The Federal Government of Nigeria recorded a revenue of ₦6.9 trillion in the first quarter of 2025, representing a 40% increase from the ₦5.2 trillion reported in the same period last year. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday during the Citizens and Stakeholders’ Engagement on the implementation of President Bola Tinubu’s second-quarter priorities, held in Abuja.
Edun attributed the revenue boost to increased transparency and openness in revenue collection and remittances. He explained that recent reforms, especially those involving exchange rate adjustments, contributed significantly to the surge in earnings.
“In the first quarter of 2025, we realised ₦6.9 trillion, which is up from ₦5.2 trillion in the same period last year,” Edun stated, highlighting the impact of government-led fiscal reforms.
He emphasized that the government is determined to block financial leakages through automation and technology, enhancing efficiency and accountability in public finance.
According to the Minister, Nigeria’s debt service to revenue ratio has seen substantial improvement, dropping to 60% by the end of 2024, compared to a previous high of 150%. He also noted that the government has stopped depending on Ways and Means to finance its operations.
Edun further assured the public of the government’s commitment to fiscal data transparency, stating that data consistency is being maintained across key platforms such as the Accountant-General’s Office and the Budget Office, even if figures may be presented differently.
Speaking on the broader economic outlook, Edun noted that the policy stability under the Tinubu administration has led to increased investor confidence. He cited Shell’s recent $5.5 billion investment in Nigeria’s oil sector as a sign of growing international interest.
“This third phase aims to drive investment in agriculture, manufacturing, and services to boost productivity,” Edun said, stressing that these developments are geared toward job creation, poverty reduction, and economic growth.
While the current GDP growth rate of 3.4% to 3.8% is encouraging, the Minister stated that the ultimate target is a sustainable 7% annual growth, a figure that would outpace population growth and help lift millions of Nigerians out of poverty.
Edun also reaffirmed the government’s focus on curbing inflation, stating: “We are on the right trajectory.”
In his remarks, the Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, represented by Director Tajudeen Ahmed, outlined ongoing efforts to manage Nigeria’s public wealth more effectively.
Takang revealed that assets under MOFI’s management have climbed to ₦38 trillion, based on the review of just 20 portfolio companies so far. The figure is expected to grow as more government-owned companies are reviewed.
He highlighted MOFI’s three strategic pillars:
1. Enhancing visibility of federal assets and accurately documenting their values.
2. Professionalising portfolio management to ensure stronger corporate governance and performance.
3. Mobilising capital by attracting investors with de-risked opportunities and assurances of strong returns.
To promote transparency, Takang announced the launch of a National Asset Register, which will be accessible on the Finance Ministry and MOFI websites. This register will contain detailed information about federal assets, including their values, locations, and ownership statuses.
He concluded by noting that significant progress has already been made in building the online platform that will house the asset register, marking a major milestone in Nigeria’s public finance transparency efforts.
