FG has no plans to borrow from domestic or foreign entities – Minister of Finance, Wale Edun

Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, has clarified that the Federal Government (FG) has no plans to borrow from domestic or foreign entities following its decision to eliminate petrol subsidies and harmonize exchange rates. Edun made this statement after the inaugural Federal Executive Council meeting held on Monday, August 28, in Abuja.

He highlighted that the funds saved from subsidy removal would be reinvested into various sectors, aimed at bolstering government revenue and enhancing the business climate for both local and foreign investments. Edun noted that the increased revenue from subsidy removal would support short, medium, and long-term measures to mitigate its impact. He reiterated the administration’s commitment, led by President Bola Tinubu, to rejuvenate the economy from its previous challenges.

Similarly, Doris Uzoka-Anite, the Minister of Industry, Trade and Investment, reported that investment opportunities were emerging across different sectors such as oil and gas, health, solid minerals, and agriculture. Her ministry would collaborate with other government agencies to fulfill the President’s commitment to generating employment for Nigeria’s young population.

Dr. Ali Pate, the Minister of Health, added that strategic segments of the healthcare industry would be leveraged to enhance the economy and create jobs. He emphasized the President’s directive to make bold and innovative decisions for the nation’s benefit, a direction already embraced by the President. Pate highlighted the President’s responsiveness to the imperative of placing the economy on a progressive trajectory, as demonstrated by the early removal of petrol subsidies upon his inauguration.