Nigeria’s Finance Minister, Wale Edun, has said that the revenue generated by the Nigerian Government in Q1 2025 stands at N6.9trn
According to the minister, the figure represents a 40 per cent year-on-year (Y-o-Y) increase over N5.2 trillion posted in the corresponding period of 2024.
Speaking at the citizens and stakeholders’ engagement session in Abuja, the minister attributed the 40 per cent rise in revenue, to the ongoing reforms, particularly in foreign exchange (FX) policy and improved fiscal governance, buoyed by enhanced deployment of technology and automation across Ministries, Departments, and Agencies (MDAs).
Edun assured that the government was determined to collect all the revenues due to it.
“Through improved transparency, automation, and plugging revenue leakages, we’ve moved from an annual revenue of about N12.5 trillion to over N20 trillion in 2024.
“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 N6.9 trillion was generated, and as I’ve said, risingm” he said.
He acknowledged that some revenue generating agencies and government-owned enterprises were not remitting in a timely manner, arising from auditing and reconciliation procedures, thereby limiting inflows.
“Institutions that are mandated to remit up to 80 per cent of their operating surpluses to the federal purse under the Fiscal Responsibility Act and the 2020 Finance Act often delay until audited figures are finalised,” he stated.
According to him, under the President Bola Tinubu administration, there is a stronger debt-related security to the position before.
He explained that debt service-to-revenue stood at 60 per cent at the end of 2024, far below the 150 per cent recorded in the first quarter (Q1) of 2023 when the former administration was in power, a situation which translated to debt servicing exceeding generated revenue.
He also admitted that oil revenue performance was below target due to below production benchmark and global price fluctuations.
“We’re not where we expected to be on oil output. Every effort is being made to raise production, but this has had an impact on short-term revenue projections and debt service funding,” he said.
GIK/APA