2025 Budget: Edun Highlights Increased Oil Production and Other Factors to Boost Revenue

2025 Budget: Edun Highlights Increased Oil Production and Other Factors to Boost Revenue

By Fly Cable News

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has projected a positive economic outlook for Nigeria in 2025, driven by increased revenue and strategies to address past economic challenges.

Edun shared this optimistic forecast while presenting the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) to the House of Representatives on Monday.

Speaking before the House Committee on National Planning and Economic Development, chaired by Rep. Ibrahim Ayokunle Isiaka, Edun highlighted that market reforms, including adjustments in foreign exchange policies, are reducing inefficiencies that had previously hindered economic growth. He noted that such reforms are helping eliminate losses of up to 5% of GDP, which were previously caused by inefficiencies benefiting only a few.

He further emphasized that the projected increase in revenue for 2025 would help reduce the reliance on borrowing and debt servicing, thus promoting competitiveness and sustainable growth. “The expected new borrowing of ₦9.3 trillion and a debt service of about ₦2 trillion reflect challenges, but also present opportunities for growth,” Edun said.

Edun expressed confidence that the revenue targets for 2025 would contribute to inclusive and sustainable economic growth.

Rep. James Abiodun Faleke, Chairman of the House Committee on Finance, stressed the importance of monitoring the revenue performance of the 2024 budget as a basis for the upcoming 2025 budget. He called for reports from agencies on their revenue generation and expenditures over the past 11 months.

The Committee also directed the Managing Director of the Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, to appear before it on Tuesday, December 10, 2024, after his representative was rejected. Rep. Faleke emphasized the need for accountability and timely reporting from all government agencies to ensure budget alignment and improved fiscal management.