Nigerians yesterday got an assurance of a better economy next year from the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
The minister expressed optimism that the country was gradually moving away from factors that has impacted negatively on its economy and the citizenry.
Edun gave the assurance at a meeting with the House of Representatives Joint Committee on National Planning and Economic Development and Finance on the proposed N47.9 trillion 2025 Budget.
The minister gave an overview of next year’s Appropriation Bill.
He said that going by the projection on increased revenue next year and as other measures being taken by the government, there are indications that the country was moving away from factors that had in the past impacted negatively on the Nigerian economy and affected its people.
Edun said the signs show positive indications of a positive performance of the country’s economy in 2025.
He said: “We do have market pricing and foreign exchange that has resulted in a situation whereby upwards of five per cent of the Gross Domestic Product (GDP) has been lost to plurality of factors benefiting just a few and created long-sighted incentives against growth and investment.”
The minister assured that as government revenue goes up, it will help lower debt servicing and borrowing because as the economy improves, it will become more competitive.
He said: “The deficit of that increase which we hope to achieve less but right now we are assuming is about 9.3 trillion naira in new borrowings and the debt service of about two trillion naira.
“In a nutshell, that backdrop gives you the optimism that the 2025 budget estimates, particularly the one on revenue, will be achieved and the economy will be strong. It will fast up to an inclusive and sustainable growth”.
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Chairman of the House Committee on National Planning and Economic Development, Ibrahim Ayokunle (APC, Ogun) asked the minister to give an appraisal of the economy.
Ayokunle said: “But briefly, as we have said, what is the state of our economy, number one, as in our finances. Then number two, in terms of our revenue so far with the projections we have for 2025.
“Let us have an insight into the previous, into whether we are looking good, especially in terms of our GDP and in terms of inflation rates as submitted. So that we can note all this down and we’ll be able to submit our report.”
The committee chair urged the minister to uphold sense of patriotism and continue with the giant strides aimed at ensuring results from President Bola Ahmed Tinubu administration’s efforts at putting a smile on the faces of Nigerians.
Chairman of the House Committee on Finance, James Abiodun Faleke said the committees are looking at the revenue performances of the MDAs as regards the 2024 Budget ahead of the implementation of the proposed 2025 Budget in January.
Faleke said: “We are now in December. By now, the agencies should be able to provide to us with what revenue we have generated between last year and November.
“At least, for 11 months, we should be able to have that. We are just interested in the revenue we have been able to get.
“Apart from that, we also want to see the expenditures as it works. Apart from those who have some levels of percentage collection. We are interested in whether agencies are able to do that.”
The Committee has directed the Managing Director and Chief Executive Officer (MD/CEO), Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho to appear before it today.
Faleke gave the order when he turned back Dantsoho’s representative, Sabiu Musa Danbatta who informed the committee that, the MD/CEO was on a special assignment, hence his absence.
