President Tinubu Initiates N23 Trillion Ways and Means Debt Audit

In a significant move to address the country’s financial situation, President Bola Tinubu has announced a comprehensive audit of the N23 trillion Ways and Means debt.

The decision was made public on Tuesday by the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, during the Public Wealth Management Conference organized by the Ministry of Finance Incorporated (MoFI).

The audit aims to scrutinize the debt hanging on the federal government of Nigeria and pave the way for a more transparent and accountable financial system.

The Minister of Finance stated that the executive arm will soon present a bill to the National Assembly, seeking authorization to remove “all taxes and levies that constitute nuisance from the country’s tax system.

” This measure is intended to prevent future Ways and Means indebtedness.

Additionally, the government plans to implement policies that will allow it to harvest revenue in real-time from Government Owned Enterprises (GOEs) and Corporate entities.

This move is expected to strengthen the government’s financial position and ensure a more efficient use of public resources.

As the audit progresses, the government will provide further details on the findings and the steps being taken to address the N23 trillion Ways and Means debt.

This development comes at a critical time for Nigeria, as the country seeks to improve its financial management and maintain a stable economic environment.