The Federal Government has stated that when the government came into power, it did not have enough to pay its debt but implementation of technological change and procedures, the country’s revenue has been totally revamped and increased substantially.
Wale Edun, the Minister of Finance who disclosed this during the Ministerial Press Briefing for the tinubu’s one year celebration in Abuja on Tuesday said government is paying its debt service without resulting in Ways and Means, particularly international debt service.
According to him, “Through implementing technological change and procedures which refers, not just to the skills of the workforce, but to the political will, we are now in a situation where the revenue of the country has been totally revamped and increased substantially.
The government can now pay its way. The government has paid its debt service without resorting to ways and means, particularly international debt service.
“And the process that has been put in place is one that we were mandated by Mr. President that Nigeria’s money in the hands of agencies and parastatals of government should be husbanded properly. We owed the Islamic Development Bank N200 million in terms of shareholding and It has been paid.”
The Minister pointed out that the president began major economic reforms aimed at achieving stability in the Nigerian economy after assuming office on May 29 last year.
He listed the removal of fuel subsidy and reforms in the foreign exchange market as part of the reforms. “These were necessary reforms that have affected the standard of living. But the president was committed to balancing the effect with interventions across sectors.
“In the first quarter of 2024, the Gross Domestic Product (GDP) growth at 2.98 percent is an indication that the economy is growing, higher than population growth of 2.4 percent.
“President Tinubu’s strategies, policies, and programmes have turned the country in the right direction of growth, and there is room for optimism,” the minister added.
