Nigeria’s Economy On A Recovery Path – Wale Edun

Nigeria’s Finance Minister, Wale Edun, highlights economic recovery measures, including foreign exchange liberalization and infrastructure development, as Senate approves ₦38bn budget.

Minister of Finance: Olawale Edun

Senate Approves ₦38bn Finance Ministry Budget

Nigeria’s economy is showing promising signs of recovery and growth, according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun. He made this announcement during the 2025 budget defense session with the Senate Committee on Finance in Abuja.

Key Highlights of the Economic Recovery Plan

Mr. Edun detailed the strategic efforts of the Bola Ahmed Tinubu-led administration to stabilize and grow the nation’s economy. These initiatives focus on structural reforms and effective fiscal policies designed to promote long-term stability.

Major Reforms Driving Economic Growth:

Liberalisation of the Foreign Exchange Market: Enhancing market efficiency and accessibility.
Petroleum Pricing Deregulation: Addressing inefficiencies and ensuring fair market-driven pricing.
Expansion of Domestic Refining Capacity: Reducing dependency on imports and enhancing local production.

Short-Term Challenges, Long-Term Gains

The Minister acknowledged that these reforms might cause temporary discomfort but reassured Nigerians of their lasting benefits. The anticipated outcomes include:

Creation of more jobs.
Significant poverty reduction.
Greater economic resilience.

Infrastructure Development: A Key Priority

Edun emphasized the government’s focus on building critical infrastructure, particularly in digital networks and energy systems, to boost productivity and attract private sector investments.

Senate Approves ₦38bn 2025 Budget

The Senate Committee on Finance approved the Ministry of Finance’s ₦38 billion 2025 budget. They commended the Ministry’s leadership for demonstrating fiscal discipline and its commitment to steering Nigeria toward economic recovery.