Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the President Bola Tinubu administration has no intention to borrow from any local or foreign organisation.
Edun stated this on Monday, while speaking with state house correspondents at the end of the inaugural federal executive council (FEC) meeting Abuja.
“Clearly, the federal government is not in a position to borrow at this time. Rather, the emphasis has to be on creating a stable,
macroeconomic environment. Stable inflation, stable exchange rate, an environment within which people can come and invest and thereby increase production and further grow the economy. Improve and create jobs and reduce poverty,” he said.
“So, the aim of all reforms at this time is to focus on what we call equity to focus on investment to attract investment by Nigerians. Investment by foreign direct investors and even investment by portfolio investors that want to invest in the financial aspects of the Nigerian economy, such as the stock market, such as the bond market.
“So that is the plan. That is the expectation and it is that there will not be a reliance on borrowing. Rather, as revenues increase, as the benefit of removing fuel subsidy and the subsidy on the exchange rate, those mean more money for the government at all levels.
“Because, of course, through oil revenue, the federation earns dollars and if those dollars are feeding through, at let’s say, 700/750 or so naira to one dollar as opposed to 460 where it was before; clearly, that is repairing the finances of government are federal state and local government levels.”
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