The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has claimed that the economic reforms introduced by President Bola Tinubu, especially the market-based pricing of Premium Motor Spirit (PMS) and adjustments to foreign exchange policies, have saved about N930 billion of previous lost revenue for the country.
Mr. Edun made the claims on Thursday while briefing the Senate Committee on Appropriations on the 2025 Appropriation Bill, according to a statement by the Director, Information and Public Relations of the Ministry, Mohammed Manga.
While highlighting the administration’s progress in implementing key economic reforms introduced by President Bola Ahmed Tinubu, he said the reforms, including market-based pricing of Premium Motor Spirit (PMS) and adjustments to foreign exchange policies, have collectively saved approximately 5% of previously lost revenue.
He asserted that the administration inherited an economy on the brink, but through targeted reforms, the economy is now on a recovery path.
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. HM 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, Senator Abubakar Atiku Bagudu; the Minister of State for Finance, Dr. Doris Uzoka-Anite; The Permanent Secretary, Federal Ministry of Finance Mrs Lydia Shehu Jafiya; Permanent Secretary of the Ministry of Budget and Economic Planning, Dr. Vitalis Obi; the Accountant-General of the Federation, Dr. Oluwatoyin Madein as well as the Director-General of the Budget Office, Dr. Tanimu Yakubu.
