Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted positive developments in the country’s economy during a press briefing after the Federal Executive Council (FEC) meeting chaired by President Bola Tinubu.
Mr. Edun stated that Nigeria has witnessed progressive trends in key economic indicators, emphasizing that the total debt stock in US dollar terms decreased by 15% in the first quarter of 2024, which he described as a significant achievement. However, he noted that in Naira terms, the debt stock increased by 25% due to exchange rate movements and domestic debt issuance.
Addressing fiscal management, Mr. Edun emphasized robust revenue collection facilitated by technology-driven initiatives and stringent expenditure controls. He underscored that the government has abstained from relying on ways and means to finance its operations, a departure from previous practices.
The Minister acknowledged challenges inherited by the current administration, including a legacy of N2.7 trillion in outstanding ways and means, which are being audited and securitized. Despite this, he asserted that the government’s financial discipline has improved, supported by the collection of operating surpluses from revenue-generating agencies as mandated by law.
In conclusion, Mr. Edun painted a cautiously optimistic picture of Nigeria’s economic trajectory, indicating ongoing efforts to manage debts prudently and enhance fiscal accountability under President Bola Tinubu’s leadership.