By Isaac Akerele
The Federal government has disclosed that it plans to audit a N23 trillion Ways and Means debt incurred by the previous administration.
The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun made this known at the ongoing Public Wealth Management Conference organised by the Ministry of Finance Incorporated.
The Audit move, which Mr. Wale says is vital towards reduced reliance on Ways and Means debts in the future, will help address and understand the complexities surrounding the debt and set the pace for a more transparent financial system.
Revealing further, Edun said the government would also present a bill to the National Assembly, to seek authorization, eliminating all taxes and levies that constitutes nuisance from the country’s tax system.
It would be recalled that Emefiele’s Replacement, Mr. Olayemi Cardoso of the CBN had said earlier this month said that the apex bank would no longer give Ways and Means to the Federal Government until the previously owed loans are repaid. According to him, this is a measure to curb the economic storms plaguing the country.
With debt obligations mounting and revenue strained by global dynamics, establishing accountability around past borrowing and reduction of unnecessary taxes could boost economic confidence, says Edun.
