The Federal Government has revealed that the unrestricted printing of naira notes over eight years, during the previous administration, favored a select few, lacking corresponding productivity, contributing to the current economic challenges.
Finance Minister, Wale Edun, made this disclosure during his appearance before the Senate Committee on Finance led by Senator Sani Musa.
Edun outlined strategies to rejuvenate the economy, emphasizing plans to audit the 22.7 trillion naira and withdraw excess funds from circulation. The retrieved funds will be utilized to settle the Central Bank, ensuring a balanced financial ledger for the government.
In response to inquiries, the Finance Minister addressed concerns regarding customs duty waivers amounting to trillions of naira. He pledged to overhaul the system, implementing technological advancements and payment structures to rectify existing irregularities.
Edun also revealed that non-oil revenue totaled 13 trillion naira in 2023, underscoring the government’s efforts to diversify revenue streams.
