Nigeria is witnessing stronger revenues and renewed investor confidence, according to Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
Speaking in Abuja on Monday at the opening of the annual conference and general assembly of the West Africa Association of Public Accounts Committees (WAAPAC), Edun said the country’s economic trajectory reflects the impact of recent reforms and the government’s commitment to enabling private sector-led growth.
“Our goal is not to crowd out private enterprise, but to remove distortions, unlock opportunities, and create the right conditions for investment and job creation,” he said.
Edun explained that the Federal Government sees its role as that of an enabler, policymaker, lawmaker, and catalyst. He stressed that Nigeria’s economic vision is anchored on building a strong, resilient, and inclusive economy.
According to him, President Bola Tinubu has dismantled age-long distortions that were “bedevilling” the economy and stunting its potential. He noted that the removal of fuel subsidies and the liberalisation of the exchange rate—though difficult—were necessary measures already yielding positive results.
“Following the removal of the major distortions, the next step was macroeconomic stability—creating a predictable environment where private investment can thrive at scale and drive productivity,” Edun said. “The second was strategic public investments. Before private sector inflows can come in, the key pillars must be in place—financing, fiscal buffers, and public funding for high-impact investments in education, health, infrastructure, agriculture, and technology.”
He highlighted the government’s priorities as including debt transparency, growth-oriented borrowing, domestic revenue mobilisation, and coordinated debt treatment. “The Nigerian economy is turning the corner,” he asserted. “Reforms are delivering measurable impact—in investor confidence, in reduced fuel import costs, greater energy self-sufficiency, and in value addition.”
Edun also disclosed that states and local governments have seen substantial increases in allocations following subsidy removal, while the federal debt service-to-revenue ratio dropped to about 60 percent in 2024. Although this figure spiked slightly in early 2025 due to new borrowing needs, he said government remains committed to lowering debt service levels.
Nigeria’s debt-to-GDP ratio, he added, is at a comfortable 38.8 percent, helped by a recent rebasing of GDP by the National Bureau of Statistics (NBS).
“We are at a turning point,” the minister said. “Revenues are rising, investment inflows are growing, foreign exchange inflows have strengthened, and the exchange rate has stabilised. This is laying a stronger foundation for inclusive growth. In particular, the manufacturing sector stands to benefit from a competitive exchange rate.”
While acknowledging positive trends, Edun admitted that Nigeria still faces high debt levels and elevated debt servicing costs, similar to other economies. He noted that interest rates—rising from about 8 percent in 2023 to nearly 20 percent in 2025—reflect the challenge of maintaining monetary stability.
“Despite these higher rates, government is committed to meeting its debt obligations. As inflation eases, we expect interest rates to fall,” he said.
Edun underscored the need to preserve social safety nets, maintain prudent and realistic budgeting, strengthen transparency, and ensure rigorous parliamentary oversight. “We must take decisive actions to deepen fiscal discipline and ensure public resources deliver measurable value and fit-for-purpose services to our people,” he added.
Also speaking, Shaakaa Chira, Auditor-General of the Federation, said Nigeria’s annual audit report provides parliament with credible evidence to strengthen accountability and oversight. He stressed that debt challenges are a regional issue across West Africa, describing WAAPAC as a vital platform for peer learning and reforms.
Chira reaffirmed his office’s commitment to delivering credible audits that promote transparency, accountability, and sustainable development across the subregion.