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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has clarified that the Tinubu-led federal government has not borrowed money from the Central Bank of Nigeria (CBN). Edun made this statement during a press conference held after a meeting with investors at the ongoing Spring Meetings of the IMF and World Bank in Washington DC, United States.
Edun said that the federal government is actively seeking ways to address the issue of excessive liquidity in the system. Both the fiscal and monetary authorities are working in tandem to combat inflation and stabilize the exchange rate. The aim is to reduce interest rates, enabling investors to access affordable borrowing options and stimulate economic growth.
The minister stressed the need to focus on domestic resource mobilization and reduce reliance on borrowing. He spoke of the importance of long-term resources to avoid repayment and refinancing pressures. Edun also pointed out that Nigeria’s tax-to-GDP ratio is lower than the African regional average, indicating a need for tax reforms and increased tax revenue.
Efforts are underway to streamline the number of taxes, leverage technology, and implement policies that will double tax revenue within the next three years. Edun expressed concern about the low tax compliance rate, stating that it seems some individuals or entities are not fulfilling their tax obligations.
This article was updated 7 months ago
