The Federal Government has disclosed that its well-laid economic foundation to foster rapid, sustained, and inclusive growth has ramped up its revenue generation to about ₦6.9 trillion by the end of April 2025.
The figure represents a 40 per cent increase in revenue to government coffers for the period under review, compared to ₦5.2 trillion generated in the same period last year.
This was disclosed on Monday by Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, at the Citizens and Stakeholders’ Engagement session in Abuja.
“In the first quarter of this year, when we even take April into account—the first four months—we do have a substantial increase in revenue, and that effort continues. There is a commitment to diligently go after all that should be brought in. So, by the end of April, about ₦6.9 trillion was generated, and as I’ve said, rising,” Edun said.
He pointed out that the feat was achieved through the use of technology and the blocking of leakages, and added, “On the fiscal side as well, with the effort to apply technology, block loopholes, stem leakages, we have had in 2024 a huge increase in revenue from just above 12 per cent, ₦12.5 trillion to ₦20 trillion, virtually ₦21 trillion.”
Edun highlighted that debt service to revenue stood at 60 per cent by the end of 2024, far below the 150 per cent that it was in the first quarter (Q1) of 2023 before President Tinubu assumed office, noting that it will keep going down as revenue continues to increase.
He noted that the third phase of the government’s economic plan is to increase investment in production to reduce the multidimensional poverty bedevilling the country, stressing that several macroeconomic indices are on the right trajectory.
The Minister of Finance highlighted that Shell Oil Company has indicated interest to invest $5.5 billion in oil production in the country, despite concerns in some quarters that the company was divesting from Nigeria.
In his presentation, the Managing Director and CEO of MOFI (Ministry of Finance Incorporated), Dr Armstrong Ume Takang, who was represented by Alhaji Tajudeen Ahmed, said 20 portfolio companies’ assets under management captured in the asset register are valued at ₦38 trillion.
Dr Takang was optimistic that MOFI would meet the ₦100 trillion target President Tinubu has set for the organisation over the next 10 years.
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