FG to audit N23trn Ways and Means debt, curb borrowing

The Nigerian government has taken steps to address its mounting debt burden, announcing an audit of the N23 trillion Ways and Means debt and a planned overhaul of the country’s tax system.

This announcement came from Minister of Finance and Coordinating Minister for the Economy, Wale Edun, during the ongoing Public Wealth Management Conference, on Tuesday.

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The N23 trillion Ways and Means debt, incurred through borrowing from the Central Bank of Nigeria, has raised concerns about fiscal sustainability. The government’s commitment to an audit signifies its intention to increase transparency and accountability regarding this debt.

Seeking to reduce its reliance on Ways and Means financing, the government plans to present a bill to the National Assembly proposing the removal of “nuisance taxes and levies.”

According to the minister, the government will vigorously pursue policies that will allow it to harvest revenue in real time from Government Owned Enterprises and Corporate entities.