- Nigeria’s Q1 2025 revenue rose by 40%, reaching ₦6.9 trillion, according to Finance Minister Wale Edun
- The debt service-to-revenue ratio also dropped to 60% amid tighter fiscal discipline and tech-driven reforms
- MOFI additionally reported ₦38 trillion in assets under management from just 20 companies reviewed so far
Nigeria recorded a significant increase in government revenue in the first quarter of 2025, reaching ₦6.9 trillion, marking an improvement of 40% compared to the ₦5.2 trillion generated during the same period in 2024.
This was revealed by Wale Edun, Minister of Finance and Coordinating Minister for the Economy, during a citizens and stakeholders' engagement session held in Abuja on Monday, June 23. The event focused on evaluating the implementation of President Bola Tinubu’s second quarter priorities.
Edun attributed the improved revenue figures to enhanced transparency, greater openness in financial operations, and key policy adjustments, especially in the foreign exchange regime.
“The first quarter performance was strong,” Edun said. “We realised ₦6.9 trillion, up from ₦5.2 trillion in the same period last year. This improvement reflects a 40% rise, largely influenced by changes in the exchange rate and reforms in revenue administration.”
He further explained that the government is now relying more on automation and technology to block leakages and strengthen revenue collection mechanisms.
In terms of fiscal management, Edun highlighted a notable reduction in Nigeria’s debt service-to-revenue ratio, now standing at 60%, down from a peak of 150% in previous years.
He assured Nigerians that there had been no resort to borrowing through the Central Bank’s “ways and means” facility, underscoring the administration’s commitment to financial prudence.
The minister also pointed to growing investor confidence in Nigeria’s economy. Citing Shell’s recent $5.5 billion pledge towards oil production, he said policy consistency has made Nigeria more attractive to foreign investors.
According to Edun, the current phase of economic reform is focused on boosting investment in agriculture, manufacturing, and services — sectors seen as key to improving productivity, generating jobs, and reducing poverty.
Although real GDP growth is reportedly on the rise, Edun stated that the administration is aiming for a more ambitious annual growth rate of 7%, a target expected to outpace population growth and significantly reduce poverty levels across the country.
VAT revenue soars by 84.62% in 1 year, hits N6.72 trillion in 2024
Meanwhile, TheRadar reported that Nigeria’s Value-Added Tax (VAT) revenue increased to N6.72 trillion in 2024, representing an 84.62 per cent increase year-on-year compared to the N3.64 trillion recorded in 2023.
This was disclosed during the 2025 Federal Inland Revenue Service (FIRS) Management Retreat, held on Thursday, January 30, in Abuja.
