Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced a significant turnaround in the nation’s economy, citing positive trends in key indicators.
During a recent briefing with State House correspondents after a Federal Executive Council (FEC) meeting chaired by President Bola Tinubu, Mr. Edun discussed the country’s improved economic state.
He presented a memorandum to the Council focused on strengthening the Nigeria Customs Service (NCS) and highlighted the administration’s efforts to address previously burdensome economic practices.
Mr. Edun revealed that Nigeria’s total debt stock in US dollars fell by 15 percent in the first quarter of 2024, marking a notable improvement.
However, the total debt stock in naira terms increased by 25 percent due to exchange rate fluctuations and domestic debt issuance.
Honourable Minister emphasised robust revenue collection, attributing it to technology-driven initiatives, and noted the implementation of expenditure controls.
He underscored that the government has refrained from relying on ways and means for funding, unlike previous administrations.
Mr. Edun pointed out that the President Tinubu’s administration inherited N22.7 trillion in outstanding ways and means, which are currently being audited and securitized.
Despite this, the current ways and means deficit stands at N3.4 trillion, offset by operating surpluses from revenue-generating agencies.
Mr. Edun assured that under President Tinubu, the federal government has not sought the Central Bank of Nigeria (CBN) funding for its operations.
He also highlighted the administration’s focus on robust revenue collection using technology and stringent expenditure controls.
