Former Kaduna Senator, Shehu Sani, has applauded the Federal Government over its decision to refrain from local and foreign borrowings.
The FG had announced that it had 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, Wale Edun, had revealed that the FG had no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.
He made this known at the end of the inaugural Federal Executive Council meeting on Monday in Abuja, presided over by President Bola Tinubu, according to the News Agency of Nigeria.
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.
He reiterated the Tinubu-led administration’s desire to bring back the economy from the woods it has found itself over time.
Reacting to the development via his X handle, Sani praised the government for its decision, adding that the next step is to figure out how to eradicate the existing debts from previous administrations.
He wrote, “It’s relieving to hear from the Finance Minister that the FG has ended borrowing from both local and international sources. Now the task is how to get out of the pit of the debt left behind by the Buhari regime.”