The Federal Government through the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said that the administration inherited an economy on the brink, but through targeted reforms, “we are now on a recovery path”.
He disclosed this when he briefed the Senate Committee on Appropriations on the 2025 Appropriation Bill.
The briefing provided critical updates on the performance of the 2024 budget and the administration’s progress in implementing key economic reforms
According to him our focus remains on growing revenues, improving fiscal discipline, and ensuring sustainable economic growth for all Nigerians.
The Honourable Minister highlighted the strong performance of recurrent revenue at nearly 100% in 2024 as evidence of the government’s ability to meet its obligations despite a challenging economic environment.
He also expressed the government’s commitment to funding capital expenditure, which has been extended to run through June 30, 2025.
Additionally, he noted the over 3% GDP growth recorded last year as a key milestone, crediting macroeconomic reforms for delivering early results. “Our macroeconomic reforms have begun to deliver results.
“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 emphasized that the 2025 budget is designed to build on the successes of the past year by increasing tax-to-GDP ratios and shoring up national revenues..
He reaffirmed President Tinubu’s commitment to maintaining fiscal stability and meeting debt obligations while implementing reforms that will foster inclusive growth to the benefit of all Nigerians, including creating jobs and attracting investment.
The briefing, chaired by Senator Solomon Olamilekan Adeola, Chairman of the Senate Committee on Appropriations, also saw active participation from other lawmakers, including key members of the economic team.
Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; the Minister of State for Finance, Dr. Doris Uzoka-Anite; Director-General of the Budget Office, Dr. Tanimu Yakubu; Permanent Secretary of the Ministry of Finance, Mrs. Lydia Jafiya; Permanent Secretary of the Ministry of Budget and Economic Planning, Dr. Vitalis Obi; and the Accountant-General of the Federation, Dr. Oluwatoyin Madein.
In closing, the Honourable Minister assured the Committee that the government’s reforms are setting the stage for sustained economic growth and fiscal recovery.
He noted that the administration remains determined to achieve higher growth rates and create a more stable economic environment that benefits all Nigerians through increased job opportunities, higher investments, and inclusive growth.
He also disclosed that the Government has reaffirmed its commitment to economic recovery and fiscal sustainability.
During the session, he outlined the government’s strategy for stabilizing the economy and achieving long-term growth.
He credited significant fiscal recovery to bold reforms introduced by the President Bola Tinubu administration, including the market-based pricing of Premium Motor Spirit (PMS) and foreign exchange policies, which collectively could save the country up to 5% of previously lost revenue.
