Edun currently serves as the Special Adviser to President Bola Ahmed Tinubu on Monetary Policies
Kehinde Okeowo
Olawale Edun, one of President Bola Ahmed Tinubu’s ministerial nominees, has suggested that one of the ways to address Nigeria’s economic woes is to block leakages.
He made this known on Tuesday during his screening at the Senate while responding to questions by Senate President, Godswill Akpabio and other lawmakers.
According to Edun, as a minister, he will employ the use of technology to block existing revenue leakages in the Nigerian financial system.
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The former Commissioner for Finance in Lagos State went on to say the fuel subsidy removal and forex reforms have already put the economy of the country in a better position.
He promised to build on that by bringing on board more policies that will help to achieve lasting growth in the Nigerian economy.
He said: “There is a need for more resources for the finance of the federal, state and local government. First, there was a commitment to technology. When I was commissioner at the Subnational level in Lagos state, technology was used to boost revenue generation, total computerization of government and reliance on the private sector to drive the economy and the efficient use of the financial market.
”On the state of the economy, in the 1990s, the Gross Domestic Product of Nigeria was higher than that of China. The story is different today. The reason is that production is stale by insecurity and inflation; however, there is a recent turnaround. The more you block the holes, the better revenue saved.
”I assure you that there will be continued improvement in the federal government’s fiscal situation. The subsidy removal and forex reforms have put the economy in a better position. To ensure that the poorest, weakest are protected in the economy. What remains is for us to do what we can to sustain this process”, he said.
Edun currently serves as the Special Adviser to President Tinubu on Monetary Policies.
