The Minister of Finance and Coordinating Minister of the Economy, Wale Edun on Monday expressed optimism about the present administration’s resolve to achieve the revenue target for the 2025 fiscal year.

The Minister gave the assurance while giving an overview of the 2025 budget proposal and 2025-2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) before the joint House Committees on Finance and National Planning & Economic Development.

While stressing that there are positive indicators for the positive performance of the country’s economy in 2025, Edun argued that 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.

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

Edun maintained that, as the revenue goes up, it will help the country to lower the debt service and 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 N9.3 trillion in new borrowings and the debt service of about N2 trillion.

“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 last up to an inclusive and sustainable growth.”

Speaking earlier, Chairman, House Committee on Finance, Hon. James Faleke explained that the joint 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.

He said: “We are now in December. By now, the agencies should be able to provide 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 can get.

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

In his address, Chairman, House Committee on National Planning and Economic Development, Hon. Ibrahim 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.

He 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 into the previous, into 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 these down and we’ll be able to submit our report.”

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

Faleke gave the directive when he turned back the representative of the NPS helmsman, Sabiu Musa Danbatta who informed the Committee that the MD/CEO was on a special assignment.

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