Edun: Tinubu’s Reforms Save Nigeria ₦‎930 Billion, Drive Economic Recovery

January 12, 2025

The economic reforms of the Tinubu administration, including the market-based pricing of premium motor spirit (PMS) and adjustments to foreign exchange policies, have saved the country approximately N930 billion in previously lost revenue, according to Finance Minister and Coordinating Minister of the Economy Wale Edun.

The N930 billion represents about five per cent of revenue losses addressed through these measures.

Edun told the Senate Committee on Appropriations during a briefing on the 2025 Appropriation Bill on Thursday that the administration inherited a precarious economy but has implemented targeted reforms that have now placed the country on a recovery trajectory.

"The administration inherited an economy on the brink, but through targeted reforms, we are now on a recovery path,” he said.

He cited the 100 per cent implementation of the 2024 recurrent expenditure as proof of government’s ability to meet its obligations despite the challenging economic environment.

Nigeria’s Gross Domestic Product (GDP) growth, he said, exceeded three per cent last year; a figure he described as a milestone, particularly when compared to developed nations struggling to achieve one per cent growth.

Gross Domestic Product is the monetary value of all finished goods and services made within a country during a specific period.

Edun said the administration’s focus “remains on growing revenues, improving fiscal discipline and ensuring sustainable economic growth for all Nigerians.”

Enhanced performances by revenue-generating agencies such as the Nigeria Customs Service and the Federal Inland Revenue Service, he added, were driving consistent revenue growth critical for achieving the government’s development goals.

Edun explained that the 2025 budget is planned to build on the successes of the previous year, prioritising increased tax-to-GDP ratios and higher national revenues.

He spoke of President Tinubu’s commitment to maintaining fiscal stability, meeting debt obligations, and implementing reforms that foster inclusive growth.

Ministry of Industry, Trade, Investment targets N2.4trn IGR for 2025.

Industry, Trade and Investment Minister, Jumoke Oduwole, who took her turn yesterday to brief the Senate committee, said N2.4 trillion has been projected as its internally generated revenue (IGR) for the 2025 fiscal year.

But she described the sum of N3.844 billion allocated for capital expenditure in the Ministry’s 2025 budget as inadequate to fund its programmes and plans aimed at driving the Renewed Hope Agenda of the Tinubu Administration.

She appealed for the support of the lawmakers for additional funding to enable the Ministry align its projects according to the objectives spelt out in the National Development Plan and the Medium Term Expenditure Framework.

Oduwole said her ministry remained committed to achieving its vision of promoting economic growth, creating jobs and generating wealth as well as formulating and implementing policies and programmes that attract foreign direct investment, boost industrialisation, increase trade and export as well as encourage the development of enterprises.

The ministry is currently implementing strategic policies, plans and programmes targeted at economic recovery and growth for employment generation and wealth creation for the generality of Nigerians, she said.

She named some of the programmes and policies of the Federal Government being promoted as the Nigeria Industrial Revolution Plan, the National Enterprise Development Programme, the Trade Policy of Nigeria (2023-2027) and the Nigeria investment Policy (2023-2027).