Nigeria unveils N50tn economic plan to battle poverty, drive growth
Abdullateef Fowewe
In a bold initiative, the Nigerian government through the Finance Minister, Wale Edun announced a comprehensive economic plan aimed at sustainable growth and poverty reduction, featuring a N50 trillion budget for 2025.
Delivering a comprehensive address during the citizen and stakeholders engagement session, held at the Ministry’s Auditorium, Abuja, Edun underlined President Bola Tinubu’s commitment to economic reform, targeting sustained, inclusive growth to lift millions of Nigerians out of poverty.
In a statement issued on Sunday, by the Ministery of Finance Director of Information and Public Relations, Mohammed Manga, the plan emphasises strategic investments in key sectors like energy and agriculture, alongside subsidy reforms that have stabilised the economy.
Manga wrote, “To achieve this goal, the government has implemented subsidy reforms, which have stabilized the macroeconomic environment, reducing the fiscal deficit to 4.4% and debt service-to-revenue ratio from 149% in 2023 to 67% ¹. Foreign reserves have also grown significantly, reaching $42 billion.
“The plan focuses on several key sectors, including Energy, Agriculture, Industry and Social Protection. Investments in compressed natural gas, LPG, and renewable energy are accelerating, while efforts to achieve food security include large-scale farming programs. Nigeria is also leveraging its digital economy, with startups dominating Africa’s unicorn landscape.”
Edun in the statement highlighted the need for $20 billion in annual investments to achieve targeted growth rates by 2027, reinforcing Tinubu’s commitment to lifting millions out of poverty through robust economic reforms and increased revenue generation efforts.
“Looking ahead, the government projects a ₦50 trillion budget for 2025, with ₦35 trillion in expected revenue, nearly doubling 2024 levels. Investment remains crucial, with a $20 billion target needed by 2027 to drive growth.
“With this comprehensive plan, Nigeria is poised to achieve sustainable growth and poverty reduction, improving the quality of life for all Nigerians,” the statement summed up.
