“We’re delivering on our promises” – FG boasts of economic progress

The Federal Government has reiterated its commitment to delivering a stronger economy for Nigeria.

Speaking on Thursday during a briefing with the Senate Committee on Appropriations regarding the 2025 budget, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the administration’s progress in implementing key economic reforms. The session also reviewed the performance of the 2024 budget.

According to reports, Edun requested a closed session when questioned about revenue generated from the removal of the petrol subsidy.

He credited the country’s fiscal recovery to bold reforms introduced by President Bola Tinubu’s administration, including market-based pricing for Premium Motor Spirit (PMS) and foreign exchange policies.

These measures, he noted, could help recover 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,” Edun said.

He highlighted the near 100% performance of recurrent revenue in 2024 as a testament to the government’s ability to meet its financial obligations despite economic challenges.

Edun also emphasized the government’s dedication to funding capital expenditures, which has been extended through June 30, 2025.

The Minister pointed to Nigeria’s over 3% GDP growth last year as evidence of the success of the administration’s macroeconomic policies.

“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 witnessing consistent revenue growth, which is essential for funding our development goals,” he stated.

Edun explained that the 2025 budget is designed to build on the achievements of the previous year, with plans to increase the tax-to-GDP ratio and bolster national revenue.

He also reaffirmed President Tinubu’s commitment to maintaining fiscal stability, meeting debt obligations, and fostering inclusive growth through job creation and increased investment.

The Finance Minister assured the Committee that the government’s reforms are paving the way for sustained economic recovery and growth.

He expressed optimism that these efforts would lead to higher growth rates, greater job opportunities, and a more stable economic environment that benefits all Nigerians.