FG will audit Buhari’s N23tn ways and means debt – Edun

FG will audit Buhari’s N23tn ways and means debt – Edun

Minister of Finance and Coordinating Minister for the Economy, Wale Edun, says the Federal Government will audit its N23tn debt to the Central Bank of Nigeria.

The amount was reported to have been released as a loan to the FG by the CBN as Ways and Means.

The minister disclosed this on Tuesday at the opening of the Public Wealth Management Conference in Abuja.

The event was organised by the Ministry of Finance Incorporated (MOFI) to seek ways of managing the nation’s assets and resources for the overall wellbeing of the people.

Ways and Means is a loan facility through which the CBN provides short-term financing to cover the government’s budget shortfalls.

On May 23, 2023, the Senate approved the sum of N22.7 trillion Ways and Means loan, thereby securitising the debt following the request by former President Muhammadu Buhari on December 28, 2022.

Edun said the audit was to ensure that the government was not made to pay for funds it did not spend.

The minister also said that the administration was working hard to make the Nigerian business space more attractive to investors by eliminating all unnecessary taxes.

He said all government-owned enterprises would be made to up their game in revenue generation.