Nigerian Government to end Borrowing – Finance Minister

  • FG said the benefit of removing the subsidy will be transferred to various sectors that aim to increase government revenue and improve the business environment for domestic and foreign investment
  • The FEC says the President’s vision includes the idea of harnessing the human capital of our young population to achieve prosperity for all

The federal government says it has no intention of borrowing from a local or foreign agency by scrapping the gasoline subsidy and harmonizing exchange rates.

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, revealed this at the end of the inaugural Federal Executive Council (FEC) meeting on Monday in Abuja.

He said the benefit from the removal of the subsidy would be reinvested in various sectors aimed at increasing government revenue and improving the business environment for local and foreign investment.

Mr Edun said that with the increased revenue from the subsidy cuts, various palliatives have been made available to cushion the impact in the short, medium and long term.

He reiterated the desire of President Bola Tiinub’s government to lift the economy out of its long-standing woes.

“Basically, we did an exercise of looking at where things were with respect to the economy, the growth rate, the exchange rate, inflation, unemployment, etc.

“The most important conclusion is that we are not where we should be and we have also looked at the president’s eight-point agenda, i.e. eight priority areas to boost the Nigerian economy and grow.

Benefits the people of Nigeria, and that’s basically food security.”

Ending poverty, economic growth and job creation, access to capital, especially consumer credit, inclusiveness in all respects, especially in relation to youth and women, improved security, improving the playing field where people and especially companies operate, the rule of law, and of course fighting corruption.

“Using this matrix, the plans and objectives of what is to be implemented over the next three years have been identified, discussed and inputs given from various ministers and we will now proceed with the marching orders for refinement in particular to further advance the objectives and within a few weeks begin implementing policies and programs to turn the economy around and improve the situation for all Nigerians.

That’s really what the discussion is about, ”he said.

Similarly, Doris Uzoga-Annite Minister of Industry trade and investment It said investment deals were being made in different sectors of the economy, including oil and gas, health, hard minerals and agriculture.

He said his ministry will cooperate with relevant Ministries, Departments and Government Agencies (MDAs) to fulfill the president’s commitment to create jobs for Nigeria’s large youth population.

For his part, Health Minister Ali Pate said important parts of the health value chain will be harnessed to improve the economy and create jobs for Nigerians.

He said the president directed them to be brave and innovative in taking decisions that would benefit the country, adding that the president has already taken such steps.

Pate said the president eliminated gasoline subsidies from day one in office in response to the need to put the economy on a progressive path.

“The president’s vision is economic growth.

Prosperity for all ending poverty I think the Economic Coordinating Minister has set those important priorities.

Which were discussed in the council meeting room today “A key element and the basis of all this effort is people.

Nigeria’s most important asset is its people, its young population and the human capital bestowed on this young population.”

Therefore, Mr. President’s vision includes the idea of harnessing the human capital of the young population to achieve prosperity for everyone,” the minister said.

Mohammad Idris, Minister of Information and National Guidance, said the president mandated cabinet members with transparency in their dealings, especially in disseminating necessary information.

He urged the media to take the opportunity to verify and confirm their stories rather than misinform the public.

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