The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has revealed that the Bola Tinubu administration inherited an economy on the brink of collapse but is steadily reversing the trajectory through bold and targeted reforms.
Speaking during a briefing with the Senate Committee on Appropriations regarding the 2025 Appropriation Bill, Mr. Edun noted the administration’s economic stabilization strategy, noting significant 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 cited the over 3% GDP growth recorded in the previous year as a testament to the effectiveness of these reforms.
Edun, alongside the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, provided critical updates on the performance of the 2024 budget and explained the low implementation rate of capital expenditure.
According to Edun, the overall performance of the 2024 budget stands at 43%, with recurrent expenditure achieving full (100%) implementation, while capital expenditure lagged significantly at just 25%.
Despite the challenges, Edun emphasized the government’s commitment to extending the capital expenditure period to June 30, 2025, to ensure project funding and completion.
“Our focus remains on growing revenues, improving fiscal discipline, and ensuring sustainable economic growth for all Nigerians,” he stated.
“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.”
The Finance Minister assured the Committee that the government’s reforms are setting the stage for sustained economic growth and fiscal recovery.
He noted that the administration remains determined to achieve higher growth rates and create a more stable economic environment that benefits all Nigerians through increased job opportunities, higher investments, and inclusive growth.