Minister of Finance, Wale Edun
Nigeria Government’s revenue has risen to N6.9 trillion in the first quarter of 2025, marking a 40% increase from N5.2 trillion in the previous quarter.
Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, disclosed this during a Citizens and Stakeholders’ Engagement on implementing President Bola Tinubu’s priorities for the second quarter.
Edun attributed the revenue growth to increased transparency and openness in revenue collection and remittance, as well as recent adjustments, including those related to the exchange rate. “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.
The Minister reaffirmed the government’s commitment to fiscal discipline, noting that debt service to revenue ratio had dropped to 60% from a previous high of 150%.
“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.
Edun cited Shell’s recent $5.5 billion investment commitment in oil production as evidence of increased investor confidence due to policy stability.
“This third phase aims to drive investment in agriculture, manufacturing and services to boost productivity,” he said.
The Minister emphasized that the economy is moving in the right direction, with real GDP growth on a steady path. However, he noted that the ultimate target is to achieve sustainable GDP growth of about 7% annually, surpassing population growth and helping to lift millions of agriculture out of poverty. “Real GDP growth is on a steady path, but 3.4 or even 3.8 per cent is not the ultimate target,” he said.
Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, highlighted MOFI’s role in managing public wealth for optimal returns.
“We aim to generate revenue to support Nigeria’s budgetary needs and secure future generations,” he said.
