Wale Edun: 2025 Budget Aims to Draw Private Investors
Wale Edun, the Coordinating Minister of the Economy and Minister of Finance, explained that the 2025 budget aims to attract private investors to boost Nigeria’s economy. He believes that President Bola Tinubu’s government can surpass the annual economic growth target of 4.6% and achieve 5.5% instead.
In an interview with Arise TV, Edun reassured that the ₦49.7 trillion budget will be well-funded. He pointed to $20 billion in savings from ending the petrol subsidy as a key source of funds to implement the budget effectively.
He emphasized that the budget isn’t just about meeting growth targets but also about encouraging private sector investment to grow the economy faster. According to Edun, Nigeria’s revenue is improving because President Tinubu has stopped the loss of billions from past inefficiencies, such as the petrol subsidy, freeing up funds to support the country’s development.
On concerns about borrowing, Edun said the government is focused on obtaining affordable and secure loans. He highlighted the confidence private investors have in Tinubu’s policies, shown by the government raising $9.1 billion in a single day through dollar bonds. This strong investor trust is seen as a sign of support for Nigeria’s economic reforms.
The budget also includes plans to involve the private sector more, whether through public-private partnerships, concessions, or adjusting equity in joint ventures. Edun explained that the government is committed to using concessional financing, such as low-interest loans from the World Bank, as the first option before turning to international capital markets.
He shared a recent success where Nigeria’s request for $2.2 billion in the open market was met with overwhelming support, raising $9.1 billion by the end of the day. This, Edun said, shows trust in the government’s economic reforms and strategies.
