…As Senate approves N38.3 billion for 2025 budget
The Senate Committee On Finance and the Coordinating Minister for the economy, Mr. Wale Edun yesterday differed on the government position that the economy of the country is indicating positive improvement amidst sufferings in the land.
This is coming on the heels of Senate approval of N38.3 billion as 2025 budget for the ministry of finance.
The minister of finance and coordinating minister for the economy, Mr. Wale Edun while responding to questions from Senators insisted that the overall signals from the economy is that of improvement even though it can do better.
“When you say how the economy has fared, overall the 19 major subsectors are showing they’re all growing. They’re all moving in the right direction, which is a sign that the economy, despite areas that require urgent attention, is moving in the right direction. All the different sub-sectors are growing positively. Yes, we want those that are job-creating to do even better but overall, the economy is faring much better,” he said.
But the senators wonder how the positive image of improvement in the economy painted by the minister is not being felt by Nigerians.
Chairman of the committee, Senator Sani Musa who fired the first question said the lawmakers would find it difficult to convince Nigerians that the economy is improving with the current high inflation rate.
“The Minister of Finance plays a fundamental role in shaping our nation’s economic policies and fiscal strategies. The impact of his actions resonates across all sectors, and as such, this burden must reflect goodness, accountability, and alignment with the priorities of the Nigerian people.
“Similarly, all our MDAs present here today must ensure that their body proposals are realistic, focused, and tailored toward achieving measurable outcomes. Every proposal allocated must serve a clear purpose and translate into tangible benefits for the public.
“This process is not adversarial, but collaborative, as we all share the common goal of advancing the economic well-being of our country,” he said.
The minister however said the 18 to 20 months of President Bola Ahmed Tinubu have been inspiring as a nation.
However, the minister admitted that the inflation remains stubbornly high but quickly added that the Central Bank is doing its utmost to ensure that it tames inflation so that living costs can come down.
He said the government is focused on increasing food production, so that food inflation, is ameliorated, and food is both affordable and available to Nigerians.
“We have been inspired as a nation to, with determination and forbearance, arrive at a situation where the economy is very much turning the corner. It is growing. The deficit, the budget deficit as a percentage of GDP is falling. The debt service ratio as a percentage of revenue, is improving. The reserves are up. At 3.5% per annum GDP growth, it is definitely a step in the right direction, and we just have to maintain that path and improve upon that 3%, to double that 3%, such that Nigerians have jobs that are well-paying and adequate. It is still a difficult road to travel. Although we are very much going in the right direction, the economy is turning the corner. We can look forward to brighter prospects,” he said.
Senator Uzor Kalu took the minister up the expected drop in inflation to 15 percent saying it was not realistic.
He advised the minister to peg the expected drop in inflation at 23 and a half percent so that if at all the expectation was not met, Nigerians will not be so disappointed.
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