We Are Delivering On Economic Promise – FG

The Federal Government has said the promise of a better economy for the nation was being delivered.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated this on Thursday while briefing the Senate Committee on Appropriations on the 2025 budget.

The briefing provided critical updates on the performance of the 2024 budget and the administration’s progress in implementing key economic reforms.

Naija News reported that during the briefing, Edun sought a closed session when was grilled concerning revenues accruing from the removed petrol subsidy.

During the session, the Minister said the significant fiscal recovery in the economy was a result of bold reforms introduced by President Bola Tinubu’s 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.

“The administration inherited an economy on the brink, but through targeted reforms, we are now on a recovery path.

“Our focus remains on growing revenues, improving fiscal discipline, and ensuring sustainable economic growth for all Nigerians,” he said.

Edun stressed 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.

He pointed out that the over 3% Gross Domestic Product (GDP) growth recorded last year as a key milestone, was a result of sound macroeconomic reforms of the government.

“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 stated.

The Minister explained that the 2025 budget was designed to build on the successes of the past year by increasing tax-to-GDP ratios and shoring up national revenues.

He reaffirmed the President’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 Finance Minister further assured the Committee that the government’s reforms are setting the stage for sustained economic growth and fiscal recovery.

He added 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.