President Bola Ahmed Tinubu’s economic reforms, such as market-based pricing for Premium Motor Spirit (PMS) and adjustments to foreign exchange policies, have saved Nigeria an estimated N930 billion in previously lost revenue.
This represents about five percent of revenue losses addressed through these measures.
This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a briefing to the Senate Committee on Appropriations on the 2025 Appropriation Bill.
Edun noted that the administration inherited a precarious economy but has implemented targeted reforms that are now placing the country on a recovery trajectory.
“The administration inherited an economy on the brink, but through targeted reforms, we are now on a recovery path,” he stated.
Revealing the progress made so far, the minister pointed to the 100 percent implementation of recurrent expenditure in 2024 as proof of the government’s ability to meet its obligations despite the challenging economic environment.
He also pointed out Nigeria’s GDP growth, which exceeded three per cent last year, a figure he described as a milestone, particularly when compared to developed nations struggling to achieve one percent growth.
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“Our focus remains on growing revenues, improving fiscal discipline, and ensuring sustainable economic growth for all Nigerians,” Edun said.
He told members of the Senate Committee on Appropriations that enhanced performances by revenue-generating agencies such as the Nigeria Customs Service and the Federal Inland Revenue Service are driving consistent revenue growth, which is critical for achieving the government’s development goals.
Edun explained that the 2025 budget builds on the successes of the previous year, prioritising increased tax-to-GDP ratios and higher national revenues.
He insisted on President Tinubu’s commitment to maintaining fiscal stability, meeting debt obligations, and implementing reforms that foster inclusive growth.