By Gift Chapi Odekina, Abuja

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has projected an improvement in Nigeria’s economy for 2025, citing increased revenue and measures to address factors that previously hampered economic growth.

Edun shared this optimism during his presentation of the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) before the House of Representatives on Monday.

Addressing the House Committee on National Planning and Economic Development, chaired by Rep. Ibrahim Ayokunle Isiaka, the Minister provided an overview of the economy’s current state and its future outlook.

Edun noted that market reforms, including foreign exchange adjustments, are eliminating inefficiencies that previously hindered growth. “We do have market pricing and foreign exchange adjustments that have curtailed losses of up to 5% of GDP caused by past inefficiencies, which benefited only a few,” he said.

He added that increased revenue projections for 2025 would reduce the need for borrowing and debt servicing while fostering competitiveness. “The projected new borrowing of ₦9.3 trillion and debt service of about ₦2 trillion underscores the challenges but also highlights opportunities to achieve sustainable growth.”

Edun expressed confidence in the revenue projections for the 2025 budget, emphasizing their potential to support inclusive and sustainable economic growth. “This optimism reflects the ability of the economy to strengthen and fast-track inclusive and sustainable growth,” he said.

Rep. James Abiodun Faleke, Chairman of the House Committee on Finance, highlighted the importance of monitoring revenue performance for the 2024 budget as groundwork for the 2025 budget. “We are in December, and agencies should be able to provide reports on revenue generated over the last 11 months, along with their expenditures,” Faleke said.

The Committee has directed the Managing Director and Chief Executive Officer (MD/CEO) of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, to appear before it on Tuesday, December 10, 2024. This follows the rejection of his representative, Sabiu Musa Danbatta, who cited Dantsoho’s engagement on a special assignment as the reason for his absence.

Rep. Faleke emphasized the need for accountability and timely reporting by all government agencies to ensure budgetary alignment and improved fiscal management.