Finance Minister Wale Edun announced improvement in the country’s economic indicators, showcasing positive trends during a State House briefing.
Edun, speaking after the Federal Executive Council (FEC) meeting presided over by President Bola Tinubu, highlighted key advancements in Nigeria’s financial health.
Edun presented a memorandum on strengthening the Nigeria Customs Service (NCS) and addressed the volatile indices that previously clouded the economic outlook.
He stated the administration had corrected practices that burdened the economy, leading to a notable 15% decrease in the country’s total debt stock in US dollar terms during the first quarter of 2024.
This reduction, viewed as a positive development by rating agencies, contrasts with a 25% increase in total debt stock in Naira terms, primarily due to exchange rate fluctuations and domestic debt issuance.
The Finance Minister praised the robust revenue collection driven by technology and noted the implementation of expenditure controls.
He stated the administration’s departure from relying on ways and means to fund government operations, marking a significant shift from past practices.
The legacy of N22.7 trillion in outstanding ways and means inherited by the current administration is undergoing a forensic audit and securitization process, with the current deficit standing at N3.4 trillion, offset by operating surpluses from revenue-generating agencies.
Edun expressed optimism about the country’s economic trajectory, stating, “The finances of Nigeria have been revamped.” He emphasized that the government is focused on ensuring due revenue collection and judicious use of funds to yield positive returns.
