Nigeria’s Revenue Surges to N9.1 Trillion in Q1 2024 – Finance Minister

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Newsroom

Posted: September 10, 2024 at 5:11 pm, Updated: September 10, 2024 at 5:11 pm

Wale Edun, Nigeria’s Minister for Finance and Coordinating Minister of the Economy

[keypoints]

Revenue Surge: Nigeria’s federal revenue reached N9.1 trillion in Q1 2024, more than double compared to the same period in 2023.
Effective Strategies: The increase is attributed to improved collection methods and technology, with no new tax hikes.
Ongoing Challenges: Despite revenue growth, issues like rising food prices persist, with initiatives underway to address inflation and enhance food supply.

[/keypoints]

Nigeria’s Revenue Surges to N9.1 Trillion in Q1 2024—Finance Minister

Wale Edun, Nigeria’s Minister for Finance and Coordinating Minister of the Economy has announced a significant increase in federal government revenue for the first quarter of 2024, reaching N9.1 trillion.

This amount marks more than a doubling compared to the same period in 2023.

Mr. Edun shared this update during the 17th Annual Banking and Finance Conference hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.

The announcement highlights the effectiveness of recent revenue collection strategies and the integration of advanced technology.

Represented by Dr. Armstrong Takang, Managing Director of the Ministry of Finance, Incorporated, Mr. Edun attributed the revenue boost to the government’s improved collection methods and technological enhancements.

He emphasised that there were no new tax increases implemented.

“The rise in revenue reflects our commitment to meeting or surpassing our financial targets,” Edun noted.

“This progress will enable us to make essential social and capital investments that positively impact both the economy and its citizens.”

Despite the revenue increase, Mr. Edun acknowledged ongoing challenges, particularly the rising food prices. He assured that several initiatives are underway to enhance the food supply and combat inflation.

Central Bank of Nigeria (CBN) Governor Dr. Olayemi Cardoso, represented by Dr. Blaise Ijabor, Director of Risk Management at the CBN, expressed optimism about actionable outcomes from the conference.

He emphasised the role of bankers as critical stakeholders in Nigeria’s economic development and the pursuit of a one trillion-dollar economy.

Bello Hassan, Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), praised the CIBN for organising the conference and reiterated the NDIC’s commitment to fostering confidence in the banking system.

Tony Elumelu, Chairman of the United Bank for Africa (UBA) Group, delivered a keynote address on “Accelerated Economic Growth and Development: The State of Play and the Way Forward.”

Elumelu highlighted the need for improved electricity access, enhanced security, and support for youth entrepreneurship as vital components of Nigeria’s development.

He also pointed out that current food insecurity issues are exacerbated by the country’s security challenges.

Elumelu commended both past and present CBN governors for their reforms, which have significantly transformed the banking sector.

In his welcoming address, Prof. Pius Olanrewaju, President of CIBN, described the conference as a platform for actionable outcomes, not just discussion.

He reported that as of July 2024, net credit from the banking industry to the private sector had increased to N74.9 trillion, up from N46.3 trillion in July 2023.

Prof. Olanrewaju highlighted the conference’s critical resolutions, including the recommendation to lift the ban on certain prohibited items.

He noted that the CBN had responded by lifting foreign exchange restrictions on 43 items.

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“The banking sector is central to our economic engine, providing crucial funding for businesses to thrive,” he stated.

“To realize Nigeria’s vast economic potential, we need effective policies, investments, and governance.”

He called on all stakeholders—private sector, government, civil society, and individuals—to collaborate in building a prosperous and resilient Nigerian economy.

“Only through collective effort can we achieve the success we desire,” Prof. Olanrewaju concluded.

The conference saw the participation of Vice President Kashim Shettima and Jeremiah Kpan Koung from the Republic of Liberia, alongside bankers from across Africa.