Tinubu Government Has Not Borrowed From CBN, Says Finance Minister

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has clarified that the Tinubu-led Federal Government has not borrowed money from the Central Bank of Nigeria (CBN).

Edun made this statement during a meeting with investors at the ongoing Spring Meetings of the IMF and World Bank in Washington DC, United States.

According to the Minister, the government is working on pinning down Ways and Means to address the issue of excess liquidity in the system.

He emphasized the collaboration between the fiscal and monetary authorities in efforts to reduce inflation and stabilize the exchange rate, with the aim of lowering interest rates to encourage borrowing at more affordable rates.

Edun also stressed the need for the government to focus on domestic resource mobilization and reduce borrowing, noting that the nation’s tax/GDP ratio is lower than the African region average.

To address this issue, the government is working on streamlining the number of taxes, implementing technology, and implementing policies to double tax revenue within the next three years.

The Minister highlighted the importance of addressing tax evasion, stating that the low tax/GDP ratio suggests that some people are not paying their taxes.

The government’s efforts in tax reforms aim to enhance revenue generation and ensure that all taxpayers contribute their fair share.