Posted by Amarachi on Tue 21st Jan, 2025 - tori.ng
Edun highlighted the broad impact of the reforms including the “liberalization of the foreign exchange market, deregulation of petroleum pricing, and the expansion of domestic refining capacity”.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has said that the economy of the nation is making significant strides in recovery and growth.
Edun stated this on Monday, in Abuja, during the 2025 budget defense before the Senate Committee on Finance.
According to a statement from the Ministry’s spokesman, Mohammed Manga, Edun was joined by the Minister of State for Finance, Dr. Doris Uzoka-Anite, the Permanent Secretary, Mrs. Lydia Shehu Jafiya, the Accountant General of the Federation (AGF), Dr. Oluwatoyin Sakirat Madein, as well as the Ministry’s Directors.
He outlined the President Bola Tinubu-led administration’s efforts to stabilize the economy through key reforms and fiscal measures.
Edun highlighted the broad impact of the reforms including the “liberalization of the foreign exchange market, deregulation of petroleum pricing, and the expansion of domestic refining capacity”.
The Minister said while the reforms have discomfort, they bring great growth to the economy.
“These measures are driving fiscal stability, reducing inefficiencies, and creating a more sustainable economic framework.
“The reforms may bring short-term discomfort, their long-term benefits will include job creation, poverty reduction, and greater economic resilience,” he said.
He emphasized the government’s commitment to infrastructure development, particularly in digital networks and energy, to improve productivity and attract private sector investments.
The Senate Committee on Finance approved the Ministry’s ₦38 billion 2025 budget. They commended the Ministry’s leadership for its commitment to fiscal discipline and economic recovery.
Edun expressed confidence in Nigeria’s brighter economic future, noting that “the reforms will transform the country’s economic landscape and improve the standard of living for its citizens“.