The 2025 proposed Federal Government expenditure will balance revenue, expenditure and borrowing, Coordinating Minister of the Economy Olawale Edun assured yesterday.
“Like governments around the world, we are concerned about achieving fiscal sustainability. It is about creating a balance between revenue, expenditure, and borrowing to foster an economy that can grow sustainably,” he said.
Edun spoke to State House reporters after the Federal Executive Council (FEC) approved the N47.96tr projected expenditure for next year. President Bola Ahmed Tinubu presided over the meeting.
According to Edun, the estimates target a revenue of N24.82 trillion, leaving a deficit of N13 trillion. The minister said the deficit will be financed through borrowing.
He said the N47.96tr projected expenditure represents a 36.8 per cent increase from this year’s budget.
The minister added that the N13.14 trillion deficit is equivalent to 3.89 per cent of the country’s Gross Domestic Product (GDP).
Furthermore, he highlighted the role of private-sector investment in driving growth, creating jobs, and alleviating poverty, noting that private-sector-led economies, such as Nigeria’s, rely on investors to fund projects that enhance productivity and economic expansion.
“Investors play a critical role in boosting productivity, creating jobs, and bringing people out of poverty. Our reforms are aimed at creating an environment where private sector investment can thrive,” Edun explained.
