The Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, revealed that the Bola Tinubu administration inherited a near-collapsed economy but is making steady progress through bold, targeted reforms.
During a briefing with the Senate Committee on Appropriations about the 2025 Appropriation Bill, Edun said that the administration’s economic stabilization strategy, emphasizing progress in fiscal recovery and growth.
“The administration inherited an economy on the brink, but through targeted reforms, we are now on a recovery path,” Edun stated.
“Our focus remains on growing revenues, improving fiscal discipline, and ensuring sustainable economic growth for all Nigerians.”
He pointed to the over 3% GDP growth recorded in the previous year as evidence of the effectiveness of these reforms.
Edun, alongside the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, provided key updates on the performance of the 2024 budget, highlighting the low implementation rate of capital expenditure.
He reported that the overall performance of the 2024 budget is at 43%, with recurrent expenditure fully implemented at 100%, while capital expenditure lagged behind at just 25%.
The minister highlighted the government’s commitment to extending the capital expenditure deadline to June 30, 2025, ensuring sufficient funding and completion of projects.
“Our focus remains on growing revenues, improving fiscal discipline, and ensuring sustainable economic growth for all Nigerians,” he noted.
He attributed the fiscal recovery to reforms implemented by the Tinubu administration, notably the market-based pricing of Premium Motor Spirit and adjustments to foreign exchange policies.
Edun stated that these measures could save the country up to 5% of previously lost revenue and set the stage for sustained economic growth.
He also acknowledged improvements in revenue collection from key agencies such as the Nigeria Customs Service and the Federal Inland Revenue Service, which have demonstrated stronger performances under the administration’s macroeconomic reform agenda.
Addressing the challenges of implementing the 2024 capital budget, Senator Bagudu cited cash flow constraints and procurement delays but reassured the Senate that steps are being taken to resolve these issues.
Edun echoed this sentiment, reaffirming the government’s determination to overcome these obstacles and accelerate capital expenditure to promote infrastructure development and job creation.
“Our macroeconomic reforms have begun to deliver results,” he noted.
“We are confident that consistent revenue growth will provide the resources needed to fund our developmental goals.”
