Nigeria’s Finance Minister Unveils Plans to Address Economic Challenges

Mr. Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, disclosed the government’s strategies to tackle economic issues, including excess liquidity, tax reforms, and food security.

Speaking after a meeting with investors during the Spring Meetings of the IMF and World Bank in Washington DC, Edun emphasized the collaboration between fiscal and monetary authorities to combat inflation and stabilize the economy. He outlined plans to manage excess liquidity by implementing measures to alleviate pressure on the financial system and stabilize prices.

Edun stressed the importance of increasing tax revenue without raising tax rates, highlighting ongoing efforts to streamline the tax system, leverage technology for efficient collection, and focus on key tax sources to double tax revenue within three years.

Addressing concerns about food security, Edun acknowledged the challenges posed by insecurity, particularly in areas affecting agricultural productivity. He emphasized the government’s commitment to addressing access issues for farmers and developing agro clusters in collaboration with the African Development Bank to boost food production.