Nigerian Government Targets Economic Growth with Strategic Roadmap

The Nigerian government has reiterated its dedication to achieving fiscal sustainability, unveiling a clear and strategic roadmap aimed at driving economic recovery and stability.

Briefing the Senate Committee on Appropriations on the 2025 Appropriation Bill, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, outlined the government’s strategy for stabilising the nation’s economy and achieving long-term growth.

A statement, signed by Director of Information and Public Relations Mohammed Manga, revealed that the briefing highlighted the administration’s progress in implementing key economic reforms introduced by President Bola Ahmed Tinubu.

“These reforms, including market-based pricing of Premium Motor Spirit (PMS) and adjustments to foreign exchange policies, he said, have collectively saved approximately 5% of previously lost revenue. The administration inherited an economy on the brink, but through targeted reforms, we are now on a recovery path,” Edun stated.

He added that the government’s efforts have already started to bear fruit, with a 100% implementation of recurrent expenditure in 2024 as evidence of the government’s ability to meet its obligations despite a challenging economic environment.

He also cited the over 3% GDP growth recorded last year as a key milestone, noting that this performance surpassed that of many developed nations, which struggled to achieve 1% growth.

‘Our focus remains on growing revenues, improving fiscal discipline, and ensuring sustainable economic growth for all Nigerians. With stronger performances from agencies like the Nigeria Customs Service and the Federal Inland Revenue Service, we are seeing consistent revenue growth, which is critical for funding our development goals, he said.

He explained that the 2025 budget is designed to build on the successes of the past year by increasing tax-to-GDP ratios and shoring up national revenues.

Mr Edun reaffirmed President Tinubu’s commitment to maintaining fiscal stability and meeting debt obligations while implementing reforms that will foster inclusive growth.

The briefing, chaired by Senator Solomon Olamilekan Adeola, Chairman of the Senate Committee on Appropriations, also saw active participation from other lawmakers, including key members of the economic team. Minister of Budget and Economic Planning,