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Bola Tinubu, has made it clear that he will abide by all statutory limits – Finance minister

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Bola Tinubu, has made it clear that he will abide by all statutory limits – Finance minister

Bola Tinubu, has made it clear that he will abide by all statutory limits - Finance minister
Wale Edun

President Bola Tinubu, has made it clear that he will abide by all statutory limits when seeking budget support facilities from the Central Bank of Nigeria (CBN) via ways and means advances.

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, reiterated this commitment during the World Bank/International Monetary Fund (IMF) annual meetings held in Marrakech last Saturday.

Edun emphasized that Tinubu is dedicated to upholding both the spirit and the letter of the CBN’s autonomy.

It is worth noting that critics, including stakeholders and financial experts, had previously chastised former President Muhammadu Buhari for exacerbating the country’s debt burden by obtaining over ₦22.7 trillion through ways and means advances from the apex bank.

Nevertheless, Edun informed that discussions were underway with the World Bank for a substantial $1.5 billion budget support. Acknowledged as the foremost development bank, the World Bank plays a crucial role in assisting developing nations in funding their essential projects and programs.

“We are thrilled about the imminent influx of funding, particularly from the esteemed World Bank. Their financial support is not only substantial but also the most cost-effective,” expressed the minister with great optimism.

Recognizing the government’s deep-rooted concerns regarding financing, he disclosed, “Globally, a staggering one trillion dollars is required to effectively combat climate change. Thankfully, we have set up a climate financing fund that offers viable and economically sound solutions.”

Bola Tinubu, has made it clear that he will abide by all statutory limits – Finance minister

The minister further emphasized the commitment to assist Africa and developing nations in their transition towards climate resilience, stressing their minimal contribution towards this global challenge.

“One avenue we are actively exploring is climate financing, which will encompass various ingenious measures such as green bonds and other climate-related funding options,” he elaborated, highlighting the government’s unwavering dedication to facilitating a sustainable future for all.

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