Minister of Finance and Coordinating Minister of the Economy, Wale Edun, debunks speculation surrounding the Federal Government’s alleged borrowing from the Central Bank of Nigeria (CBN).
Edun clarified this stance during a press briefing on Thursday, held amidst discussions with investors at the ongoing Spring Meetings of the IMF and World Bank in Washington DC, United States.
In response to concerns over excessive liquidity, Edun assured the government’s dedication to implementing strategies to address the issue effectively.
He emphasized the partnership between fiscal and monetary authorities in combating inflation and maintaining exchange rate stability.
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“We will pin down Ways and Means to alleviate the pressure of the excess money in the system.”, he said.
“By doing so the two authorities are working hand in hand to bring down inflation and pressure on price stability and stabilizing the exchange rate, with the target of bringing down interest rates so that investors can borrow at a more affordable rate and getting the economy going in the right direction again.
“We need to borrow less and focus more on domestic resource mobilization. We want long-term resources to avoid repayment and refinancing pressures.”
He also detailed current initiatives to simplify taxation, utilize technology, and enact measures intended to double tax revenue over the next three years.
Speaking on the low tax compliance rate, stating, “At 10 percent to GDP, what should I say, it would appear as if some people are not paying their taxes.
