The Nigerian government put aside the budget extension

The Minister of Finance and the Coordinating Minister for the Economy, Wale Edun, on Tuesday put aside the expansion of the budget in this year’s state fiscal space.

The minister stated this in the plenary session titled “Imperative Reformation: Building a prosperous and inclusive Nigeria in 2030,” at the 31st Nigerian Economics Summit (NES #31) which was taking place in Abuja.

He said: “There is no more budget extension to next year that has created so much confusion in the system.

“We have spoken with the National Assembly and we agreed to restore normal conditions.”

Edun also revealed, the government will further utilize sukuk, green bond, and diaspora bonds compared to Eurobonds.

He said the federal government had implemented a federal collection system to track the payment of goods and services appropriately.

“We are determined to display all federal government funds.

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“There is a lot of federal government money outside the CBN,” added the Minister.

Edun said the struggle against inflation began with fiscal authority and the federal government would prioritize its expenses and focus on the sectors that increased productivity.

According to him, the unification of foreign exchange and the elimination of fuel subsidies has released five percent of the Gross Domestic Product (GDP) into the federation account which is distributed to three layers of government.

The minister said the allocation of federation funds to the state had increased by around 111 percent.