Politics
Nigeria’s Economic Landscape Transformed, Says Edun
Nigeria’s Economic Landscape Transformed, Says Edun....KINDLY READ THE FULL STORY HERE▶
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced significant economic improvements under the current administration, highlighting strides in key economic metrics. Speaking to State House correspondents after a Federal Executive Council meeting chaired by President Bola Tinubu, Edun detailed efforts to strengthen the Nigeria Customs Service and addressed past economic challenges.
He noted a 15% reduction in Nigeria’s total debt stock in US dollar terms during the first quarter of 2024, describing this as a positive development despite a 25% increase in Naira terms due to exchange rate fluctuations and domestic debt issuance.
Edun emphasized robust revenue collection through technology-driven initiatives and stringent expenditure controls, asserting that the government no longer relies on ways and means financing for its operations. He disclosed that the administration inherited a legacy debt burden of N22.7 trillion in ways and means, which is currently being audited and securitized.
Under President Tinubu’s leadership, Edun stated that operational surpluses from revenue-generating agencies are used to offset deficits, with a current ways and means deficit standing at N3.4 trillion. He underscored the administration’s commitment to fiscal responsibility and effective fund management, positioning Nigeria’s finances on a revitalized trajectory.
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