The Federal Government in a bid to strengthen Nigeria’s economy, has reiterated its commitment to fiscal sustainability and economic growth.
This was disclosed during a briefing by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to the Senate Committee on Appropriations regarding the 2025 Appropriation Bill.
Speaking at the session, Edun highlighted the administration’s strides in implementing key reforms introduced by President Bola Tinubu.
He noted that these reforms, including market-based pricing of Premium Motor Spirit and adjustments to foreign exchange policies, have collectively saved 5% of previously lost revenue.
“The administration inherited an economy on the brink, but through targeted reforms, we are now on a recovery path,” Edun stated.
He added that the government’s efforts have begun yielding results, citing the 100% implementation of recurrent expenditure in 2024 as a testament to the administration’s ability to meet its obligations despite a challenging economic landscape.
Edun also pointed out the over 3% GDP growth recorded last year, emphasizing that this performance outpaced many developed nations, which struggled to achieve even 1% growth.
“Our focus remains on growing revenues, improving fiscal discipline and ensuring sustainable economic growth for all Nigerians. With stronger performances from agencies like the Nigeria Customs Service and the Federal Inland Revenue Service, we are seeing consistent revenue growth, which is critical for funding our development goals,” he said.
Edun explained that the 2025 budget builds on the successes of 2024 by focusing on increasing the tax-to-GDP ratio and boosting national revenues.
He reaffirmed President Tinubu’s commitment to fiscal stability, meeting debt obligations, and implementing inclusive economic reforms.
The briefing, chaired by the Chairman of the Senate Committee on Appropriations, Senator Solomon Olamilekan Adeola, also saw participation from other key officials, including Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, Minister of State for Finance, Doris Uzoka-Anite, Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, Permanent Secretary of the Ministry of Budget and Economic Planning, Vitalis Obi, Accountant General of the Federation, Oluwatoyin Madein, and Director General of the Budget Office, Tanimu Yakubu.
With a clear roadmap for recovery, the Federal Government expressed optimism that Nigeria is on track to emerge stronger and more resilient in the coming years.
