ABUJA — June 2025 | Interface Africa International
In what is being hailed as a major milestone in Nigeria’s economic recovery strategy, the country’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that the Federal Government recorded a remarkable ₦6.9 trillion in revenue between January and April 2025, a 40% increase from the ₦5.2 trillion generated over the same period in 2024.
Mr. Edun disclosed this during the Second Quarter 2025 Citizens and Stakeholders’ Engagement Session on fiscal performance and reform outlook, held in Abuja on Monday. The event, attended by key policy analysts, civil society leaders, and international observers, offered insights into the Federal Government’s evolving fiscal trajectory under the Renewed Hope Agenda of President Bola Ahmed Tinubu.
“By the end of April, about ₦6.9 trillion was generated, and as I’ve said, rising,” Edun noted. “This reflects a deliberate and sustained effort to broaden the revenue base, plug leakages, and enforce accountability across public finance channels.”
A New Fiscal Dawn: Strategic Reform Driving Revenue Growth
The ₦6.9 trillion figure represents more than just a fiscal statistic, it is seen as proof of Nigeria’s re-engineered approach to public revenue management. The significant increase is attributed to sweeping structural reforms, improved tax collection frameworks, and the removal of systemic inefficiencies that previously hampered revenue inflow.
Edun emphasized that the Federal Government is actively pursuing all legitimate avenues to grow revenue. This includes intensifying enforcement through the Federal Inland Revenue Service (FIRS), customs modernization, and curbing oil theft through digitized surveillance in the Niger Delta.
Economic experts have lauded this direction as a long-overdue shift toward fiscal sustainability.
Currency Reform and Market Confidence
Beyond the fiscal headline, the Minister also highlighted the Central Bank of Nigeria’s (CBN) radical steps toward exchange rate unification. By adopting a market-based pricing model, the Central Bank has effectively closed the gaping arbitrage window that previously fueled black-market activities.
“The black market premium that encouraged unproductive speculation is gone,” Edun stated. “There’s now no quick profit for those who would access official rates only to dump forex in the parallel market. That distortion has been decisively eliminated.”
Analysts believe that this move not only stabilizes Nigeria’s foreign exchange environment but also repositions the country as a more attractive destination for foreign direct investment (FDI). By eliminating arbitrage-induced distortions, businesses can now operate with greater transparency and predictability key pillars for macroeconomic growth.
Investor Sentiment Rising
Since the launch of Tinubu’s macroeconomic reform agenda in mid-2023, international institutions including the IMF and World Bank have cautiously endorsed Nigeria’s policy shift, particularly the rationalization of fuel subsidies and the removal of artificial exchange rate caps.
The sustained revenue boost, in combination with tighter monetary policy, has begun restoring market confidence. Capital inflows from diaspora remittances, portfolio investors, and strategic infrastructure partnerships are gradually picking up pace, according to data from the Debt Management Office (DMO).
Challenges Remain, But the Trajectory Is Positive
Despite this optimistic outlook, economic pressures remain. Inflation is still high, with food and transport costs affecting millions of Nigerians. However, the government argues that these are short-term shocks—part of the painful but necessary path to long-term economic stability.
As Mr. Edun put it, “We are not resting. This government is focused on long-term solutions, not short-term optics.”
A Defining Moment for Nigeria’s Economic Sovereignty
With oil revenues still vulnerable to global price fluctuations and non-oil revenue increasingly becoming the lifeline of the national budget, Edun’s announcement signals a critical turning point.
For the first time in nearly a decade, Nigeria appears to be charting a path away from fiscal dependence toward sustainable growth, institutional reform, and accountable leadership.
If these gains are protected and expanded, Nigeria could emerge not just as West Africa’s largest economy but as the continent’s most promising story of fiscal redemption.
