The Federal Government has taken a decisive step towards addressing its financial challenges by announcing an upcoming audit of the staggering N23 trillion debt known as Ways and Means. This initiative was unveiled by Mr. Wale Edun, the Minister of Finance and the Coordinating Minister for the Economy, during the Public Wealth Management Conference, which is organized by the Ministry of Finance Incorporated (MoFI).
In an effort to reduce future dependency on Ways and Means financing, the government, as outlined by Edun, is preparing to introduce a bill to the National Assembly. This proposed legislation aims to simplify the country’s tax system by eliminating various taxes and levies considered to be unnecessary or burdensome.
Furthermore, the government is committed to enhancing its revenue generation capabilities. Edun highlighted plans to actively pursue strategies that would enable efficient and real-time revenue collection from both Government Owned Enterprises (GOEs) and Corporate entities. This forward-thinking approach signifies the government’s dedication to securing a more stable and prosperous economic future for the nation.