Connect with us

Click here to join NNU for free and make money while reading news and getting updates daily.

Latest News in Nigeria

Tinubu’s government has not borrowed from CBN – Finance Minister




The Minister of Finance and Coordinating Minister of the
Economy, Wale Edun, has said the Tinubu-led Federal Government has not borrowed
money from the Central Bank of Nigeria, CBN.


Edun made this disclosure on Thursday while fielding
questions from newsmen after a meeting with investors at the ongoing Spring
Meetings of the IMF and World Bank in Washington DC, United States.



He said the Federal Government would pin down Ways and Means
to deal with the problem of too much liquidity in the system, adding that the
fiscal and monetary authorities were complementing each other to bring down


According to him, “We will pin down Ways and Means to
alleviate the pressure of the excess money in the system.



“By doing so the two authorities are working hand in hand to
bring down inflation and pressure on price stability and stabilizing the
exchange rate, with the target of bringing down interest rates so that
investors can borrow at a more affordable rate and getting the economy going in
the right direction again.


“We need to borrow less and focus more on domestic resource
mobilization. We want long-term resources to avoid repayment and refinancing


The Minister added that the nation’s tax/GDP was too low,
even lower than the African region average and that as such, reforms were
underway to streamline the number of taxes, deploy technology and implement
policies that would double tax revenue in the next three years



“At 10 percent to GDP, what should I say, it would appear as
if some people are not paying their taxes,” he added.

Source link: Nigerianeye

Continue Reading