The Federal Government recorded a total revenue of ₦6.9 trillion in the first quarter of 2025, marking a 40% increase from ₦5.2 trillion in the previous quarter, according to the Minister of Finance and Coordinating Minister for the Economy, Wale Edun.
Edun disclosed this on Monday during the Citizens and Stakeholders’ Engagement event in Abuja, which focused on implementing President Bola Tinubu’s economic priorities for Q2.
He attributed the surge in revenue to improved transparency, automation, and recent policy reforms—particularly those linked to exchange rate adjustments and technology-driven collection systems. “This increase reflects our commitment to fiscal discipline and closing leakages,” Edun stated.
Fiscal Sustainability Improving
The Minister noted a significant improvement in fiscal health, with the debt service-to-revenue ratio falling from 150% to around 60% by the end of 2024. He also confirmed that the government has not resorted to Ways and Means financing, signalling stronger macroeconomic stability.
Edun stressed the importance of data integrity, assuring the public of consistent reporting between the Budget Office and the Accountant-General’s Office, despite differences in data presentation formats.
Investment and Economic Outlook
Highlighting rising investor confidence, Edun cited Shell’s $5.5 billion commitment to Nigeria’s oil sector as a major win for government policy direction. He said the third phase of the administration’s economic reform focuses on attracting investment in agriculture, manufacturing, and services to drive job creation and reduce poverty.
“The economy is on the right track,” Edun said. “But while GDP growth of 3.4–3.8% is positive, our target is a sustainable 7% annual growth rate—enough to outpace population growth and lift millions out of poverty.”
Also speaking at the event, Dr. Armstrong Takang, CEO of the Ministry of Finance Incorporated (MOFI), revealed that assets under management had climbed to ₦38 trillion, up from a partial review of just 20 government-owned companies.
Represented by Director Tajudeen Ahmed, Takang outlined MOFI’s three-pillar strategy:
- Asset Visibility – Creating a full inventory of federal assets.
- Professionalisation of SOEs – Enhancing governance and efficiency.
- Capital Mobilisation – Attracting investors through de-risked opportunities.
Takang also announced the development of a National Asset Register, accessible via the MOFI and Finance Ministry websites, which will provide comprehensive data on asset values, locations, and ownership—marking a major milestone in public sector transparency.
