Edun Seeks Fiscal Reforms, Others to Sustain Stability

Tinubu, at the inauguration of the administration in May 2023, announced the withdrawal of the age-old oil subsidy and the unification of the foreign exchange rate. The two reforms which have defined his administration, and until lately, the tax reform, have changed the course of Nigeria’s economy, drawing commendation from all.

Edun, who reaffirmed Nigeria’s commitment to bold reforms that are restoring stability, strengthening investor confidence, and laying the foundation for inclusive growth at the ongoing 31st Nigerian Economic Summit in Abuja, however sounded the urgency to widen the base to fund critical infrastructure and social programmes especially as tax revenues is just 13 per cent of GDP compared to 50–60 per cent in peer economies.

He said the country is at a pivotal moment where decisive action will determine its economic future, pointing to significant progress already achieved, including the stabilisation of the naira, improved foreign exchange management, higher federal allocations, and early signs of easing inflation.

On social investments, the Minister announced that the Direct Benefit Transfer Scheme has already reached over 8 million Nigerians, with a target of 15 million households by year-end. Every beneficiary, he added, is biometrically identified and digitally paid, to ensure transparency and impact.

Reiterating the central role of private enterprise, he noted that reforms are creating a more competitive climate for investment in energy, agriculture, transport, and digital infrastructure. *Nigeria’s demographic advantage means our youth will form a major part of the global workforce by 2050″, Edun said. *Our task is to equip them to seize that opportunity, * he added further

The Minister underscored President Bola Ahmed Tinubu’s commitment to policies that deliver fiscal stability, attract investment, and ensure prosperity is broadly shared.