The Federal Government has revealed that the country’s current economic predicament is a direct outcome of the previous administration’s eight years of free naira note printing, which went into the hands of a privileged few without producing a commensurate amount of output.
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This was said by Wale Edun, the minister of finance, on Wednesday when he appeared before Senator Sani Musa’s Senate Committee on Finance.
The Finance Minister pledged to thoroughly examine the 22.7 trillion naira, recover money from the market, and utilize it to pay the central bank so that the government would have a balanced budget while outlining plans to revive the economy.
In response to inquiries, the finance minister discussed the problem of customs duty exemptions totaling trillions of naira and pledged to restructure the system, adopt new technology, and establish a payment method that would fix any irregularities already present.
He added that in 2023, non-oil revenue brought was at a total of 13 trillion naira.