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.
-
News1 week agoFRSC opens 2026 nationwide recruitment, online applications begin July 3
-
News2 days agoWidow of late investigative broadcaster Kola Olawuyi dies
-
Business6 days agoPressure mounts on marketers as Nigerians demand lower fuel prices amid falling global oil costs
-
Crime2 days agoOutrage as NYSC doctor allegedly dies after delay in approving sick leave
-
Agribusiness6 days agoRising insecurity threatens Nigeria’s food supply as farming communities abandon farmlands
-
Energy6 days agoNigerians turn to solar as rising diesel costs, unstable grid drive energy shift
-
Business1 week agoMRS slashes petrol price by N50/Litre as Dangote Refinery cuts fuel costs
-
Business6 days agoThe State House Statement: An Unquantifiable Reputational Damage to the Nigerian Financial Sector