By kawaekwune Jeffrey
Although he didn’t specify how, Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun has said that the current administration has stopped the era whereby the Central Bank of Nigeria (CBN) keep paying debts over time.
“Over the last 15 months or so, the economy has been turned around from the precipice,” he added.
He explained further: “We have come from a situation where the nation was living in debt. Every time there was a bill to be paid, it was not paid from revenue or investment funding but it had to be paid from debt, particularly from the Central Bank and of course, that was not sustainable.
“That is no longer the case. The revenue of Nigeria has doubled compared to the first half of 2023, the 2024 revenue of the Federal Government has doubled and is expected to maintain that trajectory.”
Edun’s announcement marks a significant shift in Nigeria’s fiscal policy, indicating a move away from dependence on the Central Bank for debt servicing. According to him, this change reflects the administration’s efforts to stabilize the economy and increase revenue through more sustainable means.
This development comes at a critical time when the country is striving to balance its budget and reduce its debt burden. The administration’s ability to sustain this trajectory will be crucial for long-term economic stability and growth. The ongoing reforms and their impact on the broader economy will be closely watched by both domestic and international stakeholders.
