Oil revenue, GDP experiencing growth under Tinubu — Wale Edun

…Says economy grew by 2.99 percent

By Matthew Denis, Abuja

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the Nigerian economy and oil revenues are experiencing a positive growth rate under President Bola Ahmed Tinubu.

Speaking during the presentation of his ministry’s performance, one year into the administration of President Bola Tinubu in Abuja yesterday, Edun stated that the economy grew by 2.99 percent, surpassing the 2.3 percent growth seen in the first quarter of 2024.

According to him, the improvement in economic growth highlights the effectiveness of President Bola Tinubu’s economic strategy.

“This growth in agriculture provides the monetary authority with the leverage needed to stabilize foreign exchange (FX) rates,” Edun explained. By continuing on this path and intensifying our efforts, we are on track to lift many Nigerians out of poverty,” he said.

The Minister, who said that revenue collection had also seen significant improvements, added that it has enabled the government to service its debts without resorting to the Central Bank’s Ways and Means advances, a practice that has previously been a cause for concern regarding fiscal discipline and inflation.

The Finance Minister emphasised that these positive economic indicators reflect the current administration’s commitment to sustainable economic growth and fiscal responsibility.

The Minister maintained that the Ministry, under his stewardship will continue to ensure the full implementation of the reform policies and programmes of the government in order to restore stability to the economy, in line with the Renewed Hope Agenda of the present administration.

Edun noted that the reforms have led to an increase in revenue, enabling the government to pay its debts and invest in infrastructure.

The Minister explained that the government has also implemented social investment programmes to protect the poor and vulnerable, with direct payments of N75,000 to 15 million households.

Additionally, he said, efforts are being made to improve food security, with N200 billion allocated to intervention programmes.

Edun added further that access to credit has also been improved, with N100 billion allocated to consumer credit and grants of N50,000 being given to one million nano industries.

He informed further that the government has implemented a system of payment to ensure that Nigeria’s money is spent wisely and accountably.

The Minister who emphasised the importance of infrastructure in growing the economy and creating jobs, added that the fund has been set up to provide institutional long-term funds to support housing construction and low-interest mortgages for the average Nigerian.

“The government’s efforts have led to an improvement in Nigeria’s international credit rating, with Moody’s and Fitch increasing and improving Nigeria’s rates to positivity,” he stated.

The Minister who was accompanied to the event by the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, the Permanent Secretary, Special Duties, Mr. Okokon Ekenam Udo, Heads of Agencies under his supervision as well as Directors of the Ministry, expressed optimism that continuing on this path will lead to a growing economy and improved living standards for all Nigerians.

“We have room to feel that continuing on these paths, redoubling our efforts, following Mr President’s agenda at the state and federal level, will lead us to a growing economy that takes us out of poverty and produces a better life for all Nigerians,” Edun emphasised.

In his closing remarks, the Honourable Minister of Information and National Orientation, Mohammed Idris, urged journalists to ensure they provide wider publicity for the Briefing through patriotic and positive reportage for the benefit of the country.

He assured that the President Bola Ahmed Tinubu-led Administration is determined to improve the lives of its citizens through deliberate strategic initiatives, programmes and projects that have direct impact on their lives.