Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, has explained why the present administration was circumspect on reliance on borrowing to finance the 2024 Budget.
Tribune reported that Edun declared that the nation must seize the initiative to generate adequate revenue and must be determined to reduce its current high deficit financing.
The Finance Minister made the submission on Thursday when he appeared before the joint Senate Committee on Finance, Appropriations, National Planning, Local and Foreign Debt, examining the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper.
Accompanied by the Executive Chairman, of Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, and the Director General of the Debt Management Office, Ms. Patience Oniha, Edun declared that the best way Nigeria could fund its annual budgets was to spend more money on infrastructure that could generate revenues.
He further noted that advanced nations have increased their interest rates to bring down inflation rates to stabilize their economy.