The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, said Federal Government revenue rose to N6.9 trillion in the first quarter.
Speaking on Monday at the Citizens and Stakeholders’ Engagement in Abuja, which focused on delivering President Bola Tinubu’s second-quarter priorities, Mr. Edun noted that this new revenue figure is a strong improvement from the N5.2 trillion recorded in the same period last year.
This marks a 40% increase, driven by better systems, policies, and reforms.
According to the minister, one of the biggest reasons for this revenue rise is the increased transparency in how money is collected and sent into government accounts.
He explained that adjustments made in the exchange rate also helped push up earnings. “In the first quarter of 2025, we realised N6.9 trillion, which is up from N5.2 trillion in the same period last year,” he said.
Mr. Edun said the government is working hard to close financial leakages and boost income by using more technology and automation. He noted that financial discipline has improved, pointing out that the debt service to revenue ratio has dropped from 150% to 60%.
“As of now, there is no resort to ways and means. Debt service to revenue stands at around 60 per cent by end of 2024,” he added.
He also noted that data from different government platforms are becoming more consistent. He said while figures may appear different on various websites, like that of the Accountant-General, they align with data from the Budget Office once reviewed.
“If you check the Accountant-General’s website, figures may differ in presentation but align with Budget Office data when reviewed,” Edun said.
Mr. Edun said the government’s efforts to build investor trust are paying off. He cited Shell’s recent commitment of $5.5 billion to Nigeria’s oil sector as a clear example of renewed investor confidence.
“This third phase aims to drive investment in agriculture, manufacturing and services to boost productivity,” he said. He added that such investment will lead to more job creation and help reduce poverty across the nation.
The Finance Minister also spoke about economic growth, saying Nigeria is on the right path.
“Real GDP growth is on a steady path, but 3.4 or even 3.8 per cent is not the ultimate target,” he said. The aim is to push for at least 7% growth per year so that it outpaces population growth and helps lift millions out of poverty.
He further noted the need to bring inflation under control and added that the country is moving in the right direction in that regard too.
Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated (MOFI), also spoke at the event. Represented by Director Tajudeen Ahmed, he said MOFI’s mission is to grow public wealth and support national budgets. He announced that assets under management have risen to N38 trillion from only 20 companies reviewed so far.
“We expect the figure to rise significantly as we complete reviews of all portfolio companies,” he said.
Dr. Takang noted three key steps MOFI is taking. The first is to make federal government assets more visible and valued correctly. The second is to make the companies better managed. “Many of these companies are poorly managed. We must improve their governance and performance,” he noted.
The third step is attracting investment. MOFI wants to bring in investors by lowering risks and promising good returns. “Investors are assured of good returns on their investments in Nigeria,” he said.
He also shared that a new National Asset Register is being built, which will be available online. “This register will detail asset values, locations, and ownership – a major milestone for transparency,” he said.
