The economic reforms introduced by President Bola Tinubu‘s administration, including market-driven fuel pricing and adjustments to foreign exchange policies, have reportedly saved Nigeria approximately ₦930 billion in previously lost revenue.
This represents a 5% reduction in revenue losses, according to Finance Minister and Coordinating Minister of the Economy, Wale Edun.
Speaking to the Senate Committee on Appropriations during a briefing on the 2025 Appropriation Bill, Edun described the inherited economy as precarious but credited targeted reforms for steering the country towards recovery.
“The administration inherited an economy on the brink, but through targeted reforms, we are now on a recovery path,” the minister said.
He highlighted the 100% implementation of the 2024 recurrent expenditure as evidence of the government’s ability to meet obligations despite economic challenges.
Edun also noted that Nigeria’s Gross Domestic Product (GDP) grew beyond 3% in 2024, surpassing the growth rates of many developed nations.
He emphasized that the administration remains focused on increasing revenue, improving fiscal discipline, and achieving sustainable economic growth for Nigerians.
Revenue-generating agencies like the Nigeria Customs Service and the Federal Inland Revenue Service (FIRS) have seen improved performance, contributing significantly to the government’s development agenda.
Edun explained that the 2025 budget builds on previous successes, prioritizing increased tax-to-GDP ratios, enhanced revenues, and fiscal stability reforms.
He reiterated President Tinubu’s commitment to inclusive growth and meeting debt obligations.
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