Edun unveils N50trn budget plan for 2025, as Nigeria focuses on strategic investments
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has unveiled a comprehensive plan to drive Nigeria’s economic growth and poverty reduction.
The plan includes a N50 trillion budget for 2025, with a focus on strategic investments and robust reforms.
The Director, Information and Public Relations, Federal Ministry of Finance, Mohammed Manga in a statement stated that, Edun delivered a comprehensive address during the citizen and stakeholders engagement session in Abuja.
According to him, the Minister focused on Nigeria’s economic trajectory and key priorities for the fourth quarter 2024. The event highlighted achievements, ongoing reforms, and the government’s strategy to drive sustained economic growth and poverty reduction.
On economic progress and reforms, Edun emphasized President Bola Ahmed Tinubu’s commitment to economic reform, targeting sustained, inclusive growth to lift millions of Nigerians out of poverty. He informed1 that subsidy reforms have stabilized the macroeconomic environment, with the fiscal deficit reduced to 4.4per cent and debt service-to-revenue ratio dropping from 149per cent in 2023 to 67per cent.
Foreign reserves have grown by $10 billion over the past year, reaching $42 billion, driven by a current account surplus and increased foreign portfolio investment. Additionally, GDP growth of 3.5per cent exceeds population growth, but the government aims for 4.6peer cent in 2025 and over 6% by 2027.
Energy: Investments in compressed natural gas (CNG), LPG, and renewable energy are accelerating, with private sector-driven local refining capacity reducing import reliance. The government is also collaborating with international organizations on initiatives like Mission 300 to expand electricity access.
Agriculture: Efforts to achieve food security include large-scale dry and wet season farming programs, targeting significant increases in output and job creation.
Industry: Nigeria is leveraging its digital economy, with startups dominating Africa’s unicorn landscape. Investments in local manufacturing and value-added production are expanding, supported by improved infrastructure and competitive fiscal policies.
Social Protection: Programs like direct benefit transfers and expanded SME loans (up to N5 million at nine per cent interest) aim to alleviate poverty and empower small businesses.
“The government projects a N50 trillion budget for 2025, with N35 trillion in expected revenue—nearly doubling 2024 levels. Investment remains a linchpin, with a $20 billion target needed by 2027 to drive growth. New initiatives in consumer credit, housing, and healthcare production reflect a focus on improving quality of life for all Nigerians,”= he said..
The Minister expressed optimism that, while challenges remain, Nigeria is firmly on the path to industrialization and inclusive prosperity through robust reforms and strategic investments.
Earlier, in her welcome address, the Minister of State, Finance, Dr Doris Uzoka-Anite stated that the Ministry is committed to managing the nation’s finances in an open, transparent, and efficient manner while also addressing economic issues at every opportunity.
She informed that the Ministry’s performance in the last three quarters has been commendable, particularly in revenue generation and efficient resource management.
While thanking the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun and the Honourable Minister of State, Finance, Dr Doris Uzoka-Anite for their sterling leadership assured that the Ministry will continue to create an enabling environment for the full implementation of the policies and programmes of the Federal Government in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.
