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Breaking News: Nigeria’s Economy Records High Growth — Edun Idowu
ABUJA — Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said that the nation’s economy is witnessing a progressive growth.
Edun said that the Nigerian Gross Domestic Product, GDP, grew by 4.23 per cent in the 2Q of 2025, noting that it was the highest quarterly figure in a decade aside the post covid era.
This came as President Bola Tinubu swore-in two Ministers from Enugu and Plateau states.
The two ministers who took the oath of office at the Council Chamber, Presidential Villa, Abuja, are Dr. Kingsley Udeh, SAN, from Enugu State and Dr. Bernard Doro from Plateau State.
The Senate had earlier in the day confirmed Udeh, as a Minister of the Federal Republic of Nigeria.
Udeh, who until his nomination was the Attorney General and Commissioner for Justice in Enugu state, replaced Chief Uche Nnaji, the immediate past Minister of Innovation, Science and Technology, who resigned his appointment over the alleged forged certificate, while Doro replaced Prof. Nentawe Yilwatda, the current national Chairman of the All Progressives Congress, APC.
The brief exercise was preceded by the Federal Executive Council, FEC, meeting presided over by President Tinubu.
Responding to the presentation made by the Minister of Finance and Coordinating Minister of the economy over the steady growth of the economy, President Tinubu said: “The most important thing is the fact that despite the political headwind and the fear of our people, we will continue to engage with our partners. The success of the 2.3 billion bond over subscribed is the most at this stage.
“The task ahead is immense but we are resolved to move forward with unity and purpose, guided by renewed hope, agenda to build a prosperous, inclusive and resilient Nigeria.”
Tinubu said the Eurobond’s oversubscription, despite political anxieties, underlined global faith in Nigeria’s fundamentals.
“Despite the political headwinds and fears, our partners have continued to engage with confidence,” he said.
Tinubu’s remarks came after an economic briefing by Mr. Edun, who reported that the administration’s reform agenda continues to stimulate investor confidence and deliver notable economic gains.
Edun, who expressed gratitude to the President and cabinet members for their support during his recent illness, said the ongoing reforms, though challenging, are driven by a clear objective to build a competitive economy that creates jobs and lifts millions out of poverty.
According to him, Nigeria’s GDP grew by 4.23 percent in Q2 2025, the strongest expansion in a decade outside the post-COVID-19 rebound.
He said 13 sectors expanded by more than 7 percent, up from nine in the previous quarter, evidence of broad-based resilience.
The industrial sector, Edun added, nearly doubled its growth from 3.72 percent to 7.45 percent, reflecting rising productivity and renewed investor interest.
He reported that inflation declined to 18 percent last December, while foreign reserves exceeded $43 billion and the trade surplus climbed to N7.4 trillion, signalling strengthened external buffers.
Edun noted that new consumer-spending data showed Nigerians now spend about half of their income on basic needs, compared with nearly 90 percent previously, indicating a gradual transition from subsistence to improved living standards and enhanced productivity.
He described Nigeria’s recent removal from the Financial Action Task Force, FATF, grey list as a major confidence boost for the financial sector, noting that global institutions, including the IMF and World Bank, had acknowledged the country’s reform momentum through upgraded growth projections and improved credit ratings.
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Ogun State Government Announces Pension, Gratuity Backlog Clearance Between 2012 and 2020
The Ogun State Government has announced the clearance of pension and gratuity arrears owed to workers who retired between 2012 and 2020, reaffirming its commitment to the welfare of retirees.
The Economic Adviser and Commissioner for Finance, Dapo Okubadejo, disclosed this on Tuesday during a media parley organised by the Ogun State Ministry of Budget and Planning.
Okubadejo explained that the backlog was linked to the Defined Benefits Scheme, under which retirees receive monthly pension payments, stressing that the present administration of Governor Dapo Abiodun has not defaulted on pension obligations since assuming office.
“Since the inception of this administration, we have not missed a single month of pension payment. What we inherited were arrears tied to the Defined Benefits Scheme,” he said.
According to him, annual pension payments rose from ₦6.7 billion in 2019 to ₦20 billion in 2025, with projections showing a possible increase to ₦40 billion by 2029.
He disclosed that the state had so far paid ₦23.3 billion in gratuities covering retirees from 2012 to 2020, alongside ₦32.8 billion in outstanding gratuities for local government retirees inherited by the administration.
Okubadejo added that between 2019 and July 2, 2025, the state disbursed ₦93.26 billion in pensions under the Defined Benefits Scheme and ₦94.78 billion to local government pensioners.
He assured that the remaining backlog would be cleared as Internally Generated Revenue (IGR) continues to improve, noting that over 300 workers who retired in July 2025 are currently receiving six-month palliatives pending the completion of their pension documentation.
The commissioner also described the newly approved Additional Pension Benefits (APB) as the first of its kind in Nigeria, adding that amendments to the state’s pension law would be pursued to formally integrate the scheme.
On the state’s fiscal outlook, Okubadejo revealed that the 2026 budget increased from ₦1.054 trillion in 2025 to ₦1.668 trillion, while Ogun’s economy expanded from ₦3.5 trillion in 2019 to ₦18.96 trillion in 2026.
He added that IGR grew from ₦50 billion in 2019 to ₦240 billion in 2025, with projections of ₦512 billion this year.
Also speaking, the Commissioner for Budget and Planning, Olaolu Olabimtan, said the 2026 budget reflects strong fiscal reforms, noting an 85 per cent budget execution rate in 2024 and sustained financial stability.
Other commissioners highlighted sectoral achievements, including massive road construction, increased healthcare funding, rail extension plans, education support programmes, and expanded housing projects across the state.
African Democratic Congress, ADC, chieftain, Peter Obi, has urged Nigerians to focus on the country’s future and vote for a change in leadership.
Obi spoke at a meeting with Hausa/Fulani chiefs in Abuja on Wednesday.
“We have to talk about the future of our country. All of you know what is happening to our country today. That’s why we are campaigning that you vote out this government,” he said.
He described the situation in Nigeria as dire, citing insecurity, hunger and hardship.
“today we have insecurity across Nigeria. We have hunger across Nigeria. We are suffering across Nigeria. The only thing that is working in Nigeria today is bad news. Every morning you wake up is bad news,” Obi stated.
The former Labour Party presidential candidate said a new administration would prioritize social services.
“We’re urging you to vote for a change and bring a new Nigeria, where our children will be in school. Our hospitals will work,” he added.
Obi also questioned government spending priorities, particularly in the health sector.
“today, if you’re sick in Nigeria you’re praying to Almighty God because we’re now in a country where our president spends 360 billion to buy and refit his plane and spends 36 million in capital vote for the Ministry of Health. There’s nothing working,” he said.
He appealed to Nigerians to use their votes to usher in what he described as a “new Nigeria” focused on improving citizens’ welfare and restoring key public services.
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