FG realises N6.9trn revenue in 4 monthsa – Finance minister

The federal government says it has ramped up N6.9 trillion in revenue between January and April 2025, showing a 40 per cent year-on-year growth compared to N5.2 trillion during the same period in 2024. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this on Monday in Abuja during the Q2 2025 […]

The federal government says it has ramped up N6.9 trillion in revenue between January and April 2025, showing a 40 per cent year-on-year growth compared to N5.2 trillion during the same period in 2024.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this on Monday in Abuja during the Q2 2025 Citizens and Stakeholders’ Engagement Session briefing on the fiscal performance and reform outlook of the current administration.

Edun said the revenue growth is attributable to ongoing reforms, particularly in foreign exchange policy and fiscal governance, as well as the deployment of technology and automation to enhance revenue collection across Ministries, Departments, and Agencies (MDAs).

“Through improved transparency, automation, and plugging revenue leakages, we’ve moved from an annual revenue of about N12.5 trillion to over N20 trillion in 2024,” Edun stated.

• PAL Pensions hits over N1trn in AUM, marks two decades
• Avoid military, gov’t facilities in Abuja: U.S. tells citizens

He added that the government remains focused on ensuring all revenues due to the federation are collected and properly accounted for, through revenue assurance mechanisms and stricter compliance monitoring.

Speaking further, Edun acknowledged that oil revenue performance remains below target due to underwhelming crude oil production and global price fluctuations.

“We’re not where we expected to be on oil output which is at 1.2mpd. However, every effort is being made to raise production, but this has had an impact on short-term revenue projections and debt service funding,” he said.

Nonetheless, Edun believes long-term gains from Nigeria’s return to value-added exports and industrialisation will strengthen the economy.

He referenced the country’s growing domestic refining capacity, led by the 650,000 barrels per day Dangote Refinery and other modular refineries, which collectively provide up to 1.2 million barrels per day in capacity.

“This reduces raw exports, creates jobs, and boosts foreign exchange earnings by exporting refined petroleum products and supplying domestic industries with inputs,” he said.