Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, announced that the Federal Government will devise strategies to address excess liquidity in the system. He stated that fiscal and monetary authorities are working together to reduce inflation, stabilize price stability, and stabilize the exchange rate, with the aim of lowering interest rates for affordable borrowing.
The Minister of Finance emphasized the need to reduce borrowing and focus on domestic resource mobilization to avoid repayment and refinancing pressures. He highlighted the low tax/GDP ratio and proposed reforms to streamline taxes, deploy technology, and implement policies to double tax revenue in three years. The strategy involves focusing on nine tax heads, eliminating the large number of taxes, and deploying technology for more efficient tax collection.
The minister emphasized the importance of eliminating taxes and properly billing people to increase revenue and improve food security. He highlighted the need for access to farmers’ farms in areas where insecurity has reduced food production. Agro clusters are being developed in collaboration with the African Development Bank.
