The economic reforms of the Tinubu administration, including the market-based pricing of premium motor spirit (PMS) and adjustments to foreign exchange policies, have saved the country approximately N930 billion in previously lost revenue, according to Finance Minister and Coordinating Minister of the Economy Wale Edun.
The N930 billion represents about five per cent of revenue losses addressed through these measures.
Edun told the Senate Committee on Appropriations during a briefing on the 2025 Appropriation Bill on Thursday that the administration inherited a precarious economy but has implemented targeted reforms that have now placed 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 said.
He cited the 100 per cent implementation of the 2024 recurrent expenditure as proof of government’s ability to meet its obligations despite the challenging economic environment.
Nigeria’s Gross Domestic Product (GDP) growth, he said, exceeded three per cent last year; a figure he described as a milestone, particularly when compared to developed nations struggling to achieve one per cent growth.
Gross Domestic Product is the monetary value of all finished goods and services made within a country during a specific period.
Edun said the administration’s focus “remains on growing revenues, improving fiscal discipline and ensuring sustainable economic growth for all Nigerians.”
Enhanced performances by revenue-generating agencies such as the Nigeria Customs Service and the Federal Inland Revenue Service, he added, were driving consistent revenue growth critical for achieving the government’s development goals.
Edun explained that the 2025 budget is planned to build on the successes of the previous year, prioritising increased tax-to-GDP ratios and higher national revenues.
He spoke of President Tinubu’s commitment to maintaining fiscal stability, meeting debt obligations, and implementing reforms that foster inclusive growth.
