The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that the Federal Government’s revenue for the first half of 2024 has risen to N9.1 trillion, more than doubling the amount recorded in the same period in 2023.
Speaking at the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, Edun, represented by Dr. Armstrong Takang, Managing Director of the Ministry of Finance, Incorporated, emphasized that the government had not increased taxes.
He attributed the revenue growth to the success of the government’s revenue collection policies and the effective use of technology.
The minister reaffirmed the administration’s commitment to meeting or surpassing its revenue generation targets.
He said, “Such progress will enable us to essentially make social and capital investments that positively impacts both the economy and its citizens.”
“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,”
“Aggregate federal government revenue for the first half of 2024 reached N9.1 trillion, more than double that of the same period in 2023”
In the 2024 budget, the federal government proposed to raise N18.32 trillion in revenue to meet the projected expenditure of N27.5 trillion expenditure which was later increased to N28.7 trillion by the National Assembly. The N18.32 trillion revenue for the 12-month fiscal year implies that federal government would raise around N9.16 trillion in the first six month of the year.
The N9.1 trillion raised in the first half of 2024 means that the federal government is on track to meet its revenue generation target for the year.
Dr. Takang also noted that oil revenue as a percentage of gross revenue has increased to 30% from 11% in the first half of 2023 while non-oil revenues had exceeded budget expectations in the first half of the year.
The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, expressed anticipation for actionable solutions from the conference, stating that these would support the bank’s goal of driving the economy towards a $1 trillion milestone.
Cardoso, represented by Dr. Blaise Ijabor, Director of CBN’s Risk Management Department, emphasized the crucial role of bankers in the nation’s economic growth and development.
In a keynote address, Mr. Tony Elumelu, Chairman of the United Bank for Africa (UBA) Group, highlighted the importance of access to electricity, security, and youth entrepreneurship in accelerating Nigeria’s development. Speaking on “Accelerated Economic Growth and Development: The State of Play and the Way Forward,” Elumelu linked the country’s food insecurity to ongoing security challenges. He also praised both past and present CBN governors for implementing reforms that have positively transformed the banking sector.
