Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, says the Federal Government has no intention of borrowing from any local or foreign organisation.
Mr Edun made the statement at the end of the inaugural Federal Executive Council (FEC) meeting on Monday in Abuja.
According to Minister Edun, the benefits of petrol subsidy removal will be ploughed back into various sectors to boost government revenue and improve the business environment.
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He stated that the administration inherited a bad economy with an unacceptably high rate of unemployment and inflation.
Mr Edun further stated that current reforms and plans are aimed at equity and attracting investment by Nigerians, foreign direct investors and portfolio investors.
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