24
Jun
Jun
FEDERAL GOVERNMENT’S REVENUE HITS N6.9 TRILLION IN FOUR MONTHS
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CapitalTimesNews / 7 months
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The Federal Government’s revenue has reached N6.9 trillion from January to April 2025, representing a 40% increase compared to the N5.2 trillion recorded during the same period in 2024. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed this during the second quarter 2025 Citizens and Stakeholders’ Engagement Session on fiscal performance and reform outlook held in Abuja. Edun attributed the substantial increase in revenue to the government’s commitment to diligently collect all revenue due. “In the first quarter of this year, when we even take April into account—the first four months—we do have a substantial increase in revenue, and that effort continues. There is a commitment to diligently go after all that should be brought in. So, by the end of April, about N6.9 trillion was generated, and as I’ve said, rising,” he said. The minister also highlighted the impact of the Central Bank’s monetary policy and market-based foreign exchange pricing, stating that it has essentially eliminated the black market. “With the monetary policy followed by the central bank and its market-based foreign exchange pricing, we do have essentially the elimination of the black market,” Edun said. He explained that the slight difference between the official and parallel market rates is due to varying paperwork requirements and convenience premiums. However, the huge premium that previously encouraged unproductive activities has been eliminated. “There’s always going to be some slight difference between the two rates because one, you provide paperwork, another one, maybe you provide less paperwork, and you might even want to pay a premium for the convenience. But the point is that a huge premium that was a disincentive to investment but yet encouraged unproductive activity has gone,” Edun added. He noted that the new system has removed the opportunity for individuals to profit from exploiting the difference between official and market rates. “No more can anybody, a businessman, a market woman, anybody with access, no longer can they wake up and say, my quickest route to money is to get allocation of foreign exchange at the official rate and fling it immediately in the free market at a huge profit,” Edun said.