Edun says FG paid $700m debt owed 420 national development agencies; Senate laments woefull performance of 2024 capital budget
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 Committee on Appropriation alongside Oluwatoyin Madein, the Accountant General of the Federation, to discuss the budget’s performance.
Recall the Senate on Wednesday expressed concern on the performance of the capital component of the 2024 budget, and called on the executive arm of the Federal Government to intensify efforts on funding the budget.
Solomon Adeola, the chairman of the Senate Committee on Appropriation, said N1.84billion has achieved so far out of a N9 trillion capital expenditure component, which according to him, “is nothing to write home about.”
“It is the capital component of the budgets that will showcase this government largely in terms of performances”, he emphasized.
“That is why we are emphasising on the performance of 2024 capital component of the project. I would want you to please look towards this direction. And I want you to do more engagement with the ministries and departments and agencies of the government.”
“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.
The Finance Minister told the Senators that his ministry would intensify efforts in monitoring the revenue generating agencies to be up and doing.