The Federal Government will tighten spending and intensify efforts to diversify its sources of revenue in response to declining oil prices, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said on Wednesday.
Speaking at a meeting with investors during the IMF/World Bank Spring Meetings in Washington DC, Edun explained that the Nigerian economy is now better positioned to manage global economic volatility, following key reforms introduced by the current administration.
The meeting was attended by high-level government officials, including the Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa; Deputy Chairman of the House of Representatives Committee for Finance, Hon. Saidu Musa Abdullahi; Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso; Permanent Secretary of the Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya; and Director General of the Debt Management Office, Ms. Patience Oniha.
This was contained in a statement signed by Mohammed Manga, Director, Information and Public Relations.
Outlining the government’s fiscal strategy, Edun said that Nigeria will prioritize key expenditures, increase non-oil exports, and engage in public-private partnerships to manage and grow national assets.
He also emphasised the importance of maintaining fiscal alignment, meeting statutory obligations on time, and improving oil production levels to raise revenue.
With Brent crude currently trading at $68 per barrel below the $75 benchmark in the 2025 national budget, Edun stressed the government’s commitment to protecting priority spending.
“The priority of the government will be to ensure that government expenditure continues to meet the priorities of Nigerians, especially on critical infrastructure such as roads, power, and food security,” the minister said.
He further reiterated the government’s long-term strategy to reduce dependence on oil revenue and stimulate private sector-led growth.
“Nigeria is diversifying its economy away from dependence on oil prices, and the extensive work on tax reforms is almost concluded,” Edun stated.
The government said that by combining fiscal discipline with structural reforms, Nigeria is positioned to weather low oil prices and pursue sustainable economic development.