The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that the Federal Government’s revenue for the first quarter 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,”
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.
Mr. Bello Hassan, Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), congratulated the Chartered Institute of Bankers of Nigeria (CIBN) for organizing the conference and affirmed the NDIC’s commitment to fostering confidence in the banking sector.
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.
In his welcome address, CIBN President, Prof. Pius Olanrewaju, emphasized that the conference was not just for discussion but aimed at delivering actionable outcomes. He noted that CBN data showed that net credit from the banking industry to the private sector had risen to N74.9 trillion by July 2024, compared to N46.3 trillion in July 2023.