The Federal Government has announced a transformative ₦50 trillion budget for 2025, setting ambitious targets to accelerate economic growth, reduce poverty, and enhance the living standards of Nigerians.
Unveiling the plan at a Citizens and Stakeholders Engagement Session in Abuja, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, outlined strategic priorities aimed at building on President Bola Ahmed Tinubu’s Renewed Hope Agenda.
Durector of information and public relations in the Ministry, Muhammed Manga in a statement quoted Edun to have highlighted key achievements, to include a fiscal deficit reduction to 4.4%, a dramatic drop in the debt service-to-revenue ratio, from 149% in 2023 to 67%,Foreign reserves boosted by $10 billion, now standing at $42 billion and GDP growth of 3.5%, with projections of 4.6% in 2025 and over 6% by 2027.
“These reforms demonstrate our commitment to laying a solid foundation for sustained and inclusive economic growth,” Edun said.
He enumerated key sectoral investments to Expansion of compressed natural gas (CNG), LPG, and renewable energy initiatives, alongside increased local refining capacity.
In agriculture indicated that Large-scale dry and wet season farming was embarked upon to enhance food security and job creation.
In Industry he pointed to the Investments in Nigeria’s thriving digital economy and local manufacturing to drive industrialization.
In Social Protection he said Direct benefit transfers and low-interest SME loans were rolled out to empower small businesses and alleviate poverty.
The ₦50 trillion proposed budget he indicated included ₦35 trillion in projected revenue which nearly double the 2024 level.
“Strategic investments will focus on infrastructure, social welfare, consumer credit, housing, and healthcare.”
Edun stressed the importance of mobilizing $20 billion in investments annually to achieve Nigeria’s economic growth targets by 2027.
The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, reiterated the Ministry’s commitment to transparency and efficient resource management.
She described the Ministry’s performance in 2024 as commendable, particularly in revenue generation.
“Through deliberate reforms, Nigeria is firmly on the path to becoming a global economic powerhouse,” Uzoka-Anite said.
Mr. Edun expressed optimism about Nigeria’s trajectory, saying: “Our bold reforms and investments are setting the stage for a prosperous future where every Nigerian can thrive.”
The session underscores the Federal Government’s dedication to transforming Nigeria’s economy through robust reforms and people-centered policies.