The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, made this announcement in Washington DC after meeting with investors during the ongoing spring meetings of the International Monetary Fund and the World Bank.
In February, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, stated that the bank would cease providing Ways and Means advances to the federal government until all outstanding debts are repaid.
However, Edun said the fiscal and monetary authorities are also working towards bringing down inflation.
“The two authorities are working hand in hand to bring down inflation and pressure on price stability and stabilising the exchange rate with the target of bringing down interest rates so that investors can borrow at a more affordable rate with a view to getting the economy going the right direction again,” Edun said.
“We need to borrow less and focus more on domestic resource mobilisation. We want long-term resources to avoid repayment and refinancing pressures.”
Speaking further, the minister stated that the current administration is addressing food security by prioritising farmers’ access to their land, particularly in areas where insecurity has significantly hindered food production.
Edun added that agro clusters are being developed in collaboration with the African Development Bank (AfDB) to increase food production in the country.
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