By John Joseph
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Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that the N13 trillion deficit in the proposed N48 trillion 2025 budget will be financed through borrowing. This disclosure was made to State House Correspondents after the Federal Executive Council (FEC) meeting, presided over by President Bola Tinubu, at the Presidential Villa.
According to Edun, the total projected revenue for 2025 is estimated at N34.82 trillion, while expenditure is set at N47.96 trillion, representing a 36.8% increase from the 2024 figure. The resulting deficit of N13.14 trillion represents 3.89% of GDP
Edun emphasized that the budget was crafted to reflect progress made under President Tinubu’s leadership over the past 18 months, with a focus on fiscal sustainability and economic growth. He noted that the government is concerned about achieving fiscal sustainability, balancing revenue and expenditure, and ensuring borrowing is balanced to create an environment conducive to economic growth.
Edun also highlighted the importance of private-sector investment in driving economic growth, creating jobs, and reducing poverty. He noted that private sector-led economies rely on investors to put down their money in various projects, increase productivity, create jobs, and grow the economy.
The minister also mentioned recent reforms implemented by the Tinubu administration, including market-based pricing for petroleum products and foreign exchange, as well as efforts to improve electricity tariffs. He cited examples of recent investments in the country, including Shell’s $5 billion investment and Total’s multi-billion dollar investment.
Edun described the 2025 budget as prioritizing critical government spending while creating space for private-sector-led investments. He also highlighted improvements in the economy, including the resumption of domestic petrol refining for the first time in 25 years.
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