Nigeria Needs $20 Billion Annually to Meet Economic Targets by 2027, Says Finance Minister Wale Edun

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has announced that Nigeria requires an annual investment of $20 billion to achieve the government's economic objectives by 2027. He made this statement during a citizens and stakeholders engagement session in Abuja, focusing on the implementation of presidential priorities and ministerial deliverables for the fourth quarter of 2024.

Edun emphasized that the additional funding is crucial for facilitating social infrastructure and enhancing logistics for agriculture, aiming for an average economic growth rate of 6.3 percent in the medium term. 

“To achieve this target and grow the economy, the government can only secure the funds from revenue,” he stated, highlighting the need for a robust tax revenue framework. Edun noted that increasing tax revenue is essential to meet the ambitious targets set by the government.

He also discussed the importance of controlling the fiscal deficit and maintaining a stable exchange rate to boost investor confidence. According to Edun, these measures will lead to increased business activity and, consequently, higher tax revenues.

“The deficit and exchange rate must be under control to encourage investors to do business in Nigeria,” he said.

In addition, Edun praised President Bola Tinubu’s "Renewed Hope" agenda as a significant success. Doris Uzoka-Anite, the Minister of State for Finance, noted that the federal ministry, along with its agencies, has engaged in quarterly performance evaluations. She highlighted that major revenue-generating agencies, including the Federal Inland Revenue Service (FIRS) and Nigeria Customs Service, have exceeded their targets, reflecting positively on overall performance.

Uzoka-Anite affirmed that all agencies under the ministry have shown commendable results, reinforcing the government's commitment to enhancing fiscal performance and economic growth.