The Federal Government’s revenue for the first quarter of 2024 rose to N9.1 trillion, more than doubling the figure recorded in the same period in 2023, according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Speaking at the 17th Annual Banking and Finance Conference in Abuja, Edun, represented by Dr. Armstrong Takang, attributed the revenue growth to effective government policies and technological advancements in revenue collection. He emphasized that this increase occurred without any tax hikes and reaffirmed the administration’s commitment to meeting or exceeding its revenue targets.
“This revenue progress allows us to make critical social and capital investments that will positively impact the economy and its citizens,” Edun stated. However, he noted that tackling the sharp rise in food prices remains a primary challenge, with initiatives underway to boost food supply and curb inflation.
Central Bank of Nigeria (CBN) Governor, Dr. Olayemi Cardoso, highlighted the importance of actionable solutions from the conference to help drive Nigeria’s economy towards a $1 trillion milestone. Represented by Dr. Blaise Ijabor, he emphasized the banking sector’s role in economic growth.
In his keynote address, UBA Group Chairman Tony Elumelu linked food insecurity to the country’s broader security challenges. Elumelu praised the CBN’s reforms, which have positively transformed the banking sector.
CIBN President, Prof. Pius Olanrewaju, noted that net credit from the banking industry to the private sector had risen to N74.9 trillion by July 2024, up from N46.3 trillion in July 2023.
