Abuja, Nigeria - The Federal Government has announced plans to audit the N22.7 trillion Ways and Means loan approved during former President Muhammadu Buhari's administration. This move, disclosed by Finance Minister Wale Edun at the Public Wealth Management Conference in Abuja, aims to enhance financial transparency.
Edun emphasized the need to reduce liquidity and scrutinize the loan backlog, likening it to a borrower auditing before repayment. He also addressed concerns about rising food prices and inflation, pledging interventions to ease the burden on Nigerians.
The audit follows Senate approval in May 2023 to restructure the loans extended by the Central Bank of Nigeria under the Ways and Means provision, allowing short-term financing for fiscal gaps.
With this audit, the government aims to bolster accountability and economic stability, signaling a commitment to responsible financial management amid ongoing challenges.
