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‘Nigeria now pays debt without borrowing from Central Bank’ – Finance Minister Edun

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Nigeria’s Minister of Finance, Wale Edun, said Nigeria is now buoyant enough to pay its debt without resorting to the Central Bank’s ways and means.

Edun disclosed this on Tuesday during the presentation of his ministry’s performance one year into President Bola Tinubu’s administration in Abuja.

Edun noted that Nigeria’s economy is on a growth trajectory, stating that the country’s gross domestic product in the first quarter of 2024 grew to 2.99 per cent growth in real terms, surpassing the 2.31 per cent growth seen in Q1 2023.

He stressed that Nigeria’s economy has rejuvenated under Tinubu.

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“What that means is that the government can now pay its way. The government is paying its debt service without resulting in ways and means, particularly international debt service,” the minister said.

Meanwhile, Nigeria’s headline and food inflation increased to 33.69 per cent and 40.53 per cent in April. The development has increased the economic woes in Nigeria.

In March, the Debt Management Office said Nigeria’s foreign and domestic debt increased to N97.341 trillion in the fourth quarter of 2023.





Source link: Daily Post

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