The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has expressed optimism about Nigeria’s economic future, assuring of better days ahead with the determination of the President Bola Ahmed Tinubu-led Administration to implement policies, initiatives and programmes that will positively impact on the lives of millions of Nigerians.
The Minister disclosed this at a meeting with foreign investors on the sidelines of the on-going Annual Meetings of the IMF and World Bank in Washington DC, last night.
Speaking of the fiscal performance, HM Edun said, On fiscal performance, where we met things was huge debt servicing, costing nearly 100 percent of revenues. We have cut it down by the half of this year to about 60 percent or so, which is still eye-wateringly high, but we are coping with it.
He added that the Budget deficit is cut down from 6.5 percent of GDP to about 4.4 percent and we are still hopeful of achieving our target of 4 percent of GDP for 2024.
Edun said that the present administration was determined to increase the revenue side of the budget with a target of reaching 23 percent of GDP.
His team, he assured further, would pursue the re-set of the macro economy with a view to achieving a level of performance that could bring about sustained development and rapid growth.
At the meeting, the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu reported the Federal Government of Nigeria’s significant revenue performance of N12.6 trillion as at August this year.
He informed that the pro-rata budget projection for the month of August was N13.1 trillion, while actual performance was N12.6 trillion, resulting in a N500 billion deficit.
His words, Revenue Budget by August was 13.1 trillion and actual performance was N12.6 trn, leaving us with a deficit 500b. Aggregate revenue target was missed by 3.6 percent, so we are doing well.
This positive momentum is a testament to the administration’s efforts to revamp Nigeria’s economy.
With continued commitment and strategic planning, better days indeed seem to be on the horizon for Nigeria and the citizenry.
Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
