Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has emphasized that the oil money utilized under President Bola Tinubu’s administration will be accounted for.

During his testimony before the House Appropriations Committee in support of the 2024 appropriation bill, Edun highlighted the importance of ensuring transparency and accountability in the handling of oil revenue. He expressed agreement with those who advocate for the government to establish a mechanism for depositing oil revenue into government coffers using currency rates.

Edun further stated that the current administration’s objective is to enhance tax revenue and improve the efficiency of tax administration. He pointed out that the government relies on both domestic and private foreign direct investment to stimulate economic growth. Additionally, he acknowledged that there is a need to allocate more funds to critical infrastructure projects.

The Finance Minister also emphasized the importance of investigating cases where certain expenditures may have been overestimated, highlighting the need for prudent financial management and responsible spending of public funds.