act 1961 ( act 71 ). the second is the credit reporting bill that would mitigate a good deal of the credit risks associated with lack of information on borrowers and that is an important factor in credit defaults and non - performing loans. the third is the central depository system bill, which ensures certainty and safety of title to equities and government debt instruments – it should foster the development of the stock market. and finally, the anti - money laundering bill, which will protect the integrity of the financial system. i have dwelled on the policy commitment to financial stability and efficient domestic capital markets for good reasons. we have seen the economy grow in resilience. we have used the strong external current account position and capital flows, including debt relief under hipc initiative, to fund a substantial build - up of reserves. this provides cushion against rising oil prices and other shocks. the significant reductions in the stock of external debt and the domestic public debt over the last few years have improved the savings - investment and growth dynamics and there are signs of growing investor interest in taking risks in the domestic market. we are therefore making these changes to set the stage for the domestic capital market to play a central role in resource intermediation and the growth process. on the side of fiscal policy, the objective of accelerating growth to high and sustainable levels demands that the budget moves beyond the low consolidation threshold of managing tight cashflows and liquidity, towards levels where public expenditure policy provides the vehicle for growth - critical investments to create synergies with the private sector to lead the growth process. obviously, underlying macroeconomic policy should continue to give confidence to the markets that the fiscal space created through consolidation and debt relief will be used productively without risks to macroeconomic stability. the government ’ s investment strategy establishes the way forward. it identifies a huge infrastructure deficit which must be addressed to reduce barriers and other bottlenecks to growth, while pulling on all the levers to develop the productive capacity of the economy. distinguished ladies and gentlemen, a comprehensive investment plan has been put together to move forward the public sector growth agenda under the gprs ii. the plan requires fresh resources to scale up investments. this is the core of the growth and poverty reduction agenda which development partners will be considering for support at this meeting. thank you.

olayemi cardoso : economic briefing at the joint senate committee on finance, banking, insurance and other financial institutions and national planning speech by mr olayemi cardoso, governor of the central bank of nigeria, at the economic briefing at the joint senate committee on finance, banking, insurance and other financial institutions and national planning, lagos, 9 february 2024. * * * chairman, senate committee on banking, insurance, and other financial institutions : distinguished senator mukhail adetokunbo abiru chairman, senate committee on finance : distinguished senator mohammed sani musa chairman, senate committee on national planning : distinguished senator abdullahi yahaya distinguished vice chairs and members of the joint senate committees here today honourable ministers my colleagues from the central bank of nigeria gentlemen of the press ladies and gentlemen good morning, permit me to read a prepared statement given the seriousness of this matter and then subsequently have a discussion on these topics during the q & a session. i am honoured to appear before this joint senate committee on finance, banking, insurance, and other financial institutions and national planning to address critical concerns related to exchange rates and inflationary pressures in the economy. indeed, this is the major topic of concern in our villages, our towns and our cities. the urgency of the matter is not lost on us at the central bank, and i assure you we are working tirelessly with colleagues across government, including with the leadership of this national assembly, to bring lasting solutions. 1 / 4 bis - central bankers'speeches inflation in december 2023, the economic landscape revealed significant shifts. the headline inflation stood at 28. 92 % in december 2023 as against 28. 20 % in november, food inflation was 33. 93 % as against 32. 84 % in november, while core inflation was 23. 06 % as against 22. 38 % in october 2023. headline inflation surged to 28. 92 %, propelled by food shortages, distribution challenges, and seasonal trends. the festive season's consumer demand upsurge, following subdued periods due to energy and foreign exchange reforms, contributed to this trend, persisting from november through december yearly. the upward trend of food inflation is primarily due to supply shocks caused by insecurity, climate - induced factors such as flood and rainfall shortage in some cases, inefficient, subsistent and seasonal farming practices as well as importation bottle necks that have impacted the prices of imported food items. anecdotal evidence indicates that recent