By Ohuakanwa Chibuzo
In a decisive move to address the staggering N23 trillion Ways and Means debt burden, the Federal Government has announced plans for a comprehensive audit. The announcement came during the ongoing Public Wealth Management Conference hosted by the Ministry of Finance Incorporated (MoFI).
Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, disclosed the government’s intention to tackle the mounting debt head-on. As part of the strategy to mitigate future Ways and Means indebtedness, Edun revealed that the government will soon introduce a bill to the National Assembly. This bill aims to authorize the removal of “nuisance” taxes and levies from the country’s tax system.
Moreover, Edun emphasized the government’s commitment to implementing policies aimed at enhancing revenue collection from Government Owned Enterprises (GOEs) and corporate entities. This proactive approach seeks to enable the government to harvest revenue in real-time, ensuring fiscal sustainability and reducing reliance on borrowing.
Details on the audit and proposed legislative measures are expected to be released shortly, as the government intensifies efforts to address fiscal challenges and strengthen the nation’s economic framework. Stay tuned for updates on this developing story.
