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The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has disclosed that the country cannot rely on borrowing to fund the 2024 budget.
Edun stated this on Thursday when he appeared before the joint Senate Committee interrogating the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper chaired by Senator Sani Musa.
Flanked by the Executive Chairman, Federal Inland Revenue Service (FIRS), Zacch Adedeji, and the Director General of the Debt Management Office, Patience Oniha, the finance minister told the joint panel that the best way Nigeria can fund its annual budgets is to spend more money on infrastructure.
“We have an existing borrowing profile. Our direction of tariff is to reduce the quantum of borrowing or intercepting deficit financing in the 2024 budget,” he said.
