Nigeria’s Economic Reforms Boost FG Revenue to N6.9 Trillion in Four Months – Finance Minister Edun
Nigeria’s Federal Government generated N6.9 trillion in revenue between January and April 2025, marking a 40% increase compared to the N5.2 trillion recorded in the same period of 2024. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during the second quarter 2025 Citizens and Stakeholders’ Engagement Session held in Abuja. He attributed the revenue growth to major reforms introduced by the Tinubu administration, particularly the liberalisation of the forex market and the use of technology to plug leakages in Ministries, Departments, and Agencies (MDAs).
Edun explained that dismantling the black market for dollars and enforcing market-based foreign exchange pricing significantly reduced arbitrage, which previously discouraged productive investment. He stated that the wide gap between the official and parallel exchange rates has “closed significantly,” eliminating unproductive incentives and restoring investor confidence. The minister emphasized that the forex reforms have made the financial environment more credible and predictable for investors and entrepreneurs alike.
The reforms have progressed in three distinct phases: the removal of petrol and forex price distortions, macroeconomic stabilization, and the current focus on inclusive growth. As evidence of regained investor trust, Edun cited Shell’s recent $5.5 billion oil investment. He also reported a remarkable jump in Nigeria’s external reserves from about $3 billion to over $23 billion within two years, while annual government revenue rose from N12.5 trillion in 2023 to more than N20 trillion in 2024.
Fiscal sustainability has improved, with the debt service-to-revenue ratio falling from 150% in Q1 2023 to around 60% by the end of 2024. Edun credited this progress to increased revenue, reduced reliance on Central Bank overdrafts (Ways and Means), and greater fiscal discipline. Global credit agencies like Fitch and Moody’s have upgraded Nigeria’s credit ratings in response, helping to lower borrowing costs and maintain macroeconomic stability. Oil revenue, however, remains below expectations due to low production and fluctuating prices.
Beyond macroeconomic indicators, Edun highlighted the government’s commitment to improving citizens’ daily lives. Reforms include low-interest mortgages, business grants, and credit schemes targeting youths. Over 37 million Nigerians now have access to enhanced primary healthcare, while power generation has increased by 40% through initiatives like Band A tariffs and widespread metering. Meanwhile, the Ministry of Finance Incorporated (MoFI) announced that N38 trillion worth of public assets have been identified, with targets to grow this figure to N100 trillion within 10 years to drive investment and transparency.
Source: The Sun