Nigeria Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun emphasized the government’s commitment to addressing the issue of excessive liquidity within the economy.
Speaking to journalists during the ongoing Spring Meetings of the IMF and World Bank in Washington DC, Edun highlighted the collaborative efforts between fiscal and monetary authorities to combat inflation.
“We will utilize Ways and Means to alleviate the pressure of excess liquidity,” stated Edun, underlining the joint efforts aimed at curbing inflation and stabilizing prices and exchange rates. He stressed the importance of reducing borrowing and focusing on domestic resource mobilization to mitigate repayment and refinancing challenges.
Edun underscored the need for tax reforms to bolster revenue generation, noting that the current tax-to-GDP ratio was below the African regional average. Plans are underway to streamline taxation, leverage technology, and implement policies aimed at doubling tax revenue over the next three years.
“Our strategy is to enhance tax collection efficiency without raising tax rates,” explained Edun, emphasizing the utilization of technology to improve revenue collection processes.
Responding to concerns about food security, Edun acknowledged the impact of insecurity on agricultural productivity, particularly in regions facing significant challenges. Efforts are underway to enhance access to farms and foster agricultural clusters in collaboration with the African Development Bank to boost food production nationwide.
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