Wale Edun Unveils Ambitious Plan of 50 Trillion Budget Plan and 2027 Growth Goals for Nigeria
Oru Leonard
Nigeria’s Minister of Finance, Wale Edun, has unveiled an ambitious plan to drive economic growth and reduce poverty. The plan includes a ₦50 trillion budget for 2025, focusing on strategic investments and robust reforms.
President Bola Ahmed Tinubu’s administration is committed to economic reform, aiming for sustained and inclusive growth. The government has made significant progress, including stabilizing the macroeconomic environment, reducing the fiscal deficit, and increasing foreign reserves.
In his address today during the citizen and stakeholders engagement session, held at the Ministry’s Auditorium, Abuja, the Minister focused on Nigeria’s economic trajectory and key priorities for the fourth quarter 2024. The event highlighted achievements, ongoing reforms, and the government’s strategy to drive sustained economic growth and poverty reduction.
The budget plan prioritizes key sectors, including:
– Energy: Investing in compressed natural gas, LPG, and renewable energy to reduce import reliance and expand electricity access.
– Agriculture: Implementing large-scale farming programs to achieve food security and create jobs.
– Industry: Leveraging the digital economy, supporting local manufacturing, and improving infrastructure.
– Social Protection: Introducing programs like direct benefit transfers and SME loans to alleviate poverty and empower small businesses.
Looking into the future, Edun said government projects a ₦50 trillion budget for 2025, with ₦35 trillion in expected revenue—nearly doubling 2024 levels. Investment remains a linchpin, with a $20 billion target needed by 2027 to drive growth. New initiatives in consumer credit, housing, and healthcare production reflect a focus on improving quality of life for all Nigerians.
The Minister expressed optimism that, while challenges remain, Nigeria is firmly on the path to industrialization and inclusive prosperity through robust reforms and strategic investments.
Earlier, in her welcome address, the Honourable Minister of State, Finance, Dr Doris Uzoka-Anite stated that the Ministry is committed to managing the nation’s finances in an open, transparent, and efficient manner while also addressing economic issues at every opportunity.
She informed that the Ministry’s performance in the last three quarters has been commendable, particularly in revenue generation and efficient resource management.
(FMOF Press)
