By Our Correspondent
Nigeria’s Coordinating Minister of the Economy and Finance, Wale Edun, has revealed that the 2025 budget is designed to draw in private investors and stimulate economic growth.
In an interview, Edun discussed how the administration of President Bola Tinubu plans to exceed its annual growth target of 4.6 percent, aiming for 5.5 percent.
Edun emphasized that funding the ₦49.7 trillion budget will not pose a significant challenge, with the savings from the removal of the petrol subsidy providing an additional $20 billion to support the budget.
He explained that the country’s revenue is on the rise, thanks to efforts to eliminate substantial financial leaks, leading to greater resources available for the government’s economic programs.
Addressing concerns about borrowing, Edun assured that the government is taking cautious steps by securing the most affordable loans.
He pointed out that private investors have shown strong confidence in the government’s economic direction, as evidenced by the $9.1 billion raised in dollar bonds in one day.
He also mentioned that the 2025 budget includes measures to encourage private sector involvement through privatization, public-private partnerships, and adjustments in joint venture equity.
Edun highlighted the importance of leveraging the cheapest forms of financing, such as concessional loans from the International Development Association, which are essentially interest-free over extended periods.
He also noted Nigeria’s successful engagement with international capital markets, where investor enthusiasm surpassed expectations, underscoring the trust in the country’s economic reforms.
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