The Senate Committee on Finance and the Coordinating Minister for the Economy, Mr. Wale Edun, expressed contrasting views yesterday regarding the state of Nigeria’s economy, following the Senate’s approval of a N38.3 billion 2025 budget for the Ministry of Finance.
While responding to questions from Senators, Minister Edun insisted that the economy was showing signs of improvement, despite the challenges Nigerians are facing.
He highlighted the growth of all 19 major subsectors, stating that the economy was heading in the right direction, even though more work was needed, especially in job creation.
“Overall, the 19 major subsectors are showing they’re all growing. They’re all moving in the right direction, which is a sign that the economy, despite areas that require urgent attention, is moving forward. Yes, we want those that are job-creating to do even better, but overall, the economy is faring much better,” Edun remarked.
However, Senate Committee Chairman Senator Sani Musa expressed skepticism about the claim of improvement, pointing out the high inflation rate and how it has been negatively affecting Nigerians. He questioned how the economic improvement painted by the Minister could be felt by ordinary citizens enduring tough living conditions.
“The Minister of Finance plays a fundamental role in shaping our nation’s economic policies and fiscal strategies. The impact of his actions resonates across all sectors, and as such, this burden must reflect goodness, accountability, and alignment with the priorities of the Nigerian people,” Senator Musa said, urging the need for realistic and measurable proposals from Ministries, Departments, and Agencies (MDAs).
In defense, Minister Edun acknowledged that inflation remained stubbornly high but stressed that the Central Bank was working diligently to tame inflation and reduce living costs. He also emphasized government efforts to increase food production, which would help address food inflation and improve availability and affordability.
“We are determined and inspired as a nation to bring the economy to a better place. The economy is growing, the deficit is shrinking, and the debt service ratio is improving. We are turning the corner,” Edun stated, optimistic about future economic prospects.
Senator Uzor Kalu, however, voiced doubt about the expected drop in inflation to 15%, advising the minister to adjust the projection to 23.5% to avoid disappointment if the target was not met.
The exchange underscores the ongoing tension between the government’s optimistic assessment of the economy and the challenges felt by ordinary Nigerians amidst inflation and high living costs.
