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  • Business - Banking & Finance
  • Updated: May 29, 2024

Nigeria now pays debt without borrowing from CBN - Minister

Nigeria now pays debt without borrowing from CBN - Minister

Wale Edun, Nigeria’s Minister of Finance, has disclosed that Nigeria is now buoyant enough to pay its debt without resorting to the Central Bank’s ways and means.

Edun made this known on Tuesday during the presentation of his ministry’s performance one year into President Bola Tinubu’s administration in Abuja

Edun noted that Nigeria’s economy is on a growth trajectory, stating that the country’s gross domestic product in the first quarter of 2024 grew to 2.99 per cent growth in real terms, surpassing the 2.31 per cent growth seen in Q1 2023.

He stressed that Nigeria’s economy has rejuvenated under Tinubu.

“What that means is that the government can now pay its way. The government is paying its debt service without resulting in ways and means, particularly international debt service,” the minister said.

 

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