Finance Minister and Coordinating Minister of the Economy, Wale Edun, has disclosed that the Tinubu administration’s economic reforms, including market-based pricing of premium motor spirit (PMS) and foreign exchange policy adjustments, have saved Nigeria approximately N930 billion in previously lost revenue.
“The administration inherited an economy on the brink, but through targeted reforms, we are now on a recovery path,” Edun told the Senate Committee on Appropriations during a briefing on the 2025 Appropriation Bill.
He added that these measures represent about five per cent of revenue losses addressed through reforms.
Edun highlighted the 100 per cent implementation of the 2024 recurrent expenditure as evidence of the government’s ability to meet its obligations despite economic challenges. Nigeria’s Gross Domestic Product (GDP) growth exceeded three per cent last year, which he described as “a milestone, particularly when compared to developed nations struggling to achieve one per cent growth.” He also underscored the administration’s focus on growing revenues, improving fiscal discipline, and fostering sustainable economic growth for Nigerians.
The minister noted that enhanced performances by revenue-generating agencies, including the Nigeria Customs Service and the Federal Inland Revenue Service, have driven consistent revenue growth. According to Edun, “This bill will provide a strong legal foundation for the emergence of a truly national corporation capable of managing, accounting for, and optimising over N300 trillion worth of Federal Government assets.” He emphasized that the 2025 budget is designed to build on previous successes, prioritizing increased tax-to-GDP ratios and boosting national revenues.
Separately, the Minister of Industry, Trade, and Investment, Jumoke Oduwole, announced a projection of N2.4 trillion in internally generated revenue (IGR) for the 2025 fiscal year. However, she described the N3.844 billion allocated for capital expenditure in the ministry’s budget as inadequate.
“The sum allocated for capital expenditure cannot fund programmes and plans aimed at driving the Renewed Hope Agenda of the Tinubu administration,” Oduwole said during her presentation to the Senate committee. She called for additional funding to align with the objectives of the National Development Plan and the Medium Term Expenditure Framework.
Oduwole reiterated her ministry’s commitment to promoting economic growth, creating jobs, and generating wealth. She highlighted ongoing initiatives such as the Nigeria Industrial Revolution Plan, the National Enterprise Development Programme, and the Trade Policy of Nigeria (2023-2027).
“We remain committed to implementing strategic policies, plans, and programmes targeted at economic recovery and growth for employment generation and wealth creation for Nigerians,” she said, emphasizing the ministry’s role in fostering industrialization, trade expansion, and enterprise development.
