The Minister of Finance and coordinating minister of the economy, Wale Edun, says the Federal Government has recorded significant success in its fiscal management, with a decline in debt service and a rise in non-oil revenue.
The minister also announced that Nigeria under the administration of President Bola Tinubu has exited borrowing from the CBN ways and means.
He insisted the economic trajectory points to steady growth and recovery.
The minister added that the debt service ratio has dropped from 97% in June 2023 to a more 68% in 2024.
It was stock taking on efforts to return the economy to the path of recovery.
The Coordinating minister of the economy is the best man to brief on the state of the economy.
He said compared to the previous year, the economy performed better, and the indicators are the reduction in the debt to GDP ratio, achieving macroeconomic stability and the exit from ways and means borrowing within one year.
In the Half year brief, Mr. Wale Edun reported a significant growth in the non oil sector, the growth is already 30 percent above the target estimated in the 2024 budget.
But despite these flowery data indicating growth, President Tinubu’s administration still has a tall task of bringing down food inflation, and ensuring food and other basic commodities are available and affordable.
For the Oil and Gas sector, there is still more to do, the target is to ramp up daily production to 2 million barrels and generally improve the fiscal policy landscape.
There is also a target to double the tax to GDP ratio which is currently low.
In Mr. Wale Edun’s Mid Year sector report, he pointed out that the investment climate has improved, revenue is growing, and there are stronger efforts to ensure remmitances due to government are netted.
