Says FG generated N21.6trn tax revenue in six months, external reserves hit 17-year high
Senators raise concerns over rising debt, poor budget implementation despite higher revenues•Monguno warns failure to implement Appropriation Act could amount to impeachable offence
Sunday Aborisade in Abuja
The Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, yesterday mounted a robust defence of President Bola Tinubu’s borrowing record, insisting that contrary to widespread public perception, the administration had not borrowed anywhere near the N75 trillion to N80 trillion being attributed to the present administration.
Instead, he explained that the sharp increase in Nigeria’s public debt was largely the result of the naira’s exchange rate adjustment, the securitisation of inherited Ways and Means advances, and refinancing of maturing obligations rather than fresh borrowing.
