FG rakes in N6.9trn in three months

The Federal Government’s revenue surged to N6.9 trillion in the first quarter of 2025, marking a 40% increase from the N5.2 trillion recorded in the previous quarter, according to the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun.

Edun announced the figures on Monday during the Citizens and Stakeholders’ Engagement on the implementation of President Bola Tinubu’s second-quarter priorities, held in Abuja.

He attributed the revenue growth to enhanced transparency, improved remittance procedures, and recent policy adjustments, particularly those involving the exchange rate.

“In the first quarter of 2025, we realised N6.9 trillion, up from N5.2 trillion. This improvement reflects better revenue collection, transparency, and fiscal discipline,” Edun stated.

The Minister also revealed that the debt service-to-revenue ratio had dropped significantly to 60%, down from a previous high of 150%, with no recourse to the Central Bank’s ways and means advances.

Edun reiterated the government’s commitment to blocking leakages and using automation to further enhance revenue collection. He also emphasized the importance of consistent and credible fiscal data across government platforms.

“If you compare figures from the Accountant-General’s website with those of the Budget Office, the presentation may differ, but the data aligns,” he said, stressing the need for data integrity in public finance.

Edun also highlighted improved investor confidence, citing Shell’s recent $5.5 billion investment in Nigeria’s oil sector. He said the government aims to channel more investments into agriculture, manufacturing, and services to boost productivity, create jobs, and reduce poverty.

“The economy is on the right trajectory, but our goal is to achieve sustained GDP growth of around 7% to outpace population growth,” he added.

Also speaking at the event, Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang—represented by Director Tajudeen Ahmed—disclosed that the value of federal government assets under MOFI’s management had risen to N38 trillion, following the review of just 20 company accounts.

Takang unveiled MOFI’s three strategic pillars: increasing visibility of government-owned assets, professionalizing portfolio companies to improve performance, and mobilizing capital by attracting investors through de-risked opportunities.

He announced the development of a National Asset Register, which will detail asset values, ownership, and locations. The register, to be hosted on the Finance Ministry and MOFI websites, is aimed at boosting transparency and accountability in public asset management.

“We’ve made significant progress on the online asset register, and it will be a major milestone in the government’s reform agenda,” Takang said.