alleviate the pressure of the excess money in the system.
“By so doing, the two authorities are working hand in hand to bring down inflation and pressure on price stability and stabilising the exchange rate, with the target of bringing down interest rate so that investors can borrow at a more affordable rate and getting the economy going in the right direction again,” he stated.
The Minister added that the nation’s tax/GDP is too low, even lower than the African region average and that as such, reforms were underway to streamline the number of taxes, deploy technology and implement policies that would double tax revenue in the next three years.
