Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has disclosed that the nation’s revenue surged to N6.9 trillion in the first quarter of 2025, citing transparency in collection and remittance as key drivers of the growth.
Speaking on Monday in Abuja during the Citizens and Stakeholders’ Engagement on the implementation of President Bola Tinubu’s second-quarter priorities, Edun described the revenue uptick as a strong indicator of progress in fiscal reforms.
“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 stated, marking a 32.7% year-on-year increase.
According to Edun, the substantial rise in revenue is linked to improved openness in fiscal operations as well as recent economic adjustments, including those related to the exchange rate.
Fiscal Prudence and Institutional Reforms
The Minister underlined the administration’s commitment to blocking financial leakages and deploying technology and automation to enhance revenue collection efficiency.
He revealed that fiscal discipline has significantly improved, with the debt service-to-revenue ratio declining from a worrisome 150% to 60% by the end of 2024.
“As of now, there is no resort to ways and means. Debt service to revenue stands at around 60% by end of 2024,” Edun affirmed.
He also emphasized the importance of data integrity in public finance, noting the government’s efforts to align fiscal statistics across official platforms.
“If you check the Accountant-General’s website, figures may differ in presentation but align with Budget Office data when reviewed,” he explained.
Investment Climate and Economic Outlook
Edun credited ongoing policy reforms and macroeconomic stability for renewed investor confidence. He cited Shell’s recent $5.5 billion investment commitment in Nigeria’s oil production sector as a testament to the country’s improved economic environment.
“This third phase aims to drive investment in agriculture, manufacturing, and services to boost productivity,” he added.
The Minister emphasized that such strategic investments will be instrumental in driving economic expansion, creating jobs, and reducing poverty.
Real GDP growth is showing encouraging signs
On economic performance, Edun acknowledged that while Real GDP growth is showing encouraging signs, there is still work to be done.
“Real GDP growth is on a steady path, but 3.4% or even 3.8% is not the ultimate target,” he said, reaffirming President Tinubu’s vision of achieving sustainable annual GDP growth of around 7%.
Such a trajectory, Edun argued, would not only outpace population growth but also help lift millions of Nigerians out of poverty.
He concluded with an optimistic outlook, reaffirming the administration’s focus on taming inflation and strengthening macroeconomic stability.
