We’ve No Intention To Borrow-FG

Posted by Rotimi Fadeyi Featured, Latest Headlines, News Across Nigeria Monday, August 28th, 2023

(AFRICAN EXAMINER) – The Federal Government on Monday said it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.

Minister of Finance and Coordinating Minister for the Economy, Wale Edun, disclosed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.

According to him, the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment.

Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long term basis.

He stated that the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.

Similarly, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said investment offers were already coming up in different sectors of the economy, including oil and gas, health, solid minerals and agriculture.

She said that her ministry would collaborate with relevant Ministries, Departments and Agencies of government to achieve the president’s commitment to creation of jobs for the teeming youthful population of Nigeria.

Also speaking, Minister of Health, Dr Ali Pate, said that critical sections of the health value chain would be exploited to improve the economy and create jobs for Nigerians.

He stated that the president had directed them to be courageous and innovative in taking decisions that would benefit the country, adding that the president has already taken such move

Pate said that the president was responsive to the need to set the economy on the path of progress with his move to remove subsidy on petrol from the first day of his inauguration.

The Minister of Information and National Orientation, Mohammed Idris, said that the president charged the cabinet members to be transparent in their dealings, especially disseminate of necessary information.