In Lagos yesterday, Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, announced that the federal government has exited financing its financial obligations through the use of Ways and means.
Edun remarked that the government is establishing a top-tier treasury and liability management system, which will guide Nigeria towards achieving excellence in financial management.
He said, “We have exited Ways and Means. What does that mean? It means that the government, when it has to pay domestic debt service or foreign debt service, does not go to the central bank to debit the consolidated revenue fund of the government, which means just printing the money.
“But more importantly, we are putting in place, with the backing and support of Mr. President, a world-class treasury and liability management system that will take this country to where it should be in terms of financial management.”
“The reforms, from evidence from the data and details that are available to us, are yielding fruits.”
“the economy is beginning to turn the corner, as we are all witnesses to the improved macroeconomic stability, such as stable exchange rates, improving government revenues, positive and increasing trade balances, current account balances and a total reconfiguration and revamping of government revenues”.
