By Omoniyi David
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says President Bola Tinubu’s economic reforms are yielding measurable gains, with Nigeria’s debt now more sustainable and investor confidence rebounding.
Speaking at the 11th Annual Conference of the West Africa Association of Public Accounts Committees (WAAPAC), in Abuja, Edun acknowledged persistent challenges of high debt servicing, low revenue inflows, and rising expenditure. However, he insisted that recent policy shifts are reversing negative trends.
“Nigeria is at a turning point. Reforms are yielding measurable results in investor confidence, reduced fuel import costs, improved energy supply, and more value addition,” he said.
He disclosed that debt service-to-revenue ratio has fallen to 60% in 2024, while debt-to-GDP stands at 38.8%, which he described as a comfortable level.
Government revenue, he added, grew by 34.7% in the first half of 2025 compared to the same period in 2024, driven by subsidy removal, forex liberalisation, and tax reforms aimed at lifting Nigeria’s tax-to-GDP ratio.
Edun stressed that government’s role is to act as a catalyst for private sector investment, not a competitor.
“With fiscal discipline, we can unlock opportunities and lift millions out of poverty,” he noted.
On borrowing, he assured that loans will be tied to viable projects, with transparency and adherence to the Fiscal Responsibility Act.
Also speaking, Senate President Godswill Akpabio, represented by Senator Osita Izunaso urged West African countries to strengthen parliamentary committees for fiscal accountability, warning that unmanaged debt could threaten democracy.
House Public Accounts Committee Chairman, Bamidele Salam, said the committee recovered over N200bn in lost revenues in the past year, citing reforms such as the digitisation of hearings and the passage of the Audit Bill currently before the Senate.
WAAPAC President, Issouf Traore, praised Tinubu’s economic direction and called for deeper African collaboration to ensure sustainable progress.
