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.
Edun made this known on Monday during the Citizens and Stakeholders’ Engagement on implementing President Bola Tinubu’s priorities for the second quarter, held in Abuja.
He stated that the figure was higher than the N5.2 trillion recorded in the previous quarter, marking a 40 per cent increase.
According to him, increased transparency and openness in revenue collection and remittance contributed significantly to the improved 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.
He explained that the 40 per cent increase was largely due to recent adjustments, including those related to the exchange rate.
The Minister reaffirmed the government’s resolve to block financial leakages and use automation and technology to boost revenue collection.
He noted that fiscal discipline had improved, with debt service to revenue ratio dropping to 60 per cent from a previous high of 150 per cent.
“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 stressed government’s commitment to transparency, particularly in ensuring consistency of fiscal data across official platforms.
“If you check the Accountant-General’s website, figures may differ in presentation but align with Budget Office data when reviewed,” Edun said.
He emphasised the importance of data integrity, saying credible fiscal figures are critical to accountability in public finance.
Edun said that the enabling environment created by the government had attracted major investments into Nigeria’s economy.
He cited Shell’s recent $5.5 billion investment commitment in oil production, noting increased investor confidence due to policy stability.
“This third phase aims to drive investment in agriculture, manufacturing and services to boost productivity,” he said.
He added that such investment would help grow the economy, generate jobs, and ultimately reduce poverty across the country.
According to him, the economy is now moving in the right direction, with clear signs of positive change.
“Real GDP growth is on a steady path, but 3.4 or even 3.8 per cent is not the ultimate target,” he said.
He stressed that the President’s goal is to achieve sustainable GDP growth of about seven per cent annually.
Such growth, he said, would surpass population growth and help lift millions of Nigerians out of poverty.
The Minister also emphasised the importance of curbing inflation, stating: “We are on the right trajectory.”
Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said MOFI manages public wealth for optimal returns.
Represented by Director Tajudeen Ahmed, he said MOFI aims to generate revenue to support Nigeria’s budgetary needs and secure future generations.
He revealed that assets under management had risen to N38 trillion from just 20 company accounts reviewed so far.
“We expect the figure to rise significantly as we complete reviews of all portfolio companies,” he said.
Takang outlined MOFI’s three key pillars, starting with enhanced visibility of federal government assets and their respective values.
The second pillar is professionalising portfolio companies to ensure proper management and increased value creation.
“Many of these companies are poorly managed. We must improve their governance and performance,” he noted.
The third pillar involves capital mobilisation, attracting investors with guarantees and de-risked opportunities in Nigeria.
“Investors are assured of good returns on their investments in Nigeria,” Takang said.
He also announced the creation of a National Asset Register accessible on the Finance Ministry and MOFI websites.
“This register will detail asset values, locations, and ownership – a major milestone for transparency,” he said.
Takang added that significant progress had been made in building the online asset register.
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