The Federal Government says it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.
The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.
He said Nigeria’s had a better economy last since last decade, hinging his claim on the fact that the last administration of President Muhammadu Buhari had damaged the economy before President Tinubu took over.
He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment.
Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.
He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.