During his screening at the Senate for the ministerial position, Olawale Edun, a nominee of President Bola Ahmed Tinubu, outlined his plans to address Nigeria’s economic challenges. Edun emphasized the use of technology to block revenue leakages as a primary strategy.
Drawing from his experience as a former commissioner in Lagos state, Edun highlighted the success of technology in boosting revenue generation at the subnational level. He expressed a commitment to continue leveraging technology for efficient financial market operations and reliance on the private sector to drive the economy.
Regarding the current state of Nigeria’s economy, Edun acknowledged the impact of insecurity and inflation on production but noted recent improvements. He assured the Senate that measures such as subsidy removal and forex reforms have positioned the economy in a better state.
Edun further emphasized the importance of protecting the poorest and most vulnerable members of society during economic reforms. He pledged to work towards sustaining the positive economic trajectory and ensuring the continued improvement of the federal government’s fiscal situation.
”On the state of the economy, in the 1990s, the Gross Domestic Product of Nigeria was higher than that of China. The story is different today. The reason is that production is stale by insecurity and inflation; however, there is a recent turnaround. The more you block the holes, the better revenue saved.
”I assure you that there will be continued improvement in the federal government’s fiscal situation. The subsidy removal and forex reforms have put the economy in a better position. To ensure that the poorest, weakest are protected in the economy. What remains is for us to do what we can to sustain this process”, he said.
