The Tinubu administration’s economic reforms have saved Nigeria a staggering ₦930 billion in revenue previously lost to inefficiencies, signaling a significant shift toward economic recovery. This announcement came from Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during his presentation to the Senate Committee on Appropriations on Thursday.
Edun revealed that measures such as market-based pricing for premium motor spirit (PMS) and adjustments to foreign exchange policies have been instrumental in closing revenue gaps. “The administration inherited an economy on the brink, but through targeted reforms, we are now on a recovery path,” he stated confidently.
Addressing Lost Revenues
The ₦930 billion savings, representing a five percent reduction in revenue losses, reflect a broader strategy of fiscal discipline and efficiency. Edun credited improved performance by revenue-generating agencies like the Nigeria Customs Service and the Federal Inland Revenue Service for driving consistent revenue growth.
“This administration is committed to growing revenues, improving fiscal discipline, and ensuring sustainable economic growth for all Nigerians,” he emphasized.
From Crisis to Recovery
Edun painted a stark picture of the economic situation inherited by President Bola Ahmed Tinubu’s administration, describing it as “precarious.” Despite these challenges, the government achieved 100 percent implementation of the 2024 recurrent expenditure, a testament to its ability to meet obligations under difficult circumstances.
Nigeria’s Gross Domestic Product (GDP) growth, exceeding three percent last year, was another milestone highlighted by Edun. He contrasted this with the struggles of developed nations, many of which are grappling to achieve even one percent growth.
Gross Domestic Product (GDP) measures the monetary value of all finished goods and services produced within a country over a specific period. Edun described this growth as proof of Nigeria’s resilience and the effectiveness of the administration’s policies.
2025 Budget Priorities
Looking ahead, Edun outlined plans for the 2025 budget, which aims to build on the successes of the past year. Priorities include increasing Nigeria’s tax-to-GDP ratio and boosting national revenues. President Tinubu, according to Edun, is determined to maintain fiscal stability, meet debt obligations, and implement reforms that foster inclusive growth.
“The focus remains on building a sustainable economy that benefits all Nigerians,” Edun noted.
Industry Targets ₦2.4 Trillion Revenue
Adding to the administration’s economic strategy, Jumoke Oduwole, Minister of Industry, Trade, and Investment, disclosed plans to generate ₦2.4 trillion in internally generated revenue (IGR) for the 2025 fiscal year. However, she voiced concerns over inadequate funding, highlighting the ₦3.844 billion allocated for the Ministry’s capital expenditure as insufficient.
“This sum is inadequate to fund programmes and plans aimed at driving the Renewed Hope Agenda of the Tinubu administration,” Oduwole lamented during her session with the Senate committee.
She called on lawmakers to provide additional support to align the Ministry’s projects with the objectives of the National Development Plan and the Medium Term Expenditure Framework.
Strategic Economic Initiatives
Oduwole outlined several strategic policies and initiatives under the Federal Government’s economic recovery agenda. These include the Nigeria Industrial Revolution Plan, the National Enterprise Development Programme, the Trade Policy of Nigeria (2023-2027), and the Nigeria Investment Policy (2023-2027).
“These policies are targeted at economic recovery and growth for employment generation and wealth creation for the generality of Nigerians,” she explained.
The Minister expressed the administration’s dedication to promoting economic growth, creating jobs, and generating wealth through initiatives aimed at attracting foreign direct investment, boosting industrialization, increasing trade and exports, and fostering enterprise development.
Challenges and Appeals
While the government’s reforms have made strides in stabilizing the economy, Oduwole acknowledged the challenges posed by limited funding. She stressed the importance of strategic investments to fully realize the Renewed Hope Agenda’s objectives.
The Renewed Hope Agenda is a cornerstone of President Tinubu’s vision for Nigeria’s economic transformation. It focuses on fostering inclusive growth, creating employment opportunities, and ensuring fiscal sustainability.
A Renewed Economic Outlook
With the Tinubu administration’s reforms beginning to yield tangible results, experts suggest that Nigeria may be on the verge of a significant economic turnaround. The ₦930 billion savings in lost revenue, coupled with improved GDP growth and ambitious revenue targets, signal a new era of fiscal responsibility and economic recovery.
Edun’s and Oduwole’s presentations to the Senate committee highlight a coordinated approach to addressing Nigeria’s economic challenges. As the government continues to implement its strategic reforms, Nigerians are watching closely to see if these measures will translate into long-term prosperity and stability.
“We are on a recovery trajectory,” Edun assured. “This is just the beginning of a brighter future for all Nigerians.”
