The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has predicted economic boom soon under President Bola Ahmed Tinubu’s administration.
Speaking to foreign investors during the Annual Meetings of the IMF and World Bank in Washington, DC, Edun outlined the government’s commitment to implementing policies that will benefit millions of Nigerians.
Director of Information and Public Relations, Mohammed Manga, in a statement quoted Edun to have reported significant progress while addressing fiscal challenges, stating that debt servicing costs have been reduced from nearly 100% of revenues to approximately 60%.
He acknowledged that while this remains high, it marks a substantial improvement in the country’s fiscal health.
The minister also noted a reduction in the budget deficit from 6.5% of GDP to about 4.4%, with hopes of achieving a target of 4% by 2024.
He emphasized the administration’s goal to increase revenue to 23% of GDP to support economic growth.
Director-General of the Budget Office, while providing an update on revenue performance, revealed that Nigeria generated N12.6 trillion by August, slightly below the N13.1 trillion target, resulting in a N500 billion deficit.
He described the figures as indicative of the government’s ongoing efforts to enhance revenue collection.
With strategic planning and a focus on fiscal discipline, Edun’s assurances point to a promising trajectory for Nigeria’s economy, suggesting a brighter future for its citizens.