The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said the administration of President Bola Tinubu will account for the oil money utilised.
Edun said this while testifying before the House Appropriations Committee to support the 2024 appropriation bill.
He added that the subject of accounting for oil money was relevant, saying he agrees with those who say the federal government must establish a way of paying into government coffers using currency rates.
He said the present administration’s objective was to boost tax revenue and improve tax administration efficiency.
Edun indicated that the government relies on foreign direct investment, both domestic and private, to expand the economy and noted that the government was not spending enough on critical infrastructure
He said there was a need to investigate why certain expenditures appeared to be overestimated.