The Federal Government has said it recorded N6.9 trillion in revenue as at the end of April this year, representing a 40 per cent increase from N5.2 trillion in the same period last year.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this on Monday in Abuja during the Q2 2025 Citizens and Stakeholders’ Engagement Session on fiscal performance and reform outlook.
Edun added that with rising revenue, the percentage of debt servicing/revenue was getting better.
He stated: “We have it (revenue) at just under N7 trillion, at N6.9 trillion, and that is up from the same period last year, which was just at N5.2 trillion. It’s basically a 40% increase in revenue.
“And that has been done, as we have said, by some of the adjustments that have happened in terms of the exchange rate.
“But also importantly, the commitment to blocking loopholes and leakages, and applying automation and technology to the collection of revenue on behalf of the government and ensuring that government revenue that is in various hands, which according to the law, should be brought into the federal purse, ensuring through revenue assurance mechanisms that money is collected.
“But there is the commitment to diligently go after all that should be brought in. So by April, about N7 trillion, and as I’ve said, rising in terms of debt service to revenue.
“And you can see that in an environment of rising revenue, all other things being equal, your debt service becomes more and more comfortable.
“In Q1’23, before President Ahmed Bola Tinubu took over, the figure was 150 percent of revenue. So you’re paying more in debt service than you were in revenue that was earned.
“And as it is now, there’s no resorting to ways and means. So the debt service to revenue figure was down to about 60 percent by the end of 2024.
“What is important to say is that there is a commitment to transparency, to integrity, and in particular, to having data, fiscal data that is consistent. It’s important that our figures have integrity”.
According to the minister, the recent upgrade by various rating agencies represented a vote of confidence in the management of the Nigerian economy.
At 3.4 percent Gross Domestic Growth (GDP) growth rate, the minister said that the economy was on a positive trajectory.
Edun also disclosed that there has been a 40 percent growth in electricity output in the country adding that the mass metering programme of the federal government would further boost power access to more Nigerians.
“And as more meters are made available, there will be the opportunity to help those who really need it at certain minimal levels, while providing even better service to others which they will pay for. So there is a 40% increase in electricity output.
“A major metering initiative that will allow greater flexibility and better pricing within the electricity sector is coming,” Edun stated.
“In addition to that, we must also say that there is a big push for distributed renewable energy. There’s a huge Mission 300 project by the World Bank and the African Development Bank to provide funding to provide electricity access to 300 million people in Africa.
“The Funding for provision of electricity to 300 million Africans by the year 2030, a big part of that will come to Nigeria for the provision of electricity to Nigerians.” He added.
The finance minister further stated that following the federal government’s reforms, Foreign Direct Investments, FDIs, were now flowing into the country.
He stated: “The result is that the money is flowing in. Tomorrow, I’m aware, a delegation from Brazil is coming to talk about a multi-billion-dollar investment in the livestock industry.
“So it is becoming a narrative that Nigeria is a place to head for investment.
“Agriculture, oil and gas, infrastructure, rail, ports, toll roads, and that’s the way that you get momentum in an economy that takes you away from low-level growth to the kind of rapid, sustainable, and inclusive growth that we are seeking.”
