The Federal Government says it has no intention to borrow from any local or foreign organisation in the wake of subsidy removal on petrol and exchange rate harmonisation.
The minister of Finance and Coordinating minister for the economy, Wale Edun, announced this at the end of the inaugural Federal Executive Council (FEC) meeting on Monday in Abuja.
According to him, benefits accruing from the subsidy removal will be ploughed back into various sectors to boost government revenue and improve business environment for local and foreign investment.
He said various palliatives were being made available to cushion its effect on a short, medium and long term basis following increased revenue from subsidy removal.
Edun reiterated the administration’s desire to improve the economy and fasttrack national development.
In the same vein, Minister of Industry, Trade and Investment, Doris Uzoka-Anite said investment offers were already being received in different sectors of the economy including oil and gas, health, solid minerals and agriculture.
Uzoka-Anite said her Ministry would collaborate with relevant Ministries, Departments and Agencies of government to achieve the President’s commitment to creation of jobs for Nigerians.
The Minister of Health, Dr Ali Pate, said critical sections of the health value chain would be exploited to improve the economy and create jobs for Nigerians.
According to him, the President has advised the Ministers to be courageous and innovative in taking decisions that will benefit the country, a move, the President has, himself, taken.
Pate said the President had set the economy on the path of progress with his decision to remove subsidy on petrol from the first day of his inauguration.
The Minister of Information and National Orientation, Malam Mohammed Idris, said that the President had charged cabinet members to be transparent in their dealings, especially in the dissemination of information.
Idris urged the media to avail themselves the opportunity to verify and fact-check their stories so as to reduce the incidence of misinforming the public or informing Nigerians out of ignorance.
