The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has announced that Federal Government revenue surged to N6.9 trillion in the first quarter of 2025, marking a significant 40 per cent increase from the N5.2 trillion recorded in the same period last year.
Speaking on Monday at the Citizens and Stakeholders’ Engagement forum in Abuja focused on implementing President Bola Tinubu’s second quarter priorities, Edun attributed the revenue boost to enhanced transparency in collection and recent policy adjustments.
“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 revealed, highlighting improved fiscal discipline that has reduced the debt service-to-revenue ratio from 150% to 60%.
“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,” the Minister added, emphasizing the government’s commitment to blocking financial leakages through automation and technology.
Edun assured Nigerians of data integrity across government platforms, stating: “If you check the Accountant-General’s website, figures may differ in presentation but align with Budget Office data when reviewed.” He stressed that credible fiscal reporting remains crucial for public accountability.
The Minister cited Shell’s recent $5.5 billion investment commitment as evidence of growing investor confidence, noting that policy stability is attracting major capital inflows.
“This third phase aims to drive investment in agriculture, manufacturing and services to boost productivity,” he said, projecting these investments would create jobs and reduce poverty.
While acknowledging current GDP growth of 3.4-3.8 per cent, Edun revealed “the President’s goal is to achieve sustainable GDP growth of about seven per cent annually” to outpace population growth and significantly reduce poverty levels.
On inflation control, the Minister maintained that “We are on the right trajectory,” expressing optimism about the economy’s direction.
Representing the Ministry of Finance Incorporated, Director Tajudeen Ahmed disclosed that the agency now oversees N38 trillion in federal assets, with this figure expected to rise as more portfolio companies are reviewed.
“We expect the figure to rise significantly as we complete reviews of all portfolio companies,” Ahmed stated, outlining MOFI’s three-pillar strategy: enhanced asset visibility, professionalization of portfolio companies, and capital mobilization.
The CEO emphasized the need for improved governance, noting “Many of these companies are poorly managed. We must improve their governance and performance.” He also announced the creation of a National Asset Register accessible online, calling it “a major milestone for transparency” that will detail asset values, locations and ownership.
Takang assured investors of “good returns on their investments in Nigeria,” highlighting efforts to de-risk opportunities and attract capital for national development.
