The Federal Government of Nigeria has announced that it generated ₦6.9 trillion in revenue as of the end of April 2025, marking a significant 40% increase compared to the ₦5.2 trillion recorded during the same period last year.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made this known during the second quarter Citizens and Stakeholders’ Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables held yesterday.
According to him, the impressive growth was driven by key reforms, including changes to the exchange rate system, efforts to plug revenue leakages, and the adoption of technology in government revenue collection.
“We have it (revenue) at just under ₦7 trillion, at ₦6.9 trillion, and that is up from the same period last year, which was just at ₦5.2 trillion. It’s basically a 40% increase in revenue,” Edun said.
He added that improved transparency, stronger enforcement of existing laws, and automation have played a crucial role in ensuring that funds due to the government are now being properly captured and remitted.
“But there is the commitment to diligently go after all that should be brought in. So by April, about ₦7 trillion, and as I’ve said, rising in terms of debt service to revenue,” he said.
The minister also noted that with rising revenues, Nigeria’s debt servicing burden has become more manageable. In Q1 of 2023, prior to President Bola Ahmed Tinubu’s administration, debt servicing consumed 150% of government revenue.
However, by the end of April 2024, that figure had dropped to around 60%, with no reliance on Ways and Means financing. “And you can see that in an environment of rising revenue, all other things being equal, your debt service becomes more and more comfortable… What is important to say is that there is a commitment to transparency, to integrity, and in particular, to having data, fiscal data that is consistent. It’s important that our figures have integrity,” Edun emphasized.
He also highlighted that recent positive reviews from international rating agencies reflected renewed confidence in Nigeria’s economic management.
40% Growth in Power Output
On the energy front, the minister revealed a 40% increase in electricity generation, attributing the boost to ongoing reforms and the federal government’s mass metering initiative, which aims to expand access to power across the country.
“And as more meters are made available, there will be the opportunity to help those who really need it at certain minimal levels, while providing even better service to others which they will pay for. So there is a 40% increase in electricity output,” he said.
He also hinted at the rollout of a new metering framework that will allow more flexible and sustainable pricing in the power sector, alongside a strong push toward renewable energy solutions. “A major metering initiative that will allow greater flexibility and better pricing within the electricity sector is coming,” he added.
According to the Minister, Nigeria stands to benefit significantly from the Mission 300 project; an initiative led by the World Bank and the African Development Bank which seeks to deliver electricity to 300 million people in Africa by 2030.
“The Funding for provision of electricity to 300 million Africans by the year 2030, a big part of that will come to Nigeria for the provision of electricity to Nigerians,” he noted.
Nigeria Attracting New Foreign Investment
The Finance Minister also shared that Nigeria is increasingly attracting Foreign Direct Investments (FDIs) as a result of the government’s recent reforms. He mentioned that a high-level delegation from Brazil is expected in the country to discuss a multi-billion-dollar investment in the livestock sector.
“The result is that the money is flowing in. Tomorrow, I’m aware, a delegation from Brazil is coming to talk about a multi-billion-dollar investment in the livestock industry.
“So it is becoming a narrative that Nigeria is a place to head for investment.”
Edun said that sectors such as agriculture, oil and gas, infrastructure, rail, ports, and toll roads are beginning to attract interest, setting the stage for more robust, inclusive, and sustainable economic growth.
“That’s the way that you get momentum in an economy that takes you away from low-level growth to the kind of rapid, sustainable, and inclusive growth that we are seeking,” he concluded.
