The Senate Committee on Finance has approved the N38bn 2025 budget budget submitted by the Ministry of Finance
This was disclosed on Monday after the Minister of Finance and Coordinating Minister of the Economy, Wale Edun defended the N38bn budget before the lawmakers.
According to a statement by the ministry, Edun told the lawmakers that Nigeria’s economy is making significant strides in recovery and growth
The minister was joined by the Minister of State for Finance, Dr. Doris Uzoka-Anite, the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, the Accountant General of the Federation, Dr. Oluwatoyin Sakirat Madein.
Edun highlighted President Bola Tinubu-led administration’s efforts to stabilise the economy through key reforms and fiscal measures.
The minister said, “The broad impact of the reforms to include the liberalisation of the foreign exchange market, deregulation of petroleum pricing, and the expansion of domestic refining capacity.”
The Finance Minister explained that these measures are driving fiscal stability, reducing inefficiencies, and creating a more sustainable economic framework.
The minister acknowledged that “While the reforms may bring short-term discomfort, their long-term benefits will include job creation, poverty reduction, and greater economic resilience.”
Edun emphasised the government’s commitment to infrastructure development, particularly in digital networks and energy, to improve productivity and attract private sector investments.
The ministry noted, ” Senate Committee on Finance approved the Ministry’s N38bn 2025 budget. They commended the Ministry’s leadership for its commitment to fiscal discipline and economic recovery.”
According to him, the administration is confident in Nigeria’s brighter economic future.
He noted that the reforms wouls transform the country’s economic landscape adding it will improve the standard of living for its citizens