{"id":136112,"date":"2024-01-02T13:27:53","date_gmt":"2024-01-02T13:27:53","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/02\/fg-relying-on-revenue-than-borrowing-wale-edun-on-2024-budget\/"},"modified":"2024-01-02T13:27:53","modified_gmt":"2024-01-02T13:27:53","slug":"fg-relying-on-revenue-than-borrowing-wale-edun-on-2024-budget","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/02\/fg-relying-on-revenue-than-borrowing-wale-edun-on-2024-budget\/","title":{"rendered":"FG Relying On Revenue Than Borrowing \u2014 Wale Edun On 2024 Budget"},"content":{"rendered":"<p><\/p>\n<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-905287\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/01\/Screenshot_20240102-081644_Opera-Mini.jpg\" alt=\"Wale Edun, finance minister \" width=\"1080\" height=\"596\"  \/><\/p>\n<p>Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government will rely less on borrowing and more on revenue to finance the 2024 budget.<\/p>\n<p>Edun revealed this to newsmen on Monday after the N28 trillion 2024 budget was signed into law by President Bola Ahmed Tinubu.<\/p>\n<p>Speaking on the next move on the budget, the minister said immediate implementation would be carried out.<\/p>\n<p>He added that the budget was focused on growing the economy.<\/p>\n<p>\u201cThe N28.8 trillion budget has been signed into law by Mr. President, so it\u2019s immediate implementation and it\u2019s a very hopeful budget.<\/p>\n<p>\u201cThose who are investors can come out and invest and even those who rely on the government, such as school children and the education sector, have a lot to benefit.<\/p>\n<p>\u201cBut overall, the change in this budget is that it is focused on growing the economy. The capital expenditure is larger than the recurrent expenditure; over N10 trillion is going to be the capital expenditure, while recurrent is just about N8.8 trillion.<\/p>\n<p><strong>READ ALSO: \u201cYour Disdain For Nigerians Obvious\u201d \u2013 LP Knocks Tinubu Over 2024 Budget<\/strong><\/p>\n<p>\u201cI think that shows the direction of travel, it shows that we can expect an economy rejuvenated, re-galvanized and set for growth,\u201d he said.<\/p>\n<p>On the issue of financing, Edun said \u201csometimes we\u2019ll have critical issues when it comes to the issue of financial shortfalls here.<\/p>\n<p>\u201cThe first thing to say is that it\u2019s a lower budget deficit, so it\u2019s a lower financing requirement and, as a percentage of GDP, the budget deficit is down from 6.1% to 3.8%,\u201d he said.<\/p>\n<p>\u201cSo we\u2019re relying less on borrowing and more on revenue and I think you have to take the two together. I think we\u2019re very optimistic about the improvements in revenue that will take place.\u201d<\/p>\n<p>On implementation, Edun said technology and digitalisation would be deployed to ensure the revenue that should come to the government from all sources, including government-owned enterprises, which comes into the consolidated revenue fund.<\/p>\n<p>\u201cWe are bringing order to government borrowing, so ways and means is being eliminated by taking the funding that is required from the market, as opposed to from printing money by the Central Bank<\/p>\n<p>\u201cWe are very optimistic that not only will this budget be funded adequately, but it will be funded on a timely basis as well,\u201d he added.<\/p>\n<div class=\"code-block code-block-7\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<div data-advadstrackid=\"890536\" data-advadstrackbid=\"1\" class=\"infor-target\" id=\"infor-1841055778\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/12\/300x250b.gif\" alt=\"\" width=\"300\" height=\"250\"\/><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government will rely less on borrowing and more on revenue to finance the 2024 budget. Edun revealed this to newsmen on Monday after the N28 trillion 2024 budget was signed into law by President Bola Ahmed Tinubu. Speaking on the next [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":136113,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-136112","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FG Relying On Revenue Than Borrowing \u2014 Wale Edun On 2024 Budget - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/01\/02\/fg-relying-on-revenue-than-borrowing-wale-edun-on-2024-budget\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FG Relying On Revenue Than Borrowing \u2014 Wale Edun On 2024 Budget - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the Federal Government will rely less on borrowing and more on revenue to finance the 2024 budget. Edun revealed this to newsmen on Monday after the N28 trillion 2024 budget was signed into law by President Bola Ahmed Tinubu. 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