The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed yesterday that the federal government’s revenue stood at N6.9 trillion in the first quarter (Q1) of 2025.
The figure represents a 40 per cent year-on-year (Y-o-Y) increase over N5.2 trillion posted in the corresponding period of 2024.
This emerged as the Senate Committee on Customs directed the Nigeria Customs Service (NCS) to raise its projected revenue target for 2025 from N6.584 trillion to N10 trillion, citing the agency’s commendable revenue performance in 2024.
The Chairman of the Committee, IsahJibrin (Kogi East), gave the directive during a budget defence session in Abuja, following a presentation by a delegation from the NCS led by Deputy Comptroller General, Jibo Bello, who represented the Comptroller General.
For his part, Edun who spoke in Abuja, at the citizens and stakeholders’ engagement session, attributed the 40 percent rise in revenue, to ongoing reforms, particularly in foreign exchange (FX) policy and improved fiscal governance, buoyed by enhanced deployment of technology and automation across Ministries, Departments, and Agencies (MDAs).
