Tinubu Government Ends Borrowing to Finance Nigeria's Economy- Wale Edun

By Mohammed Bello Doka

Abuja, Nigeria - The Federal Government of Nigeria has reaffirmed its commitment to not borrow from any local or foreign organization to finance the country's economy. This assurance was given by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, following the removal of subsidy on petrol and exchange rate harmonization.

Speaking after the inaugural Federal Executive Council meeting on Monday, Minister Edun emphasized that the government intends to redirect the financial benefits from the subsidy removal towards boosting government revenue and creating a more conducive business environment for both local and foreign investment.

"The removal of subsidy on petrol and exchange rate harmonization is a crucial step towards revitalizing our economy and ensuring its long-term sustainability," stated Minister Edun. "Rather than relying on borrowed funds, we aim to utilize the increased revenue to support various sectors, ultimately driving economic growth and job creation."

The Minister further assured the public that the government has put in place measures to cushion the impact of the subsidy removal. These palliatives, he explained, will provide short-term, medium-term, and long-term relief for citizens as the country undergoes this economic transition.

With President Bola Tinubu at the helm, the administration is determined to steer the Nigerian economy away from its current challenges and pave the way for a brighter future.

"We understand the concerns of the citizens, and we want to assure everyone that our primary focus is on ensuring the stability and development of our economy," Minister Edun added. "We will continue to implement policies and initiatives that foster sustainable growth and position Nigeria as a prime destination for investment."

As Nigeria embraces this new economic direction, the government remains steadfast in its commitment to transparency, accountability, and inclusive development.

Post a Comment

Share your thoughts with ANN..

Previous Post Next Post