Nigeria: Economic Stabilisation Can Be Achieved Without Additional Loans – Wale Edun

By Jonas Happy

The Tinubu administration has declared it will not borrow a dime to finance its effort to reposition the national economy.

The decision to avoid collecting new loans is coming as the Federal Government moves to end the kind of public borrowing that was associated with past administrations.

Wale Edun, Minister of Finance who gave the undertaken on Monday noted that with the removal of petrol subsidy as well as the harmonisation of exchange rate, the Federal Government has no intention whatsoever to borrow either from local or foreign sources.

Edun who is also the coordinating minister of the Economy disclosed while speaking at the end of the first meeting of the Federal Executive Council in Abuja that the benefit of the subsidy removal would be ploughed back into various sectors.

Expressing confidence, Edun assured the Nigerian people that funds which would be ploughed back from the gains made through the removal of the petroleum subsidy would be sufficient in boosting the nation’s cash flow situation.

He observed that the Tinubu government which is reaping from the subsidy removal would improve the business environment for local and foreign investments to strive.

Edun spoke of the introduction of various palliatives to cushion the effect of the tough times that the people will face on a short, medium and long-term basis.

Recall that President Bola Tinubu who is taking serious and decisive steps to salvage the nation from the brink has repeatedly restated  the desire of his administration to launch the national economy on a new path to sustainable growth.