FG up to date on debt payments, $700m paid, says Edun

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, on Wednesday said the federal is up to date on debt debt payments, and has paid $700 million in debt services for 420 national development agencies.

Edun said this when he appeared before the Senate Commitee on Appropriation alongside Oluwatoyin Madein, the Accountant General of the Federation, to discuss the budget’s performance.

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“We have paid $700 million in debt services for 420 national development agencies and others” he told lawmakers.

Additionally, the Minister highlighted the progress in the ongoing forensic investigation into the N30 trillion in ways and means.

“We are also examining the N22.7 trillion that we inherited. We have instituted a forensic audit to assess its impact. We are interrogating the revenues due to us from all sources because we need to, especially considering that ways and means are decreasing rather than increasing. So, we are servicing all the debts,” Edun explained.

Furthermore, Edun informed that the launch of electric and CNG vehicles has been delayed due to a spike in freight costs.

“The procurement of electric and CNG buses and conversion kits has been stalled by increased freight costs. The trade cost per bus became prohibitive, causing stakeholders to pause and assess whether this procurement was profitable for them,” he added.