FG’s revenue increased to N9.1 trillion in Q1; no increase in taxes: Finance Minister

Minister for Finance and Coordinating Minister of the Economy, Wale Edun, on Tuesday in Abuja, said the federal government’s revenue for the first quarter of 2024 increased to N9.1 trillion.

Mr Edun, at the 17th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN), said this is more than double in the same period in 2023.

The minister, however, said the government had not increased taxes.

Mr Edun, represented by Armstrong Takang, the managing director, Ministry of Finance, Incorporated, said the increase reflected the success of the government’s revenue collection policies and the effective deployment of technology.

He said the administration was committed to ensuring revenue generation met or exceeded the target.

“Such progress will enable us to essentially make social and capital investments that positively impact 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,’’ he said.

The governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, said the bank was looking forward to actionable solutions from the conference, adding that it would benefit them as they journey toward achieving a $1 trillion economy.

Mr Cardoso, represented by Blaise Ijabor, the director of the risk management department of CBN, said bankers were critical stakeholders in the growth and development of the economy.

In a keynote speech, Tony Elumelu, the United Bank for Africa (UBA) Group chairman, said access to electricity, adequate security and youth entrepreneurship was key to accelerating development in the country.

In a welcome address, Pius Olanrewaju, the president of CIBN, said the conference was not just a forum for discussion but a platform for actionable outcomes.

He said data from CBN showed that the net credit from the banking industry to the private sector as of July 2024 was N74.9 trillion compared to N46.3 trillion in July 2023.

”I am pleased to report that critical resolutions were taken. The conference recommended the lifting of the ban on prohibited items, and in October 2023, the CBN announced the lifting of foreign exchange restrictions hitherto placed on the importation of 43 items.

”Our sector is at the heart of our economic engine, providing much-needed funds for businesses to thrive,” he said.

The president said the country’s economic potential was vast but realising it required effective policies, investments, and governance.