The Federal Government of Nigeria has recorded a significant 40% surge in revenue, reaching ₦6.9 trillion between January and April 2025, according to Finance Minister and Coordinating Minister of the Economy, Wale Edun. The figure marks a notable improvement from ₦5.2 trillion generated within the same period in 2024, underscoring the fiscal impact of reforms introduced by President Bola Tinubu’s administration.
Edun made this disclosure during the 2025 second-quarter Citizens and Stakeholders’ Engagement Session held in Abuja, where he credited the revenue spike to the administration’s sweeping economic reforms, including liberalisation of the foreign exchange (FX) market, disciplined fiscal policies, and digital innovations to curb leakages.
According to Edun, one of the most pivotal changes has been the successful narrowing of the gap between the official and black market exchange rates. He explained that before the reforms, the FX system was plagued by arbitrage, allowing individuals and businesses to profit from discrepancies between the official and parallel markets.
“Today, with a more transparent and market-driven FX regime, rent-seeking behaviours that once distorted Nigeria’s economy have been curtailed. The elimination of these inefficiencies is now boosting investor confidence and strengthening economic fundamentals,” Edun said.
He added that the Central Bank of Nigeria’s shift to a market-based FX pricing model has virtually eradicated the black market, creating a more predictable business climate for local and foreign investors.
The minister revealed that Nigeria’s annual revenue rose sharply from ₦12.5 trillion in 2023 to over ₦20 trillion in 2024, and this upward trend has continued into 2025. Additionally, the country’s external reserves have grown from $3 billion to over $23 billion within two years.
Edun highlighted that Nigeria’s debt service-to-revenue ratio has declined significantly—from 150% in Q1 2023 to approximately 60% by end-2024. This, he said, was due to rising revenues and a strategic shift away from unchecked borrowing through Ways and Means advances from the Central Bank.
“Borrowing is now guided by fiscal discipline, which has restored investor trust,” Edun stated, adding that international credit rating agencies such as Fitch and Moody’s have upgraded Nigeria’s sovereign ratings in response to the reforms.
Edun cited a recent $5.5 billion investment by Shell in Nigeria’s oil sector as a sign of renewed investor interest. Despite current oil revenue underperformance due to production and price volatility, the government is focusing on long-term structural gains, including boosting domestic refining capacity.
Nigeria’s refining output has now hit 1.2 million barrels per day, led by private sector players like Dangote Refinery and modular refineries. These efforts, according to the minister, are designed to reduce Nigeria’s reliance on crude oil exports and enhance forex stability, employment, and value addition.
Edun noted that the administration’s reforms are not only aimed at stabilising macroeconomic indicators but also improving the welfare of ordinary Nigerians. He said the government is rolling out low-interest loans and grants for small businesses and expanding access to mortgage products with sub-10% interest rates and up to 25-year terms.
Furthermore, 37 million Nigerians now benefit from revitalised primary healthcare centres, and 400,000 young Nigerians—including NYSC members—are being targeted under a consumer credit scheme with loan packages ranging from ₦200,000 to ₦300,000.
He also disclosed a 40% boost in electricity output under ongoing power sector reforms, including the new Band A tariff and widespread metering projects. In addition, Nigeria is participating in the World Bank and AfDB’s “Mission 300” initiative to provide electricity to 300 million Africans by 2030.
Meanwhile, the Ministry of Finance Incorporated (MoFI) has identified over ₦38 trillion worth of public assets, with a target of scaling that figure to ₦100 trillion in the next decade to attract investment and deepen transparency.
Tajudeen Ahmed, Executive Director of MoFI, added that by 2026, Nigeria’s publicly owned assets are projected to rise to ₦70 trillion, forming the backbone of future government-led investment strategies.
Wale Edun emphasized that the current phase of reform is focused on inclusive and sustained growth, aimed at both macroeconomic stability and real improvements in living standards. The sweeping reforms, he said, are a declaration that Nigeria is “open for business” and committed to long-term economic transformation.
As Nigeria navigates its path to recovery and sustained growth, the Tinubu administration’s reform blueprint appears to be yielding early but measurable results—both in numbers and in renewed investor confidence.