Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has explained why the present administration was circumspect on reliance on borrowing to finance the 2024 Budget.
Edun declared that the nation must seize the initiative to generate adequate revenue and must be determined to reduce its current high deficit financing.
The Finance Minister made the submission on Thursday when he appeared before the joint Senate Committee on Finance, Appropriations, National Planning, Local and Foreign Debt, examining the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper .
Accompanied by the Executive Chairman, Federal Inland Revenue Service (FIRS). Zacch Adedeji and the Director General of the Debt Management Office, Patience Oniha, Edun declared that the best way Nigeria could fund its annual budgets was to spend more money on infrastructure that could generate revenues.
Chairman of the Commitee on finance and Senator representing Niger East, Sani Musa, in his remark expressed strong reservations about the 2024 revenue projections of some of the revenue earning agencies.
He noted that going for external interventions would definitely not be an option because it would further push the country to further deficit financing.
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