Nigeria has achieved a major fiscal breakthrough, with its first-quarter revenue for 2024 swelling to N9.1 trillion, more than double the earnings recorded in the same period of the previous year.
This was disclosed by Wale Edun, Minister of Finance and Coordinating Minister of the Economy, during the 17th Annual Banking and Finance Conference, hosted by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.
Represented by Armstrong Takang, Managing Director of the Ministry of Finance, Incorporated, Edun revealed that the government had achieved this remarkable feat without resorting to tax increases.
Edun attributed the revenue surge to the government’s enhanced collection strategies, coupled with the adoption of advanced technologies that have streamlined the process.
He emphasized that this upward trajectory not only strengthens Nigeria’s financial standing but also creates room for critical investments in infrastructure and social programmes.
“This progress enables us to channel resources into impactful projects that will improve the livelihoods of Nigerians and stimulate economic growth,” Edun remarked. Despite the success, Edun acknowledged that food inflation remains a critical concern.
