Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has informed the House of Representatives that there are positive signs pointing to improved economic performance for Nigeria in 2025.
Edun made this statement on Monday while presenting an overview of the proposed 2025 budget and the Medium-Term Expenditure Framework and Fiscal Strategy Paper.
Before his presentation, the Chairman of the House Committee on National Planning and Economic Development, Rep. Ibrahim Ayokunle Isiaka, who presided over the session, requested an update on the economy’s current state and future projections.
He said: But briefly, as we have said, what is the state of our economy, number one, as in our finances? Then, number two, in terms of our revenue so far, with the projections we have for 2025.
“Let us have an insight into the previous [years], into whether we are looking good, especially in terms of our GDP and inflation rates as submitted. So that we can note all this down and submit our report.”
In response, Edun expressed optimism about the economic outlook, citing projected revenue growth and measures aimed at addressing past challenges.
“We do have market pricing and foreign exchange.
“That has resulted in a situation whereby upwards of 5% of GDP has been lost to a plurality of factors benefiting just a few and created long-sighted incentives against growth and investment”, Edun explained.
He emphasized that increased revenue would help reduce debt servicing, lower borrowing, and improve overall economic competitiveness.
“The deficit of that increase, which we hope to achieve less, but right now we are assuming is about 9.3 trillion naira in new borrowings and the debt service of about two trillion naira.
“In a nutshell, that backdrop gives you the optimism that the 2025 budget estimates, particularly the one on revenue, will be achieved and the economy will be strong. It will fast up to an inclusive and sustainable growth”, he added.
Earlier, the Chairman, House Committee on Finance, Rep. James Abiodun Faleke, emphasized the importance of reviewing the revenue performance of ministries, departments, and agencies (MDAs) for the 2024 budget in preparation for 2025.
“We are now in December. By now, the agencies should be able to provide us with what revenue we have generated between last year and November,.
“At least for 11 months, we should be able to have that. We are just interested in what revenue we are able to get. Apart from that, we also want to see the expenditures as it works. Apart from those who have some levels of percentage collection, we are interested in whether agencies are able to do that”, ” Faleke stated.
Meanwhile, the Committee has summoned the Managing Director and Chief Executive Officer of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, to appear before it on Tuesday, December 10, 2024.
Rep. Faleke issued this directive after turning back Dantsoho’s representative, Sabiu Musa Danbatta, who had informed the Committee that the MD/CEO was on a special assignment and unable to attend.