The federal government has disclosed that the free printing of naira notes for eight years, under the previous administration went into the hands of a privileged few, without corresponding productivity, resulting in the country’s current economic situation.
Minister of Finance, Mr Wale Edun stated this on Wednesday when he appeared before the Senate Committee on Finance chaired by Senator Sani Musa.
While elaborating on measures to revamp the economy, the Finance minister vowed to thoroughly audit the 22.7 trillion naira, and mop up the monies from the market and use it to pay the central bank to give the government a balanced book.
Responding to questions, the finance minister addressed the issue of waivers on customs duty running into trillions of naira, promising to overhaul the system, rejig it and implement a technology and payment system that would correct all anomalies in place.
He further disclosed that a total of 13 trillion naira was collected as non-oil revenue in 2023.