By Frank Momoh
In a significant move to drive Nigeria’s economic growth and ensure poverty reduction, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has unveiled a comprehensive economic plan for sustainable growth development.
The plan includes a ₦50 trillion budget for 2025, with a focus on strategic investments and robust reforms.
Delivering a comprehensive address during the citizen and stakeholders engagement session, held at the Ministry’s Auditorium, Abuja, the Minister emphasized President Bola Tinubu’s commitment to economic reform, targeting sustained, inclusive growth to lift millions of Nigerians out of poverty.
To achieve this goal, the government has implemented subsidy reforms, which have stabilized the macroeconomic environment, reducing the fiscal deficit to 4.4% and debt service-to-revenue ratio from 149% in 2023 to 67% foreign reserves have also grown significantly, reaching $42 billion.
The Director, Information and Public Relations, Mr. Mohammed Manga, in a statement, said plan focuses on several key sectors, including Energy, Agriculture, Industry, and Social Protection. Investments in compressed natural gas, LPG, and renewable energy are accelerating, while efforts to achieve food security include large-scale farming programs. Nigeria is also leveraging its digital economy, with startups dominating Africa’s unicorn landscape.
Looking ahead, the government projects a ₦50 trillion budget for 2025, with ₦35 trillion in expected revenue, nearly doubling 2024 levels. Investment remains crucial, with a $20 billion target needed by 2027 to drive growth.
With this comprehensive plan, Nigeria is poised to achieve sustainable growth and poverty reduction, improving the quality of life for all Nigerians.
…Analysis of the unveiling will to follow
