Edun: Government Revenue Increased by 20% in 2024

Edun: Government Revenue Increased by 20% in 2024

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has disclosed that the Federal Government reported a 20 per cent increase in revenue last year, alongside a reduced budget deficit and a decline in debt servicing as a percentage of revenue. 

Edun made the disclosure during a virtual briefing “highlighting significant progress, key priorities, and strategic initiatives to drive sustainable growth and development in the country,” a statement issued by the ministry said Saturday.

The statement said the minister’s briefing provided a detailed overview of Nigeria’s economic stabilisation efforts, which have yielded notable results over the past 18 to 20 months.

“According to Minister Edun, the economy has pulled back from the brink of a fiscal crisis, with Nigeria recording 3.84% GDP growth in Q4 2024—close to the 3.4% annual target—while inflation began to ease, revenues increased, and the exchange rate showed signs of strengthening.

“Edun reported a 20% increase in government revenue last year, alongside a reduced budget deficit and a decline in debt servicing as a percentage of revenue. 

“He reiterated the government’s commitment to responsible spending, stronger fiscal management, and efforts to raise the tax-to-GDP ratio to 18% over the next 18 months—through improved compliance, digitisation, and broadening of the tax base.

“The minister emphasised that the next phase of economic growth will be driven by private sector investment. A N1 trillion low-interest mortgage fund—backed by both public and private financing—will soon be launched to stimulate the housing sector.

“Additionally, pension funds and institutional investors are being mobilised to finance 5,000 kilometres of roads under the Highways Management and Development Initiative,” the ministry said in the statement issued by the Director, Information and Public Relations, Mohammed Manga.

On oil, trade and external positioning, the statement stated that while reaffirming Nigeria’s ongoing efforts to diversify the economy, Edun noted that oil revenue remains essential, adding that plans are underway to expand domestic refining capacity to 1.2 million barrels per day and ensure a secure, investor-friendly operating environment in the oil sector. 

“He also encouraged exporters to focus on domestic and regional markets to cushion the impact of global shocks, including recent tariff policies introduced by the United States,” Manga said.

On youth empowerment and innovation, the statement explained that with an average national age of 16.9 years and over 600,000 graduates annually, the minister underscored the urgency of youth-focused economic policy. 

“He cited upcoming funding mechanisms to support young entrepreneurs and highlighted the recent launch of a national sports empowerment programme by President Tinubu in Ogun State,” Manga said, stressing that Edun declared that this is the time for equity investment, privatisation and strategic partnerships. 

“He reaffirmed the government’s commitment to enabling a business-friendly environment and fostering sustainable, inclusive growth for all Nigerians,” the statement continued.