Tayo Busayo , Abuja
DAILY COURIER - Nigeria’s economy is on the path to recovery and sustainable growth, thanks to bold reforms and fiscal measures introduced by the President Bola Ahmed Tinubu-led administration, according to the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Speaking during the 2025 budget defence session before the Senate Committee on Finance, Mr. Edun outlined key initiatives designed to stabilize the economy, attract investment, and improve the standard of living for Nigerians.
The Minister highlighted critical reforms, including the liberalization of the foreign exchange market, deregulation of petroleum pricing, and expansion of domestic refining capacity. These measures, he explained, are pivotal to achieving fiscal stability, reducing inefficiencies, and creating a more sustainable economic framework.
While acknowledging the short-term discomfort these changes may bring, Mr. Edun emphasized their long-term benefits such as job creation with enhanced investment in key sectors is expected to generate new employment opportunities for millions of Nigerians.
Economic diversification and growth will provide a stronger foundation for lifting citizens out of poverty.
Equally, policies aimed at reducing Nigeria’s dependency on imports and boosting local production will create a more self-reliant economy.
The Minister also underscored the administration’s commitment to infrastructure development, particularly in digital networks and energy. These investments are expected to improve productivity, enhance access to essential services, and attract private sector participation.
“The reforms will ultimately transform Nigeria’s economic landscape and create a foundation for a brighter future. The focus on infrastructure development is key to unlocking the country’s economic potential and enabling private sector-led growth,” Mr. Edun stated.
The Senate Committee on Finance approved the Ministry’s ₦38 billion 2025 budget, commending the Ministry’s leadership for its commitment to fiscal discipline and economic recovery. Dr. Doris Uzoka-Anite, Honourable Minister of State for Finance, and other key officials, including Permanent Secretary Mrs. Lydia Shehu Jafiya and Accountant General of the Federation Dr. Oluwatoyin Sakirat Madein, were present at the session.
The Committee praised the government’s proactive measures, noting that the fiscal gains from these reforms will improve revenue generation and support critical social and economic programs.
Mr. Edun expressed confidence that the administration’s policies will yield lasting benefits, with improved standards of living for Nigerians as a central goal. “The reforms are designed to deliver not only stability but also prosperity, making Nigeria an attractive destination for investors and creating a sustainable future for all citizens,” he concluded.
