Reforms Reversing Negative Economic Trajectory —Edun
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that Nigeria’s ongoing economic reforms are beginning to yield results, with debt levels stabilising and investor confidence returning.
Speaking on Monday at the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees, Edun said the reforms under President Bola Ahmed Tinubu are reversing negative trends and putting the economy on a sustainable growth path.
“Nigeria is turning the corner. The reforms are delivering measurable impact in terms of investor confidence, reduced spending on fuel imports, greater energy self-sufficiency, and value addition in our economy,” Edun stated.
He explained that Nigeria’s debt service-to-revenue ratio dropped to about 60 percent in 2024, while the debt-to-GDP ratio stands at 38.8 percent, a level he described as comfortable by global standards.
Edun disclosed that revenues grew by 34.7 percent in the first half of 2025 compared to the same period last year, creating more fiscal space for investments in priority sectors.
He attributed the gains to tough but necessary measures, including fuel subsidy removal, exchange rate liberalisation, and a comprehensive tax reform programme aimed at boosting efficiency and raising Nigeria’s tax-to-GDP ratio over time.
“Government’s role is to act as a catalyst, not to crowd out the private sector. With the right fiscal discipline, we can unlock opportunities and ensure inclusive growth that lifts millions out of poverty,” he said.
Key fiscal targets were delineated by the minister, including adherence to the Fiscal Responsibility Act, careful borrowing, debt transparency, and domestic income mobilisation.
He stressed that to ensure immediate returns and avoid unsustainable financing, borrowing would remain tied to specific projects.
Edun also warned of global headwinds such as shrinking development aid, reduced world trade, and rising international interest rates, urging African nations to embrace reforms, technology, and digitisation to strengthen revenue generation.
“A sound fiscal framework is not just the responsibility of the executive; it demands partnership, leadership, and rigorous oversight from parliamentarians such as you, especially public accounts and finance committees,” he said.
He described Nigeria’s fiscal trajectory as a turning point, adding that prudent borrowing, transparent reporting, and effective oversight must be sustained to secure long-term prosperity.
Reforms Reversing Negative Economic Trajectory —Edun is first published on The Whistler Newspaper
