2025 Budget: Upscale Oil Production, Other Indices Will Shore Up Revenue, Reduce Debt Service, Edun Tells House C’ttee

•As c’ttee directs NPA MD/CEO to appear today, rejects representative

Juliet Akoje in Abuja

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said there are positive indicators for a positive performance of the country’s economy in 2025.

Edun stated this while giving an overview on the expected 2025 budget proposal and the Medium-Term Expenditure Framework and Fiscal Strategy Paper to members of the House of Representatives Committee on National Planning and Economic Development on Monday.

Chairman of the Committee, Hon. Ibrahim Ayokunle Isiaka, who presided over the session with the minister asked him to give a brief on the state of the economy and some other details.

Ayokunle said: “But briefly, as we have said, what is the state of our economy, number one, as in our finances. Then number two, in terms of our revenue so far with the projections we have for 2025.

“Let us have an insight; whether we are looking good, especially in terms of our GDP and in terms of inflation rates as submitted. So that we can note all this down and we’ll be able to submit our report.”

The Minister while responding said, going by the projection on increased revenue in 2025 as well as other measures taken, the country is moving away from factors that had in the past impacted negatively on the Nigerian economy and affected its people.

Edun added: “We do have market pricing and foreign exchange that have resulted in a situation whereby upwards of 5% of GDP has been lost to plurality of factors benefiting just a few and created long-sighted incentives against growth and investment.

“As the revenue goes up, it will help lower debt service, lower borrowing as the economy improves and becomes more competitive”

“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.”

Earlier, the Chairman, House Committee on Finance, Hon. James Abiodun Faleke, said the Committees are looking at the revenue performances of the MDAs as regards the 2024 Budget as the 2025 proposed budget is about to commence in January.

Faleke further said: “We are now in December. By now, the agencies should be able to provide to us with what revenue we have generated between last year and November. At least for 11 months, we should be able to have that. We are just interested in what revenue we are able to get.

“Apart from that, we also want to see the expenditures as it works. Apart from those who have some levels of percentage collection. We are interested in whether agencies are able to do that.”

The Committee however directed the Managing Director and Chief Executive Officer (MD/CEO), Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho to appear before it on Tuesday, December 10th, 2024 unfailingly.

Faleke gave the order when he turned back Dantsoho’s representative, Sabiu Musa Danbatta, who informed the Committee that, the MD/CEO was on a special assignment, hence his absence before the Committee.