Nigerians have gotten 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 a 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”.
