The federal government has commenced efforts to audit the N22.7 trillion Ways and Means loan sanctioned during the tenure of former President Muhammadu Buhari.
The announcement came from the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the Public Wealth Management Conference in Abuja, yesterday.
The conference, organized by the Ministry of Finance Incorporated (MOFI), aimed to explore strategies for effectively managing the nation’s assets for the populace’s collective welfare.
Notable attendees included Vice President Kashim Shettima, Minister of Industry, Trade and Investment Doris Uzoka-Anite, Minister of Agriculture Abubakar Kyari, Governor of Cross Rivers State Bassey Otu, as well as representatives from the World Bank, private sector, and diplomatic corps.
In his address, Minister Edun underscored the imperative of transparency in overseeing the country’s assets.
He outlined ongoing efforts to address liquidity challenges, particularly the Central Bank’s recommendation to curtail and eventually eliminate the Ways and Means facility.
Edun likened the audit process of the N22.7 trillion backlog to scrutinizing a loan agreement prior to repayment.
Furthermore, Edun acknowledged the economic challenges inherited by President Bola Tinubu’s administration, notably the surge in food and commodity prices. Despite this, he affirmed the government’s dedication to alleviating inflation and reducing food costs.
To mitigate the burden on citizens, Edun outlined interventions such as the release of 42,000 metric tons of grains, with an additional 60,000 metric tons expected imminently.
