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As part of attempts to enhance measures targeted at increasing the synergy between fiscal and monetary policies for economic growth, Wale Edun, the Coordinating Minister of the Economy, met with Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), on Friday at the headquarters of the apex bank in Abuja.
While meeting details are unknown, sources say issues discussed measures to link fiscal spending with monetary policy goals, stabilize the foreign currency market, and boost economic growth through targeted actions.
In order to ensure macroeconomic stability, enhance investor confidence, and support sustainable economic development, the high-level participation was a part of continuous efforts to align policy frameworks towards these goals.
Friday’s meeting represents the Tinubu administration’s renewed commitment to economic management policy consistency according to a statement by the Director, Information and Public Relations of the Ministry of Finance. This corresponds with wider reforms to reposition Nigeria’s economy for growth and resilience.
Both of the officials underlined their dedication to working together more closely in order to address the current economic issues that Nigeria is facing and to realise President Bola Tinubu’s program for economic reform.
This agenda seeks to stabilize the exchange rate, reduce inflation, and promote growth. The meeting takes place in the midst of an increasing number of appeals from economic experts and stakeholders for closer coordination between the authorities in charge of fiscal policy and monetary policy in order to address policy inconsistencies and address macroeconomic imbalances.
Analysts contend that the fluctuations in the foreign exchange market, inflationary pressures, and sluggish economic growth might be attributed to the lack of synchronization that has occurred in previous programs.
Economic reforms have been given high priority by the Tinubu administration in order to address the fiscal and monetary issues that Nigeria is facing.
Nevertheless, knowledgeable individuals have emphasized that it may be challenging to accomplish these goals if there is not a good cooperation between the Central Bank of Nigeria and the Ministry of Finance.
Cardoso, the CBN has adopted a more conventional monetary policy strategy aimed at naira stabilization, inflation control, and financial system confidence restoration.
Edun and the fiscal authorities have been putting policies into place to increase government revenue, lower the fiscal deficit, and draw in foreign capital.
Both organizations hope to establish a more stable and predictable economic climate that attracts investment and fosters long-term economic growth by promoting increased cooperation.
While meeting details are unknown, sources say discussions discussed measures to link fiscal spending with monetary policy goals, stabilize the foreign currency market, and boost economic growth through targeted actions.