FG fails to meet Q1 revenue target, records N6.9tn - Newstrends
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FG fails to meet Q1 revenue target, records N6.9tn

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Minister of Finance and Coordinating Minister of the Economy, Wale Edun
Nigeria’s Minister of Finance, Mr Wale Edun

FG fails to meet Q1 revenue target, records N6.9tn

The Federal Government has reported a revenue performance of ₦6.9 trillion in the first quarter of 2025, reflecting a 33% increase compared to the ₦5.2 trillion generated in Q1 2024.

Despite this impressive year-on-year growth, the figure falls short of the pro-rata revenue target of ₦10 trillion, representing a ₦3.1 trillion shortfall, or 31% below expectations.

This gap raises concerns about the government’s ability to meet its fiscal obligations, with debt financing likely to be explored as a stop-gap measure. As of December 31, 2024, Nigeria’s total public debt had already reached ₦144.67 trillion, according to data from the Debt Management Office (DMO).

President Bola Tinubu, in late May, requested the National Assembly’s approval to secure fresh $24.14 billion. The new loan might have pushed the nation’s total debt to N183 trillion.

Wale Edun, minister of finance and coordinating minister of the economy, stated this during the Q2 2025 Citizens and Stakeholders’ Engagement Session in Abuja, where he outlined the administration’s efforts to stabilise the economy, curb inflation, boost investment, and rebuild confidence in Nigeria’s fiscal outlook.

He noted that the jump in revenue reflects the early gains of ongoing economic and institutional reforms.

He noted that the administration is now targeting a seven percent gross domestic product (GDP) growth rate, leveraging improved revenue collection, fiscal discipline, and private sector-led growth to achieve broader economic stability.

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Edun also noted that recent indicators, including rising external reserves, improved revenue performance and inflation reduction point to a positive trajectory, with reforms already laying the groundwork for sustained and inclusive growth.

Edun described Nigeria’s current economic phase as one of stabilisation and recovery following bold structural reforms initiated at the beginning of the Tinubu administration.

He said reforms such as the adoption of market-based pricing for foreign exchange and petroleum products have restored investor confidence and created a more transparent environment for economic activity.

The minister stated that those early measures, though challenging, were critical in attracting domestic and foreign investment, as they created a predictable and rules-based system that entrepreneurs, businesses, and even startups could rely on.

He noted that the economy has now entered a third phase, which focuses on deepening investments to drive productivity in sectors such as agriculture, manufacturing, and services, with the ultimate goal of reducing multidimensional poverty.

Citing a recent visit by Shell executives, Edun revealed that the oil giant plans to invest $5.5 billion in Nigeria this year, countering perceptions that major players are pulling out of the country.

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According to him, the current economic environment has become more attractive and stable, encouraging further investments across key sectors.

The minister emphasised that while Nigeria’s real GDP growth is currently between 3.4 and 3.8 percent, this is still below the government’s target.

Recent data from the National Bureau of Statistics (NBS) show that inflation has begun easing, with the latest figure at 22.97 percent.

Edun said this downward trend signals that the country is moving in the right direction, commending the Central Bank of Nigeria (CBN)’s market-based forex policy for helping to eliminate the black-market premium, which previously allowed individuals to exploit exchange rate arbitrage.

“With that gap narrowed, speculative activity has reduced, and investor confidence has grown,” he added.

Nigeria’s external reserves have also improved significantly, rising from a low of about $3 billion to over $23 billion in two years.

On the fiscal side, Edun disclosed that revenues increased from N12.5 trillion in 2023 to nearly N21 trillion in 2024, driven by aggressive reforms, digital systems, and tighter control of leakages.

He said the government holds daily fiscal review meetings to ensure consistency in data from the DMO, Budget Office, and the Office of the Accountant General.

Edun explained that revenue from the federation account has grown, translating to increased allocations to states and local governments.

“Nigeria’s macroeconomic progress has not gone unnoticed. International credit rating agencies Fitch and Moody’s have upgraded the country’s ratings.

FG fails to meet Q1 revenue target, records N6.9tn

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We Must Build Beyond the Next Elections’ — Shettima

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We Must Build Beyond the Next Elections’ — Shettima

Vice-President Kashim Shettima has called on political leaders to look beyond election cycles and leave behind institutions that can continue to benefit Nigerians.

His remarks came at the Abuja presentation of Brigadier Musa Usman (1940–1991): Service and Impact, a book documenting the life and public service of the late military governor of the former North-Eastern State.

Represented by Aliyu Modibbo Umar, Shettima said leadership should be measured by the value that remains after an administration has left office.

We must recover the spirit of selflessness in public service,” he said, urging leaders to “build beyond the next elections and think beyond political boundaries.”

He listed reconstruction, agriculture, education, transport, energy, industrialisation, jobs, environmental restoration, peace and security among areas where leaders must take a long-term approach.

The Vice-President pointed to Musa Usman’s administration as an example of how development can outlive a political tenure. Usman governed the former North-Eastern State from 1967 to 1975, and the region he once administered now covers six states in the North-East.

Shettima said Usman played a major role in developing Maiduguri and establishing infrastructure and institutions that later administrations were able to build upon.

Governor Babagana Zulum, who spoke at the event, described Usman as a leader who combined effective governance with integrity, discipline and humility.

Zulum said the late governor’s contributions included investments in education, healthcare and infrastructure, as well as efforts to strengthen the region’s economy.

The book, written by journalists Mahmud Jega and Theophilus Abbah, also traces Usman’s military career and his rise to leadership at a young age. It was published to preserve his record and the history of the former North-Eastern State.

Shettima said preserving such history could help younger Nigerians understand that lasting public service is about strengthening institutions and improving lives, rather than simply holding office.

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I Wanted to Disgrace Tinubu — Omokri Reveals What He Discovered at Chicago Varsity

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I Wanted to Disgrace Tinubu — Omokri Reveals What He Discovered at Chicago Varsity
Chicago State University, President Bola Ahmed Tinubu

I Wanted to Disgrace Tinubu — Omokri Reveals What He Discovered at Chicago Varsity

Nigeria’s ambassador-designate to Mexico, Reno Omokri, has recounted what he described as an unexpected twist during his visit to Chicago State University (CSU) in the United States, saying he initially travelled there with the intention of scrutinising President Bola Ahmed Tinubu’s academic history.

Omokri, a former aide to ex-President Goodluck Jonathan and now a diplomatic appointee of the Tinubu administration, reportedly made the disclosure while recounting his earlier position on the controversy surrounding the President’s academic credentials.

According to the account circulating online, Omokri said his original objective was to find information that could be used to discredit Tinubu, particularly amid years of controversy over the President’s educational background.

However, he said what he encountered at the university changed his understanding of the matter.

Omokri was quoted as saying that he went to Chicago State University with a predetermined objective—to investigate Tinubu and, if possible, expose inconsistencies that could damage the President politically.

But, according to his account, the findings did not produce the outcome he expected.

Instead, he said he became convinced that Tinubu had genuinely been admitted to and attended Chicago State University.

The development is significant because Tinubu’s educational history has remained one of the most contentious issues surrounding his political career, particularly since the 2023 presidential election.

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The controversy intensified in 2023 when former Vice-President Atiku Abubakar obtained a United States court order compelling Chicago State University to release documents relating to Tinubu’s academic records.

The records were subsequently released following the order of a US federal judge. Reports at the time said the university’s records confirmed that Tinubu attended the institution and graduated in 1979.

CSU Registrar Caleb Westberg also testified under oath that Tinubu had attended and graduated from the university.

However, the controversy did not completely disappear because questions were raised about the specific diploma submitted by Tinubu to Nigeria’s electoral authorities.

Reports of the US proceedings indicated that the university had Tinubu’s academic record but could not authenticate a particular diploma presented to Nigerian authorities because that exact document was not in the university’s possession.

Against that background, Omokri’s reported admission represents a striking change in tone, considering his earlier opposition to Tinubu.

His account suggests that his visit to Chicago State University was initially motivated by political scepticism but ultimately left him convinced that there was indeed a genuine academic connection between Tinubu and the institution.

The development has generated reactions on social media, with supporters of the President viewing Omokri’s account as further vindication of Tinubu’s claim that he attended the Chicago university.

Critics, however, are likely to maintain that the issue was never simply whether Tinubu attended Chicago State University, but also concerned questions surrounding documents, identity details and the certificate submitted to the Independent National Electoral Commission (INEC).

The available reporting from the 2023 legal proceedings provides an important distinction. There is substantial documentary evidence that Tinubu attended Chicago State University and graduated in 1979. CSU’s registrar testified to his attendance and graduation, while the university released academic records pursuant to a US court order.

At the same time, the controversy over the particular diploma submitted to INEC was not identical to the question of whether Tinubu attended the university.

That distinction has continued to fuel political arguments between supporters and opponents of the President.

Tinubu’s education has remained a recurring political issue since the 2023 election, with opponents repeatedly questioning aspects of his academic credentials, while his supporters argue that the available university records establish his attendance and graduation.

The latest account attributed to Omokri therefore adds another dramatic chapter to a controversy that has survived the election, court battles and the release of university records.

For Omokri, the story appears to have taken an unexpected turn: he said he went looking for ammunition against Tinubu but returned convinced that the President was, in fact, admitted to Chicago State University.

I Wanted to Disgrace Tinubu — Omokri Reveals What He Discovered at Chicago Varsity

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“Not as Corrupt as the World Thinks”: Reno Omokri Defends Nigeria’s Image and Safety

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Citing economic growth and safe public festivals, Reno Omokri urges the nation to tell its own story rather than rely on external perception indexes.

Nigeria is not nearly as corrupt or unsafe as foreign reports claim, according to Reno Omokri, Nigeria’s Ambassador-designate to Mexico. In a television interview on Channels Television, Omokri explained that international assessment groups often misunderstand Nigerian customs because they apply global benchmarks that ignore local traditions.

A central issue, Omokri noted, is how different cultures view appreciation. In Nigerian society, offering a gift to say thank you to an official who provides excellent service is a familiar sign of respect, much like tipping in other parts of the world.

However, international observers often label this practice as corruption. Omokri stated that the country needs to share its own experiences directly with the world rather than allowing outside groups to set a negative narrative.

Omokri also defended the country’s safety record by pointing to Lagos, where the economy has expanded steadily and major cultural events draw massive crowds.

He highlighted the annual holiday season in Lagos, which brings more than one million visitors together peacefully each year. For Omokri, these vibrant events show that everyday life in Nigeria is full of energy, community warmth, and safety.

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