NEWS
Finance minister denies federal government borrowing from Central Bank
Finance Minister Wale Edun clarified that the Tinubu-led Federal Government has not obtained funds from the Central Bank of Nigeria, CBN.
Speaking after a meeting with investors at the IMF and World Bank Spring Meetings in Washington DC, he emphasized plans to address excessive liquidity in the system and collaborate with fiscal and monetary authorities to reduce inflation.
Edun highlighted the need for less borrowing and more focus on domestic resource mobilization to avoid repayment pressures, along with ongoing tax reforms aiming to double tax revenue within three years.
He underscored the importance of raising the tax/GDP ratio, currently below the African regional average, through streamlined taxes, technology deployment, and policy implementation.
