The Minister of Finance and Coordinating Minister for the Economy, WALE EDUN, has disclosed that the country cannot rely on borrowing to fund the 2024 budget.

EDUN stated this when he appeared before the joint Senate Committee interrogating the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper chaired by Senator SANI MUSA.

Accompanied by the Executive Chairman of Federal Inland Revenue Service, ZACCH ADEDEJI, and the Director General of the Debt Management Office, PATIENCE ONIHA, the finance minister told the joint panel that the best way Nigeria can fund its annual budgets is to spend more money on infrastructure.

He stated that Nigeria has an existing borrowing profile, and the direction of the federal government is to reduce the quantum of borrowing or intercept deficit financing in the 2024 budget.