The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has expressed optimism that the 2025 budget estimates of N47.9 trillion, particularly regarding revenue, will be achieved with the expected strong economy.
Edun stated this while giving an overview of the expected 2025 budget proposal and the Medium-Term Expenditure Framework and Fiscal Strategy Paper before the House of Representatives Joint Committee on Finance and National Planning and Economic Development on Monday.
He said that, based on the projection of increased revenue in 2025 and other measures adopted, the country was moving away from factors that had previously negatively impacted the nation’s economy.
“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.
“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 last up to an inclusive and sustainable growth,” the minister said.
The Chairman of the Committee on Finance, Hon. James Faleke (APC, Lagos), said the joint panel was looking at the revenue performances of the MDAs regarding the 2024 budget as the 2025 proposed money bill is about to commence in January.
He said, “We are now in December. By now, the agencies should be able to provide us with the revenue we 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 works. Apart from those who have some levels of percentage collection. We are interested in whether agencies can do that”.
The committee also directed the Managing Director and Chief Executive Officer (MD/CEO) of the Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho, to appear before it unfailingly on Tuesday, December 10th, 2024.
The panel issued the directive when it turned back Dantsoho’s representative, Sabiu Musa Danbatta, who told lawmakers that the MD/CEO was on a special assignment and could not attend the session.
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