Nigeria’s Economy in Better Shape Than 2023, Says Finance Minister Wale Edun

In a recent interactive session with the House of Representatives, Nigeria’s Finance Minister, Wale Edun, expressed confidence in the current state of the nation’s economy, asserting that it is in better condition compared to 2023 when President Bola Tinubu assumed office.

Edun addressed lawmakers alongside key members of the Economic Team, including the governor of the Central Bank of Nigeria (CBN), Ayo Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), and Minister of Budget and Economic Planning, Abubakar Atiku Bagudu.

He highlighted several indicators showcasing progress.

Among the significant improvements cited by Edun is the rise in oil production, which has climbed to approximately 1.65 million barrels per day from a low of below one million barrels per day recorded last year.

He attributed this increase to ongoing efforts to combat oil theft in the Niger Delta region, underscoring its pivotal role in providing economic relief.

Edun also highlighted the international recognition of Nigeria’s economic policies, noting positive feedback received at global forums like the IMF, UNGA, and G20 meetings.

He credited President Tinubu’s government for implementing bold measures that have garnered respect and admiration worldwide.

Furthermore, Edun highlighted reductions in fuel consumption by about 20 million liters, facilitated by the removal of fuel subsidies and the crackdown on petrol smuggling.

He underscored ongoing efforts in agriculture and food production, which are expected to alleviate food inflation and contribute to overall economic stability.

Edun urged citizens to exercise patience and understanding, assuring them that the government’s strategies will yield favorable outcomes for the economy.