Federal Government’s revenue for the first half of 2024 has increased to N9.1 trillion, more than doubling the amount recorded in the same period in 2023, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
Gatekeepers News reports that Edun, while speaking at the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, attributed the revenue growth to the success of the government’s revenue collection policies and the effective use of technology.
“We have not increased taxes, but our revenue collection policies and the effective use of technology have yielded positive results,” Edun said, represented by Dr. Armstrong Takang, Managing Director of the Ministry of Finance, Incorporated.
The minister reaffirmed the administration’s commitment to meeting or surpassing its revenue generation targets, stating that “such progress will enable us to essentially make social and capital investments that positively impact both the economy and its citizens.”
Edun also noted that the government’s primary challenge remains addressing the sharp increases in food prices, and several initiatives are on their way to boost food supply and curb food inflation.
“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), Dr. Olayemi Cardoso, expressed anticipation for actionable solutions from the conference, stating that these would support the bank’s goal of driving the economy towards a $1 trillion milestone.
In a keynote address, Tony Elumelu, Chairman of the United Bank for Africa (UBA) Group, highlighted the importance of access to electricity, security, and youth entrepreneurship in accelerating Nigeria’s development.
Elumelu linked the country’s food insecurity to ongoing security challenges, stating that “food insecurity is linked to general insecurity nationwide.”
