Wale Edun: Nigeria recorded N6.9trn revenue in Q1 2025

Wale Edun, the minister of finance and coordinating minister for the economy, says Nigeria recorded N6.9 trillion in revenue in the first quarter (Q1) of 2025.

Edun spoke on Monday at the citizens and stakeholders’ engagement on the implementation of President Bola Tinubu’s priorities for the second quarter (Q2) in Abuja.

He said the figure represents a 40 percent increase compared to the N5.2 trillion recorded in the same period last year.

The minister said 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,” Edun said.

Edun said the 40 percent increase was largely due to recent adjustments, including those related to the exchange rate.

He reaffirmed the government’s commitment to curbing financial leakages by leveraging automation and technology to enhance revenue generation.

Edun also said fiscal discipline has improved, with the debt service-to-revenue ratio reducing to 60 percent — “down from its previous high of 150 percent”.

“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 said.

He reiterated the government’s commitment to transparency, stressing the need for reliable fiscal data in ensuring accountability in public finance.

Edun said the government’s efforts to create an enabling environment have drawn significant investments into the 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,” the minister said.

Edun said such investments would stimulate economic growth, create employment opportunities, and contribute to poverty reduction nationwide.

He said the economy is showing clear signs of recovery and progress, with real gross domestic product (GDP) growth steadily improving.

However, the finance minister said reaching 3.4 or 3.8 percent GDP growth is not the ultimate goal.

The minister said the president’s goal is to achieve annual GDP growth of around 7 percent — a level that would surpass population growth and lift millions of Nigerians out of poverty.

‘ASSET UNDER MANAGEMENT NOW N38 TRILLION’

Also speaking, Armstrong Takang, chief executive officer (CEO) of the Ministry of Finance Incorporated (MOFI), said the agency is focused on generating revenue to support Nigeria’s budget and secure future generations.

Represented by Tajudeen Ahmed, a director at MOFI, Takang revealed that assets under management have grown to N38 trillion, based on reviews conducted on only 20 company accounts so far.

He said the figure is expected to rise significantly “as we complete reviews of all portfolio companies”.