Minister for Finance, Wale Edun, has disclosed that the federal government’s revenue for the first quarter of 2024 grew to N9.1 trillion.
He disclosed this in an address to the 17th annual banking and finance conference by the Chartered Institute of Bankers of Nigeria (CIBN), held in Abuja.
According to the minister, the figure is more than double in the same period in 2023.
Edun who was represented by the managing director at the ministry of finance, Armstrong Takang, said the increased revenue reflects the success of the government’s revenue collection policies and the effective use of technology.
He assured that the administration remains committed to ensuring revenue targets are met or exceeded.
“Such progress will enable us to essentially make social and capital investments that positively impacts both the economy and its citizens,” Edun said.
“In spite of this progress, our primary challenge remains addressing the sharp increases in food prices. Several initiatives are on their way to boost food supply and curb food inflation.”
The minister also said tax reforms are driving efficiency, adding that the government has not increased taxes.
Also, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), expressed optimism that actionable solutions would emerge from the conference to aid Nigeria in its pursuit of a $1 trillion economy.
Cardoso, represented by Blaise Ijabor, the director of risk management department of CBN, said bankers are critical stakeholders in the growth and development of the economy.
Pius Olanrewaju, president of CIBN, described the conference as more than just a platform for dialogue but for actionable outcomes.
He cited data from the CBN, which showed that net credit from the banking sector to the private sector had increased to N74.9 trillion in July 2024, up from N46.3 trillion in July 2023.
”I am pleased to report that critical resolutions were taken,” Olanrewaju said.
”The conference recommended lifting of ban on the prohibited items and in October 2023, the CBN announced the lifting of foreign exchange restrictions hitherto placed on the importation of 43 items.”
Olanrewaju said the banking sector is at the heart of Nigeria’s economy, as it plays a crucial role in driving growth.
