Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun has confirmed that the federal government is current on its debt payments, having serviced $700 million for 420 national development agencies.
While addressing the Senate Committee on Appropriation, the minister presented this update while discussing the budget’s performance.
“We have paid $700 million in debt services for 420 national development agencies and others,” Edun informed lawmakers.
Edun also disclosed the progress of a forensic investigation into the N30 trillion in ways and means. “We are examining the N22.7 trillion that we inherited. We have instituted a forensic audit to assess its impact.
“We are interrogating the revenues due to us from all sources because we need to, especially considering that ways and means are decreasing rather than increasing. So, we are servicing all the debts,” he explained.
The Minister addressed the delay in the launch of electric and CNG vehicles, attributing it to a spike in freight costs.
“The procurement of electric and CNG buses and conversion kits has been stalled by increased freight costs. The trade cost per bus became prohibitive, causing stakeholders to pause and assess whether this procurement was profitable for them,” Edun added.
The Senate Committee on Appropriation continues to scrutinize the budget, urging the federal government to increase funding amid concerns over the poor performance of the 2024 capital budget.
