Edun made the disclosure during a virtual briefing, “highlighting significant progress, key priorities, and strategic initiatives to drive sustainable growth and development in the country,” a statement issued yesterday by the ministry’s Director for Information and Public Relations, Mohammed Manga.
The statement said the minister’s briefing provided a detailed overview of Nigeria’s economic stabilisation efforts, which have yielded notable results over the past 18 to 20 months.
“According to Edun, the economy has pulled back from the brink of a fiscal crisis, with Nigeria recording 3.84 per cent GDP growth in Q4 2024—close to the 3.4 per cent annual target—while inflation began to ease, revenues increased, and the exchange rate showed signs of strengthening.
“Edun reported a 20 per cent increase in government revenue last year, alongside a reduced budget deficit and a decline in debt servicing as a percentage of revenue.
“He reiterated the government’s commitment to responsible spending, stronger fiscal management, and efforts to raise the tax-to-GDP ratio to 18 per cent over the next 18 months – through improved compliance, digitisation, and broadening of the tax base.