The Bola Tinubu-led government has announced plans to thoroughly audit the N23 trillion Ways and Means debt accumulated during the previous administration.
The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, disclosed the decision during the ongoing Public Wealth Management Conference organized by the Ministry of Finance Incorporated.
He said the audit will address and understand the complexities surrounding the substantial debt and pave the way for a more transparent financial system.
Edun further revealed that the government would present a bill to the National Assembly, seeking authorization to eliminate “all taxes and levies that constitute nuisance from the country’s tax system.”
According to him, the move is part of a broader strategy to reduce reliance on Ways and Means indebtedness in the future.
Recall that Godwin Emefiele, former governor of the Central Bank of Nigeria (CBN), was linked to a “fraud” case involving the ways and means.
Ways and Means is a loan facility through which the CBN finances the government’s budget shortfalls.
Earlier this month, Emefiele’s successor, Olayemi Cardoso, said that the apex bank will no longer give Ways and Means to the President.
