Business
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.
READ ALSO: Fuel subsidy secretly reintroduced by Tinubu’s administration–Shaibu
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.
-
Health6 days agoSenate hearing set to review research on COVID-19 vaccines, cancer concerns
-
Crime5 days agoLASU student dies after armed robbery attack
-
Latest6 days ago2027: North will back Tinubu’s re-election bid, says ex-ACF Secretary-General
-
Featured5 days agoOsun APC counters Adeleke over security drone dispute, urges public to ignore allegations against Oyetola
-
Latest1 week ago2027: The real reason Jonathan hasn’t accepted PDP ticket—Umar Sani
-
Latest1 week agoCG Musa 4 PBAT’ group declares support for Tinubu’s 2027 ambition, cites strategic leadership
-
Latest1 week agoEnugu Lawyers stage protest over suspension of physical Court sittings (video)
-
Politics5 days agoEmeka Ike reacts to alleged INEC-linked data breach