Tinubu's Reforms Yield N930 Billion, Drive Economic Recovery

••Finance Minister Edun Highlights Success of Market-Based Policies
••Industry, Trade and Investment Ministry Targets N2.4 Trillion IGR
••AGF Targets Revenue Shortfall with Reforms
Abuja, Nigeria –
By John Audu.
Finance Minister and Coordinating Minister of the Economy Wale Edun informed the Senate Committee on Appropriations that the economic reforms introduced by the Tinubu administration have resulted in savings of approximately N930 billion in previously lost revenue. These reforms, including market-based pricing of premium motor spirit (PMS) and adjustments to foreign exchange policies, have addressed about five per cent of revenue losses.
Despite inheriting a fragile economy, the administration has taken targeted steps that have put the country on a path to recovery. Edun highlighted the administration’s successful implementation of the 2024 recurrent expenditure and emphasized the country’s GDP growth exceeding three per cent, a significant achievement compared to other nations.
The focus of the administration remains on increasing revenues, improving fiscal discipline, and fostering sustainable economic growth for all Nigerians. Efforts by revenue-generating agencies like the Nigeria Customs Service and the Federal Inland Revenue Service have led to consistent revenue growth, crucial for the government’s development objectives.
Looking ahead, the 2025 budget aims to build on previous successes by prioritizing higher tax-to-GDP ratios and increased national revenues. President Tinubu’s commitment to maintaining fiscal stability, meeting debt obligations, and implementing inclusive growth-focused reforms was reiterated by Edun.
The Minister of Industry, Trade, and Investment, Jumoke Oduwole, has set a target of N2.4 trillion as the internally generated revenue (IGR) for the ministry in the 2025 fiscal year. She expressed concern that the allocated capital expenditure of N3.844 billion for the Ministry in 2025 is insufficient to support its programs aimed at driving the Renewed Hope Agenda of the Tinubu Administration.
Oduwole highlighted the various programs and policies being implemented by the Ministry to promote economic growth, create jobs, attract foreign direct investment, boost industrialization, increase trade and exports, and encourage the development of enterprises. She emphasized the importance of creating an enabling environment for the Nigerian industry, trade, and investment sectors to enhance the ease of doing business and attract investments.
The Ministry plans to generate revenue through various avenues such as the weights and measures department, commercial law department, export fumigation, sales of government assets, and others. Oduwole appealed to the National Assembly for additional funding to align the Ministry’s projects with the objectives outlined in the National Development Plan and the Medium-Term Expenditure Framework.
Members of the National Assembly Joint Committee on Industry, Trade, and Investment expressed concerns about the impact of border closure on the country’s economic fortunes. They noted that the closure is not effectively curbing smuggling and called for a reevaluation of the border policy. Senator Suleiman Sadiq Umar urged the Ministry to collaborate with the Presidency to address the issues surrounding the border closure.
AGF Targets Revenue Shortfall with Reforms
Accountant General of the Federation Oluwatoyin Madein says she has launched an aggressive revenue drive to tackle the revenue shortfall of government.
This initiative, according to her, improved funding for personnel costs, overheads and capital projects last year.
Dr. Madein spoke while receiving members of the House of Representatives Committee on Public Accounts during their oversight visit to the Treasury House in Abuja.
The Director of Press in the Office of the Accountant General of the Federation (OAGF), Mr. Bawa Mokwa, said the AGF acknowledged the challenges posed by low revenue remittances from some government-owned enterprises.
She said significant progress has been made in the preparation and auditing of the Federal Government of Nigeria’s Consolidated Financial Statement since her assumption of office in May 2023.
“In collaboration with the Office of the Auditor-General of the Federation, we have prepared and audited the financial statements up to December 31, 2019. The 2020 and 2021 statements have been completed, while work on 2022 is ongoing,” she was quoted as saying.
Besides, the OAGF has proposed enhancements to the Government Integrated Financial Management Information System (GIFMIS) and the Integrated Personnel and Payroll Information System (IPPIS).
These improvements, she noted, would ensure more robust financial management with the cooperation and support of the National Assembly.
In response, the Chairman of the House Committee on Public Accounts, Hon. Bamidele Salam, urged the AGF to expedite the submission of the 2022 Consolidated Financial Statement of the Federation, as required by the 1999 Constitution.
He stressed the need for comprehensive measures to address revenue leakages, suggesting automation and regular audits as critical tools to improve remittances by government-owned enterprises.