Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, announced that the federal government has paid $700 million in debt services for 420 national development agencies.
Speaking to the Senate Committee on Appropriation, Edun emphasized the government’s commitment to staying current on its debt payments.
In addition to this, Edun highlighted ongoing efforts to scrutinize the N30 trillion in ways and means, as well as the N22.7 trillion debt inherited by the current administration.
A forensic audit has been initiated to understand the impact of these debts better. Edun stressed the importance of examining all revenue sources, especially since ways and means are decreasing.
Edun also mentioned a delay in the launch of electric and Compressed Natural Gas (CNG) vehicles due to a spike in freight costs.
Despite these challenges, the government remains focused on managing its financial obligations and improving economic stability.
(BUSINESS DAY)