Edun — Tinubu Govt Has Not Borrowed From CBN

Edun — Tinubu Govt Has Not Borrowed From CBN

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, clarified that the Bola Tinubu-led Federal Government has not resorted to borrowing from the Central Bank of Nigeria (CBN) since assuming office. Edun made this declaration during a press interaction following discussions with investors at the ongoing Spring Meetings of the IMF and World Bank in Washington DC, United States……READ ALSO Finance Minister Edun – Why Nigerians Lost Faith In Naira

Addressing concerns regarding liquidity oversupply in the system, Edun affirmed the government’s commitment to utilizing ‘Ways and Means’ to address the issue. He highlighted the collaborative efforts between fiscal and monetary authorities to combat inflation and stabilize prices. Lowering interest rates to facilitate affordable borrowing for investors and drive economic recovery was identified as a key objective.

Emphasizing the need to reduce reliance on borrowing and enhance domestic resource mobilization, the Minister outlined plans for tax reforms. These reforms aim to streamline tax structures, leverage technology, and implement policies aimed at doubling tax revenue within the next three years.

Expressing concern over Nigeria’s low tax-to-GDP ratio, which falls below the African regional average, Edun hinted at possible tax evasion, suggesting that some individuals or entities may not be fulfilling their tax obligations.

The Minister’s statements underscore the government’s strategy to address economic challenges and foster sustainable growth through prudent fiscal management and targeted reforms.

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