FG Reaffirms Commitment to a Sustainable Business Environment, Says Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has emphasized the need for government policies that prevent business failures while promoting profitability, job creation, and value addition.

Speaking virtually at a high-level interactive session with members of the National Assembly, heads of agencies, and directors of the Ministry of Finance in Abuja, Edun underscored the government’s stake in ensuring the success of the private sector.

“When a company is losing, tax revenues decline,” he noted, highlighting the importance of fostering a sustainable economic environment through sound fiscal policies. He described the session as a demonstration of the Ministry of Finance’s commitment to collaborating with key stakeholders to drive economic growth and ensure sound financial management.

Edun stressed the importance of synergy between the executive and legislative arms of government as well as between the public and private sectors. He pointed out that Nigeria is shifting its focus away from excessive borrowing, particularly from costly commercial markets, and instead prioritizing optimizing assets and attracting private sector investments.

“We are in an optimization phase where we emphasize transparency, reducing waste, and fostering accountability in public financial management,” he stated. “Through strong fiscal and monetary policies, we can lift a substantial number of people out of poverty.”

A major challenge, according to Edun, is the inconsistency in government data, which negatively impacts Nigeria’s debt burden and economic credibility. He stressed the need for accurate, timely, and unified financial data across government institutions, explaining that better data coordination among the Office of the Accountant General, the Central Bank of Nigeria (CBN), and the National Bureau of Statistics would improve credit ratings, lower interest rates, and reduce debt servicing costs.

Similarly, the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, lamented the lack of reliable data, which complicates effective planning and policy execution.

“We don’t have a critical, singular source of data,” Oyedele noted. “Even something as basic as knowing our actual petrol consumption remains a challenge.”

In his keynote address, Senator Ita Enang called for the establishment of a liaison office within the National Assembly to improve coordination between government agencies and legislative bodies.

The discussions highlighted the government’s commitment to fostering a stable and business-friendly economic environment through strong policy implementation, transparency, and collaboration.