Nigeria’s Finance and Coordinating Minister of the Economy, Wale Edun, announced that the Federal Government’s revenue for the first half of 2024 has exceeded budgetary targets.
At a press briefing in Abuja, Edun highlighted the significant achievements in revenue generation, with aggregate federal revenue more than doubling compared to the same period in 2023. This growth is attributed to robust fiscal management and efforts to diversify revenue sources beyond oil.
Despite these successes, Edun addressed the delay in implementing the Supreme Court’s decision to grant financial autonomy to Local Governments. The ruling, made on July 11, 2024, has yet to be fully reviewed by the Attorney-General of the Federation.
The direct disbursement of funds to Local Governments will begin after a committee, including representatives from federal, state, and local governments, examines the ruling’s practicability.
Edun noted a 30 percent increase in non-oil revenue and a substantial rise in Foreign Direct Investment and portfolio investments.
Edun reiterated the government’s focus on supporting sectors such as agriculture, manufacturing, and infrastructure development through public-private partnerships, aiming to ensure inclusive growth and deliver tangible benefits to all Nigerians.
(Arise)