NewStats: 3,262,364 , 8,176,939 topics. Date: Monday, 02 June 2025 at 01:12 AM 4e6l5c

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said yesterday that the Federal Government would pin down Ways and Means to deal with the problem of too much liquidity in the system


Fielding questions from journalists after a meeting with investors at the ongoing Spring Meetings of the IMF and World Bank in Washington DC, yesterday, he said that the fiscal and monetary authorities were complementing each other to bring down inflation.


According to him, “We will pin down Ways and Means to alleviate the pressure of the excess money in the system.

“By so doing the two authorities are working hand in hand to bring down inflation and pressure on price stability and stabilising the exchange rate, with the target of bringing down interest rate so that investors can borrow at a more affordable rate and getting the economy going in the right direction again.

“We need to borrow less and focus more on domestic resource mobilisation. We want long-term resources to avoid repayment and refinancing pressures.”

The Minister added that the nation’s tax/GDP was too low, even lower than the African region average and that as such, reforms were underway to streamline the number of taxes, deploy technology and implement policies that would double tax revenue in the next three years

His words, “At 10 per cent to GDP, what should I say, it would appear as if some people are not paying their taxes.
Our strategy is to increase the tax revenue without increasing the rate of taxes. We want to deploy technology to make tax collection more efficient.

“Our analysis has shown that 90 per cent of tax revenue comes from nine tax heads while we have over 80 taxes from federal, through states to local councils.

“Mr. President eleven if we eliminate the large number of these taxes and concentrate on the nine that yield the current 90 per cent revenue and deploy technology, there will be more efficiency and we will be able to double our tax revenue in about three years.


“If we eliminate the large number of taxes and bill people properly we will gain in of the peoples’ willingness to pay and you will collect more revenue.”

Addressing a question on food security, the minister said that the istration was dealing with the problem of providing access for farmers to their farms, especially in parts of the country where insecurity has played a major role in reducing food production.

“What the security says now is that the insecurity now is more of economic than doctrinal reasons”.
Mr. Edun added that agro clusters were being developed in collaboration with the African Development Bank to increase food production in the country.

https://www.vanguardngr.com/2024/04/tinubus-government-has-not-borrowed-from-cbn-edun/amp/

Good to know

Hope the naysayers can now rest

Btw, the foreign reserves grew by $600m this week according to CBN governor

What about the N8Tr they printed or does CBN actually have money of their own they can loan out?

Ipob obidient Jews here is another sorrow thread to wail over

CodeTemplar:
What about the N8Tr they printed or does CBN actually have money of their own they can loan out?

CBN printed N8tr? Abeg where did you get that information from?

Them go explain tire.
Thieves, criminals in government
.

When Bola "Tinupoo" like foolish obidient ipob like to call him achieves this some curse soul with no idea what governance is will say Nigeria as always been a commercially viable entity neglecting that we have had president since 1960 that as not been able to do it.

This are the fools that wail about Lagos IGR, they blame all Lagos woes on Tinubu but do not give him credit for it successes. Today Alpha Beta the claim is a criminal entity is churning out trillion in IGR.

Ask them to show you their own alternative 1/3 as good as Alpha Beta they'll not be able to say a thing but tell them Alpha Beta is looting for Tinubu n see them run amok across all social media platform like lunatics.

Ofunaofu:

“Mr. President eleven if we eliminate the large number of these taxes and concentrate on the nine that yield the current 90 per cent revenue and deploy technology, there will be more efficiency and we will be able to double our tax revenue in about three years.

Tinubu and his boys can't be trusted. Events over the past 10months have shown they are all liars.
The good thing is lies can't survive for long in this season because many Nigerian youths are now interested in what goes on unlike before.

That was how Cardoso was deceiving himself saying naira wasn't defended.

Let's see how far they go with their lies

Ofunaofu:

https://www.vanguardngr.com/2024/04/tinubus-government-has-not-borrowed-from-cbn-edun/amp/

They have borrowed from around the world and even borrowed from me 😂😂😂😂

Hehehe

We hope our people from the region of cannibalism can rest now.

Cannibals and propaganda are like 5&6

Ofunaofu:

https://www.vanguardngr.com/2024/04/tinubus-government-has-not-borrowed-from-cbn-edun/amp/

You go shalaye tire. Who ask you oga?

Testing the water statement.
These guys are about to borrow big

Another tales by moonlight. Tinubu no dey run local

Splashme:
Them go explain tire.
Thieves, criminals in government
.

Do u usually read from down to up.?

Naira20:
Tinubu and his boys can't be trusted. Events over the past 10months have shown they are all liars.
The good thing is lies can't survive for long in this season because many Nigerian youths are now interested in what goes on unlike before.

That was how Cardoso was deceiving himself saying naira wasn't defended.

Let's see how far they go with their lies

why cant you wish your country well for once? #na them be this....

Help us think about the energy challenge we are facing, so we can be more productive and earn more FX... Nigeria is such that if you can't generate your power , you might not achieve anything ... Oyinbo people would be saying energy conversion yet they are the one bombing themselves polluting the atmosphere ...

CodeTemplar:
What about the N8Tr they printed or does CBN actually have money of their own they can loan out?

Did you understand this figure you typed

Cardoso and Edun are cleverly trying to deceive by giving incomplete information. The truth must surely come out

Government of liars and criminals...

#spits

Lol

Nawa o, the CBN have been borrowing to the federal government through ways and means at a level higher than stipulated by the constitution,the data and the news was everywhere then,why is the government lying like this?

ThìsGlobe.com

frankson1:




Did you understand this figure you typed

Buhari did 22Tr in 8 years and tinubu did N8Tr in less than a year.

CodeTemplar:
What about the N8Tr they printed or does CBN actually have money of their own they can loan out?

You mean the one printed at your backyard?

CodeTemplar:
What about the N8Tr they printed or does CBN actually have money of their own they can loan out?

8 trillion?

U people are just ridiculous

No wonder u believe buhari was cloned without knowing d meaning of cloning

Ok

Their matter! E borrow E nor borrow changes nothing and add no effect to nothing...