The Federal Government has pledged to intensify efforts on revenue diversification and efficient resource management in response to declining global oil prices, Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, has said.
Speaking at an investor roundtable during the ongoing IMF/World Bank Spring Meetings in Washington D.C., Mr. Edun said recent reforms by the Tinubu administration have placed Nigeria in a stronger position to weather global economic uncertainties.
He was joined by key officials including the Senate Finance Committee Chairman, Senator Mohammed Sani Musa; House Deputy Finance Committee Chairman, Hon. Saidu Musa Abdullahi; CBN Governor, Mr. Olayemi Cardoso; Permanent Secretary, Finance Ministry, Mrs. Lydia Shehu Jafiya; and DMO Director General, Ms. Patience Oniha.
The Minister outlined the Federal Government’s strategy, to include prioritizing expenditure to focus on infrastructure and social needs, boosting non-oil revenues and exports, partnering with the private sector to optimize public assets, maintaining fiscal discipline and statutory obligations and increasing oil production to improve earnings
With Nigeria’s benchmark crude oil trading below the $75 per barrel target set in the 2025 budget, Mr. Edun reaffirmed that core national priorities—such as roads, electricity, and food security—will remain fully funded.
Director, Information and Public Relations, Mohammed Manga, in a statement quoted Edu to have said,
“Our economy is steadily reducing its reliance on oil. We’re finalizing critical tax reforms and creating a business-friendly environment to attract investment, drive growth, and raise revenue,” Edun stated.
He added that with strategic planning and strong leadership, Nigeria is well positioned to navigate current challenges and build a more resilient, inclusive economy.