Kehinde Fajobi
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has expressed optimism about the country’s economic prospects for 2025, citing increased revenue and reforms addressing past inefficiencies.
Edun shared this projection on Monday while presenting the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives.
Speaking before the House Committee on National Planning and Economic Development, chaired by Rep. Ibrahim Ayokunle Isiaka, Edun outlined the current economic situation and its future trajectory.
“We do have market pricing and foreign exchange adjustments that have curtailed losses of up to 5% of GDP caused by past inefficiencies, which benefited only a few,” he said, noting that these reforms are fostering economic competitiveness.
Edun added that revenue projections for 2025 would help reduce borrowing and debt servicing.
“The projected new borrowing of ₦9.3 trillion and debt service of about ₦2 trillion underscores the challenges but also highlights opportunities to achieve sustainable growth,” he said.
He further emphasised that the revenue targets reflect the economy’s potential to drive inclusive and sustainable growth.
“This optimism reflects the ability of the economy to strengthen and fast-track inclusive and sustainable growth,” Edun added.
Meanwhile, Rep. James Abiodun Faleke, Chairman of the House Committee on Finance, underscored the importance of tracking revenue performance for 2024 as a foundation for 2025 budgeting.
“We are in December, and agencies should be able to provide reports on revenue generated over the last 11 months, along with their expenditures,” Faleke said.
The Committee has also summoned the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, to appear on Tuesday, December 10, 2024.
This follows the rejection of his representative, Sabiu Musa Danbatta, who cited Dantsoho’s unavailability due to a special assignment.
Rep. Faleke stressed the need for accountability and timely reporting by government agencies to align with fiscal policies and enhance budgetary outcomes.