To drive Nigeria’s economic growth and reduce poverty, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has introduced an ambitious economic plan for sustainable development.
In a statement issued by the Ministry’s Director of Information and Public Relations, Mohammed Manga, the Minister announced a ₦50 trillion budget for 2025, focused on strategic investments and extensive reforms.
Speaking during the Citizen and Stakeholder Engagement session held at the Ministry’s Auditorium in Abuja, Edun underscored President Bola Tinubu’s dedication to economic reforms aimed at achieving sustained and inclusive growth.
The overarching goal, he emphasised, is to lift millions of Nigerians out of poverty.
To achieve this, the government has implemented subsidy reforms that have stabilized the macroeconomic environment, reducing the fiscal deficit to 4.4 per cent and the debt service-to-revenue ratio from 149 per cent in 2023 to 67 per cent.
Edun also highlighted a significant boost in Nigeria’s foreign reserves, which have grown to $42 billion.
The plan focuses on key sectors such as Energy, Agriculture, Industry, and Social Protection. Investments in compressed natural gas, LPG, and renewable energy are advancing, while large-scale farming programs aim to enhance food security.
Moreover, Nigeria is capitalising on its thriving digital economy, with local startups dominating Africa’s unicorn landscape.
Looking forward, the government projects a ₦50 trillion budget for 2025, with anticipated revenue of ₦35 trillion—nearly double the 2024 figures. To drive economic growth, the government is targeting $20 billion in investments by 2027.
This robust economic plan positions Nigeria to achieve sustainable growth, reduce poverty, and significantly improve the quality of life for its citizens.
