In a significant move aimed at consolidating Nigeria’s macroeconomic stability, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, have committed to deepening coordination between fiscal and monetary authorities. The announcement came after a strategic high-level meeting at the CBN headquarters in Abuja on Tuesday.
The session, attended by key economic stakeholders including the Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, focused on harmonising government fiscal policies with the monetary strategies of the central bank to strengthen investor confidence and unlock private sector growth.
A statement issued by the Ministry of Finance’s Director of Information and Public Relations, Mohammed Manga, noted that the discussions were part of a broader government effort to maintain economic stability amidst global and domestic challenges.
“The high-level engagement focused on deepening coordination between monetary and fiscal authorities to sustain macroeconomic stability, strengthen investor confidence, and unlock private sector growth,” the statement said.
Edun emphasised that aligning fiscal and monetary policies is central to President Bola Tinubu’s reform agenda.
According to him, close coordination ensures that inflationary pressures are contained, revenues are efficiently mobilised, and credit flows seamlessly to productive sectors of the economy.
“The minister reaffirmed that close alignment between fiscal and monetary policy is critical to consolidating President Bola Tinubu’s reform agenda,” the statement added.
Dr. Cardoso, while highlighting the role of the CBN in maintaining price stability and financial system integrity, reiterated the need for synchronized fiscal actions.
He observed that monetary and fiscal authorities working in tandem can better address challenges such as foreign exchange volatility, rising public debt, and the need for inclusive growth.
The meeting also touched on strategies to enhance transparency, promote investor confidence, and ensure a steady supply of credit to key sectors such as agriculture, manufacturing, and infrastructure.
Stakeholders emphasised that policy misalignment could increase market uncertainties and hinder Nigeria’s economic growth potential.
Economic analysts have welcomed the development, noting that stronger fiscal-monetary coordination is crucial for sustaining Nigeria’s economic recovery post-pandemic and in the face of global economic headwinds.
According to Dr. Funke Adeyemi, a senior economist, “The commitment by Edun and Cardoso signals a clear intent to reduce macroeconomic inconsistencies, strengthen investor confidence, and provide a conducive environment for private sector expansion.”
The coordinated approach is expected to improve fiscal discipline while allowing the CBN to implement monetary policies that support growth without triggering excessive inflation.
Observers suggest that such synergy could attract foreign direct investment, reduce borrowing costs, and enhance the nation’s competitiveness on the global stage.
While Nigeria continues to navigate complex domestic and international economic challenges, the Finance Ministry and the CBN are demonstrating a proactive stance in ensuring the government’s reform agenda translates into tangible benefits for businesses and citizens alike.
Both Edun and Cardoso reaffirmed their commitment to regular strategic engagements to monitor and align policy measures, signalling a more stable and predictable economic environment for investors and Nigerians.
This initiative is part of ongoing efforts by the Tinubu administration to strengthen economic governance, restore confidence in public institutions, and ensure sustainable development across sectors.