Government Reforms Yielding Positive Results, Says Finance Minister
By Patience Ikpeme
The federal government has successfully saved approximately N930 billion (5% of projected revenue loss) through key economic reforms, including the market-based pricing of Premium Motor Spirit (PMS) and adjustments to foreign exchange policies, according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
During a briefing to the Senate Committee on Appropriations on the 2025 Appropriation Bill, the finance minister Wale Edun noted the significant progress made by the current administration in stabilizing the economy.
“The administration inherited an economy on the brink, but through targeted reforms, we are now on a recovery path,” he stated.
He pointed to the 100% implementation of recurrent expenditure in 2024 as a testament to the government’s ability to meet its obligations despite challenging economic conditions. Furthermore, the nation achieved over 3% GDP growth last year, surpassing the growth rates of many developed economies that struggled to achieve even 1% growth.
“Our focus remains on growing revenues, improving fiscal discipline, and ensuring sustainable economic growth for all Nigerians,” Mr Edun emphasized. He highlighted the crucial role of revenue-generating agencies like the Nigeria Customs Service and the Federal Inland Revenue Service in achieving this goal.
The 2025 budget, he explained, aims to build upon these successes by increasing tax-to-GDP ratios and shoring up national revenues. Edun reaffirmed President Tinubu’s commitment to maintaining fiscal stability, meeting debt obligations, and implementing reforms that foster inclusive growth.
These reforms, including the removal of fuel subsidies and adjustments to foreign exchange policies, while initially challenging, have demonstrated positive results in terms of revenue generation and economic stabilization.
