The federal government has generated a total revenue of N6.9 trillion between January and April 2025, marking a significant boost in its fiscal position, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
The minister disclosed that in 2024 alone, the federal government recorded the sum of N20 trillion in revenue.
Edun made the disclosure on Monday during a Citizens’ and Stakeholders’ Engagement Forum held in Abuja, where he outlined key economic indicators pointing to improved revenue mobilisation and enhanced fiscal discipline by the present administration.
According to the minister, the N6.9 trillion haul in the first four months of the year reflects the federal government’s intensified efforts to block leakages and deploy automation and technology in revenue collection.
“On the fiscal side, with the effort to apply automation, technology, and block leakages, we have seen a huge increase in revenue — from just above 12 per cent, that is N12.5 trillion, to virtually N21 trillion in 2024,” Edun said.
The minister added that Nigeria is now in a stronger debt service to revenue position due to improved revenue and transparency. He stated that the country’s debt service-to-revenue ratio, a critical metric used to assess fiscal health, would improve substantially as a result of ongoing reforms and rising revenues.
“So, the debt service to revenue will come to around 60 per cent by the end of 2024. It may have risen slightly in the first quarter, but as revenue kicks in, debt service will go down,” he stated.
The minister emphasised the government’s commitment to transparency, consistent financial data, and fiscal integrity, which he said were key to gaining the trust of investors, corporate partners, and international rating agencies.
In addition to fiscal updates, Edun revealed that the federal government had made strides in infrastructure and economic support for small businesses.
He said the Transmission Company of Nigeria (TCN) had boosted the national grid by 700 megawatts (MW) through the acquisition of 70 new transformers, while N73.81 billion has so far been disbursed to Micro, Small and Medium Enterprises (MSMEs) under the N75 billion MSME support fund.
Also speaking at the forum, the managing director of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, said Nigeria would need N60 trillion to close the country’s housing deficit, which experts estimate at over 21 million housing units.
Represented by Tajudeen Ahmed, an Executive Director at MOFI, Takang disclosed that over 100,000 housing units have so far been provided through MOFI-supported interventions.
He added that MOFI’s current asset portfolio, comprising 20 key companies, is valued at N38 trillion, with a long-term target of N100 trillion in asset value over the next decade.
The forum served as a platform to highlight the government’s fiscal progress and rally public support around its economic reform agenda, which includes driving investment, improving public finance, and addressing critical national deficits across infrastructure and housing.
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