Mkpoikana Udoma
Port Harcourt — The Federal Government has emphasized that its removal of fuel subsidies and foreign exchange adjustments are critical steps toward stabilizing the nation’s economy and ensuring fiscal recovery.
Speaking during a briefing to the Senate Committee on Appropriations on the 2025 Appropriation Bill, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the reforms have already started yielding results.
According to him, the reforms have collectively saved the country up to 5% of previously lost revenue.
“These reforms are essential for restoring fiscal sustainability. The removal of fuel subsidies and the shift to a market-based foreign exchange system are necessary steps to rebuild our economy,” Mr. Edun stated.
He added, “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.”
The Minister highlighted key achievements of the Tinubu administration, including the near 100% performance of recurrent revenue in 2024 and GDP growth of over 3%.
He attributed these milestones to the success of macroeconomic reforms, noting, “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.”
Edun assured lawmakers that the 2025 budget is designed to build on these successes, with plans to increase the tax-to-GDP ratio, grow national revenues, and fund infrastructure projects through extended capital expenditure until June 30, 2025.
He reiterated President Bola Tinubu’s commitment to fostering inclusive growth, creating jobs, and attracting investment.
“Our focus is on achieving higher growth rates and creating a more stable economic environment that benefits all Nigerians through increased job opportunities, higher investments, and inclusive growth,” he said.
The briefing, chaired by Senator Solomon Olamilekan Adeola, Chairman of the Senate Committee on Appropriations, also featured key members of the government’s economic team. Among them were Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu.
Others are, Minister of State for Finance, Dr. Doris Uzoka-Anite; Director-General of the Budget Office, Dr. Tanimu Yakubu; Permanent Secretaries of the Ministries of Finance and Budget and Economic Planning, Mrs. Lydia Jafiya and Dr. Vitalis Obi; and the Accountant-General of the Federation, Dr. Oluwatoyin Madein.
