BREAKING: No More Borrowing To Finance Nigerian Economy – Finance Minister Speaks

BREAKING: No More Borrowing To Finance Nigerian Economy – Finance Minister Speaks

The Federal Government has emphasized its commitment to refrain from seeking loans from either local or foreign sources following the elimination of petrol subsidy and the harmonization of exchange rates.

During the inaugural Federal Executive Council meeting in Abuja on Monday, Minister of Finance and Coordinating Minister for the Economy, Wale Edun, conveyed this stance. He explained that the revenue freed up by subsidy removal would be channeled into diverse sectors to enhance government income and enhance the business climate for both local and international investments.

Edun affirmed that the government has instituted a range of immediate, medium-term, and long-term palliative measures to counteract the impact of subsidy removal.

Read Also See The Govt Officials Tinubu Stopped From Travelling

He underscored President Bola Tinubu’s determination to rejuvenate the economy from its prolonged challenges.

In tandem, Minister of Industry, Trade and Investment, Doris Uzoka-Anite, unveiled burgeoning investment opportunities across sectors such as oil and gas, health, solid minerals, and agriculture. Uzoka-Anite pledged to collaborate with various government entities to fulfill the President’s commitment to generating employment for Nigeria’s burgeoning youth population.

Dr. Ali Pate, the Minister of Health, highlighted the potential of exploiting crucial segments of the health value chain to foster economic growth and job creation. He expressed that the President’s directive is aligned with a proactive approach towards decision-making for the nation’s betterment.

Minister of Information and National Orientation, Mohammed Idris, conveyed the President’s call for transparency within the cabinet, especially when disseminating crucial information. Idris urged the media to engage in thorough verification and fact-checking to avoid misinformation.