The Nigerian Federal Government led by President Bola Tinubu has announced plans to audit a N23 trillion debt accumulated under the administration of immediate-past President Muhamadu Buhari.
Daily Report Nigeria reports that the audit will be carried on the Ways and Means debt accumulated under the administration under review.
Minister of Finance and Coordinating Minister for the Economy, Wale Edun, made the disclosure during the ongoing Public Wealth Management Conference organized by the Ministry of Finance Incorporated.
According to Edun, the audit will address and make bare the complexities surrounding the substantial debt, saying it will pave the way for a more transparent financial system.
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The Minister further revealed that the federal government will present a bill to the National Assembly to seek authorization to eliminate “all taxes and levies that constitute nuisance from the country’s tax system.”
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According to him, the move is part of a broader strategy to reduce reliance on Ways and Means indebtedness in the future.
Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls.
In early February 2024, Central Bank of Nigeria’s Governor, Olayemi Cardoso, said the apex bank will no longer give Ways and Means to the President.
