By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: No Plans for Borrowing from Local or Foreign Sources – Wale Edun
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

No Plans for Borrowing from Local or Foreign Sources – Wale Edun

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: August 28, 2023
Share
2 Min Read
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun
SHARE

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has clarified that the federal government has no plans to borrow funds from local or foreign sources.

He made this announcement following the inaugural Federal Executive Council (FEC) meeting on Monday in Abuja.

Edun emphasized that the government’s focus is on establishing a stable macroeconomic environment rather than relying on borrowing.

Speaking with state house correspondents after the meeting, Edun explained that the recent removal of petrol subsidies would channel additional revenue into various sectors to boost government income and enhance the business climate.

- Advertisement -

“At this time, the federal government is not in a position to borrow. Instead, the emphasis is on creating a stable macroeconomic environment, stable inflation, stable exchange rates, and an environment conducive for investment,” Edun stated.

He emphasized that the ongoing reforms aim to encourage investment by Nigerians, foreign direct investors, and portfolio investors interested in the financial aspects of the Nigerian economy, such as the stock and bond markets.

Edun further elaborated, “The plan is not to rely on borrowing. As revenues increase due to the removal of fuel and exchange rate subsidies, the government at all levels will benefit. The increase in oil revenue, even at the adjusted exchange rate, will bolster the finances of federal, state, and local governments.”

The Minister of Finance highlighted the challenges inherited by the current administration, led by President Bola Tinubu.

- Advertisement -

He noted the high rates of unemployment and inflation that the administration is actively working to address.

Edun stated, “We met a bad economy, and the promise of Mr. President is to make it better.”

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Wale Edun
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Edo Deputy Governor Denied Access to Government Event, Angrily Walks Out
Next Article Rapper Phyno Shares News of First Child’s Arrival

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Exchange Rate

Okay.ng Logo
Buy Rate ₦1,605.00
Sell Rate ₦1,620.00

Last updated: 2 days ago (June 3, 2025 2:33 pm)

Displayed rates are for informational purposes only and are subject to change.

USD/NGN Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Tinubu Warns Lagos, States Against Unauthorised Island Approvals, Vows to Revoke Encroachments
News
Shettima Inaugurates African Medical Centre of Excellence in Abuja, Hails New Era in African Healthcare
News
Tinubu Pledges Increased Infrastructure Funding, Calls for State-Federal Collaboration on Approvals
News
Trump and Musk Feud Deepens as Accusations Fly Over Policy, Power, and Personal Ties
International
Elon Musk Says Trump Would Have Lost 2024 Election Without His Support
International Top stories
- Advertisement -
Ad imageAd image

You May Also Like

Ooni of Ife
News

Ooni of Ife Calls Wike’s Ministerial Appointment a “Mystery”, Urges Academic Study

Muhammad A. Aliyu
Muhammad A. Aliyu
June 5, 2025
News

Nigerian Army Foils Kidnapping Attempt, Arrests Suspects in Ondo State

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 5, 2025
NewsTop stories

Former Petroleum Minister Prof. Jibrin Aminu Passes Away at 85, Leaving a Lasting Legacy

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 5, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?