Wale Edun, finance minister and Coordinating Minister of the Economy told the Senate committee that the federal government is making timely debt payments, having recently paid out $700 million for various services, he made the statement on Wednesday during his presentation to the Senate committee on appropriation.

Wale Edun was accompanied by Oluwatoyin Madein, the Accountant General, the discussion centered around the utilisation of the budget.

During the session, the Senate expressed concerns about the performance of the 2024 capital budget for major projects and recommended that the government should increase funding to improve outcomes.

Edun further reported that the government had allocated $700 million toward servicing the debts of 420 development agencies.

He said:

“We are also examining the N22.7 trillion that we inherited. We have instituted a forensic audit to assess its impact. We are interrogating the revenues due to us from all sources because we need to, especially considering that ways and means are decreasing rather than increasing. So, we are servicing all the debts,”.

He noted that the government needs to keep a close watch on all sources of revenue, especially as financial resources are diminishing.

Edun also enlightened the senate committee that there has been a postponement of the launch of electric and CNG vehicles due to the increased freight costs.