We’ll pin down Ways and Means to curb inflation, says FG

The federal government says it will pin down Ways and Means advances to deal with the problem of too much liquidity in the system to stem inflation.

Wale Edun minister of finance and co-ordinating minister of the economy, spoke to journalists in Washington DC, United States, shortly after a meeting with investors at the on-going spring meetings of the International Monetary Fund (IMF) and the World Bank.

He told the global gathering that the current administration, led by President Bola Ahmed Tinubu, is fully determined to “pin down” Ways and Means to alleviate the pressure of the excess money in the system.

The minister said the fiscal and monetary authorities are also working towards bringing down inflation.

“The two authorities are working hand in hand to bring down inflation and pressure on price stability and stabilising the exchange rate with the target of bringing down interest rates so that investors can borrow at a more affordable rate with a view to getting the economy going the right direction again,” Edun said.

“We need to borrow less and focus more on domestic resource mobilisation. We want long-term resources to avoid repayment and refinancing pressures.”

Speaking on food security, Edun said the present administration is dealing with the problem in order to provide farmers’ with access to their farms, especially in parts of the country where insecurity has played a major role in reducing food production.

Edun added that agro clusters are being developed in collaboration with the African Development Bank (AfDB) to increase food production in the country.

Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN); Lydia Shehu Jafiya, permanent secretary, federal ministry of finance, and Zainab Ahmed, former minister of finance, were some of the top government officials who attended the meeting.

On February 9, Cardoso had said the CBN would halt its Ways and Means advances to the federal government.

He said the apex bank would no longer be a part of the Ways and Means agreement with the federal government until all outstanding debts are refunded.