₦airaland Forum

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).

Racoon:
For looting of course as none of those useless figures being brandished here and there in obvious lies and propaganda have made any impact upon the lives of the suffering masses.

JAOS:
Driving economy and the masses into poverty our currency value is less than that of 3yrs ago and you are speaking of growth 😏

Bobloco:
By merely looking at the source of this news, one will agree that this is nothing but propaganda from the staples of Tinubu's The Nation propaganda newspaper.

930 billion saved.

While Nigerians are being subjected to extreme hunger and starvation never before witnessed in the history of this country.

Wale Edun has yet to account for the money saved from the subsidy removal.

zero8zero:
Illiterate, money saved goes into federation account from where your state Governor gets his share.

Racoon:
For looting of course as none of those useless figures being brandished here and there in obvious lies and propaganda have made any impact upon the lives of the suffering masses.

Ojuntana:
Recovery from what?
The economy was already growing at over 3% before you took office so it's not as if you took Nigeria from recession
Inflation has worsened since you took office
Interest rates have almost doubled and Nigerians are now paying more for living expenses than any time in history
Debts have increased
Dollar value of govt income has reduced
Unemployment has not improved either
Shall we talk about exchange rate that has plummeted?
So what exactly is the economy recovering from?
I think it's becoming obvious that these guys are taking Nigerians for a ride
They just throw around figures as they wish without any thought for what they said previously
N930bn is just about $930m while this man previously said $20bn was being used to subsidise fuel every year by the previous administration. So if $20bn was spent on subsidy, how come you're only able to save $930m out of $20bn? Where's the remaining $19.1bn?
I'm more convinced that these guys don't have any clue what they are doing with the economy!!

Teacher70:
You're a Mumu Man. Always coming up with bogus figures and technical jargons to confuse Nigerians but we are smarter than you and your principal. You are saving nothing, you're only looting with reckless abandon.
What's the logic in savings when the masses are wallowing in abject poverty?
Any Economic policy that doesn't cater for the welfare of the people is anti-people

I'm the worst hit of this evil policies

Kuginzi:
https://thenationonlineng.net/edun-tinubus-refoms-save-nigeria-n930b-drive-economic-recovery/amp/