FG rakes in N20trn revenue in 2024
Orisemeke Benjamin
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that in 2024, the federal government recorded the sum of N20 trillion in revenue.
The minister, who disclosed this at the Citizen’s and stakeholders’ engagement forum Monday in Abuja, also said that the sum of N6.9 trillion accrued to the government between January and April 2025.
According to the minister, the N6.9 trillion is a marked increase in the government’s revenue for the first four months of the year.
He said, “On the fiscal side as well, with the effort to apply automation, technology, block leakages, we have had in 2024, a huge increase in revenue from just above 12 per cent, N12 and a half to N20 trillion, virtually 21 trillion and in the first quarter of this year, likewise, foremost, we do have a substantial increase in revenue, and that effort continues.”
Edun said the country’s debt service to revenue would go down as it improves transparency in the management of its finances.
The minister added that Nigeria is now in a stronger debt service to revenue position due to improved revenue and transparency.
“So, the debt service to revenue will come to around 60 per cent by the end of 2024. So, I think they may have risen slightly in the first quarter, but as revenue kicks in, as some of these surpluses and funds are brought in, debt service will go down.
“What is important is that there is a commitment to transparency, to integrity, and in particular, to having data that is consistent.
“The rating agency looks at them, the corporate partners look at them, the investors look at them. So, within the context of fiscal strength, strengthening our fiscal position, by immediately seeking to go after all the revenues that is due to government, as well as to the debt management, we are seeing a stronger debt-related security to the position, a stronger debt service to revenue position, and we expect that all these will be a real, accurate, and all-knowing business,” Edun explained.
In his presentation, the Managing Director of Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, said the country would need the sum of N60 trillion to address the huge housing deficit.
Experts say Nigeria’s housing deficit currently stands at over 21 million.
According to the MOFI MD, who was represented by Executive Director in MOFI, Tajudeen Ahmed, over 100,000 housing units have so far been provided by the company.
Takang said that the assets of 20 portfolio companies stands at N38 trillion with a target of N100 trillion in the next ten years.
