Nigeria’s economy has achieved stability, says Wale Edun

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has disclosed that Nigeria’s economy has achieved relative stability over the past 18 to 20 months. 

He spoke in Abuja during a Zoom dialogue meeting, according to a report by News Agency of Nigeria (NAN).

The Minister also hinted that personal income tax (PIT) payments by wealthy Nigerians will go up from 18.6 per cent to 25 per cent when the Tax Reform Bills become law, according to a projection by the Federal Government.

He said the upward trajectory in revenue will complement the 20 per cent increase recorded last year.

The Tax Reform will also tighten government expenditure, he added.

Edun said economic growth in 2025 would be driven by agriculture, housing and infrastructure.

On agriculture, he said the government would continue to ensure good harvests through improved dry and wet season farming techniques.

According to him, the introduction of a 25-year low-interest mortgage with single or low double-digit interest rates to address the housing deficit.

“The Highways Management and Development Initiative (HMDI) would facilitate the concessioning of major highways to improve road infrastructure,” he said.

An example of this is the 125-kilometre Benin-Asaba Highway being funded solely by a private organisation.

Edun said the government was transitioning from concessional and bilateral financing to cheaper sources of funding, including a domestic bond issue.

He also reiterated the government’s commitment to resolving pensioners’ legacy debt, adding that over N700 billion in bonds had been issued for pension payments.

Acknowledging that Nigeria remains an oil-dependent economy, Edun stressed that the government was making efforts to create a safe and investor-friendly environment for oil operations.

“Maximise revenue from fossil fuels while it remains viable, encourage public-private partnerships, joint ventures, and privatisation to boost investment.

“Now is the time for equity, revenue generation and private sector participation, both domestically and internationally,” he said.