THE Federal Government has stated that the free printing of naira notes over an eight-year period in the previous administration benefited only a select few individuals, leading to a lack of corresponding productivity and contributing to the current economic challenges in the country.
The minister of finance Wale Edun highlighted this issue during his appearance before the Senate Committee on Finance, chaired by Senator Sani Musa.
He emphasized the need to conduct a comprehensive audit of the 22.7 trillion naira in circulation, retrieve the funds from the market, and utilize them to settle outstanding debts with the central bank in order to restore financial stability.
In response to the investigation, the finance minister addressed the issue of waivers on customs duty running into trillions of naira, promising to overhaul the system, rejig it and implement a technology and payment system that would correct all anomalies in place.
He further disclosed that a total of 13 trillion naira was collected as non-oil revenue in 2023.
