FG’s revenue increased to N9.1trn in Q1 2024, says Wale Edun

Wale Edun, minister for finance, says the federal government’s revenue for the first quarter of 2024 increased to N9.1 trillion.

Speaking on Tuesday at the Chartered Institute of Bankers of Nigeria (CIBN) 17th annual banking and finance conference in Abuja, Edun said this is more than double in the same period in 2023.

Edun, represented by Armstrong Takang, the managing director at the ministry of finance, said the increased revenue reflects the success of the government’s revenue collection policies and the effective use of technology.

He assured that the administration remains committed to ensuring revenue targets are met or exceeded.

“Such progress will enable us to essentially make social and capital investments that positively impacts both the economy and its citizens,” Edun said.

“In spite of this progress, our primary challenge remains addressing the sharp increases in food prices. Several initiatives are on their way to boost food supply and curb food inflation.”

The minister also said tax reforms are driving efficiency, adding that the government has not increased taxes.

Also, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), expressed optimism that actionable solutions would emerge from the conference to aid Nigeria in its pursuit of a $1 trillion economy.

Cardoso, represented by Blaise Ijabor, the director of risk management department of CBN, said bankers are critical stakeholders in the growth and development of the economy.

Pius Olanrewaju, president of CIBN, described the conference as more than just a platform for dialogue but for actionable outcomes.

He cited data from the CBN, which showed that net credit from the banking sector to the private sector had increased to N74.9 trillion in July 2024, up from N46.3 trillion in July 2023.

”I am pleased to report that critical resolutions were taken,” Olanrewaju said.

”The conference recommended lifting of ban on the prohibited items and in October 2023, the CBN announced the lifting of foreign exchange restrictions hitherto placed on the importation of 43 items.”

‘BANKING SECTOR AT THE HEART OF NIGERIA’S ECONOMY’

Olanrewaju said the banking sector is at the heart of Nigeria’s economy, as it plays a crucial role in driving growth.

”Our sector is at the heart of our economic engine providing much-needed funds for businesses to thrive,” he said.

The CIBN president said Nigeria’s economic potential is vast but can only be realised through effective policies, investments and governance.

He said the banking industry plays a crucial role, not only participating in but also driving the country’s economic growth and development.

”Let us embrace this opportunity with vision and determination by working together- private sector, government, civil society, and individuals to build a prosperous, and resilient economy for Nigeria,” Olanrewaju said.

He added that success will only be achieved when everyone unites to work together.

Bello Hassan, managing director of the Nigeria Deposit Insurance Corporation (NDIC), congratulated the CIBN for the conference, affirming that the NDIC would persist in its efforts to build confidence in the banking system.