News

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

Published

3 weeks ago

June 24, 2025

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

News

FG declares Tuesday July 15 public holiday to honour Buhari

Published

1 day ago

July 14, 2025

Trends Admin

FG declares Tuesday July 15 public holiday to honour Buhari

The Federal Government has declared Tuesday, July 15, a public holiday to honour the late former President Muhammadu Buhari.

Buhari died on Sunday at a clinic in London of protracted illness related to lukemia.

The public holiday is in addition to the seven days of national mourning earlier declared by President Bola Tinubu.

Minister of Interior, Olubunmi Tunji-Ojo, announced the break in a statement released on Monday through the ministry’s Permanent Secretary. Magdalene Ajani,

Tunji-Ojo said the holiday is a gesture of respect for Buhari’s contributions to Nigeria’s democracy and development.

“President Muhammadu Buhari served Nigeria with dedication, integrity, and an unwavering commitment to the unity and progress of our great nation,” the minister said.

This public holiday provides an opportunity for all Nigerians to reflect on his life, leadership, and the values he upheld.”

Tunji-Ojo asked Nigerians to use the day to promote peace, patriotism, and national unity in line with Buhari’s vision.

FG declares Tuesday July 15 public holiday to honour Buhari

News

Two Nigerians on list of America’s richest immigrants in 2025

Published

2 days ago

July 14, 2025

Trends Admin

Two Nigerians on list of America’s richest immigrants in 2025

Two Nigerian-born billionaires, Adebayo “Bayo” Ogunlesi and Tope Awotona, have been named in Forbes’ 2025 list of America’s Richest Immigrants.

The list features 125 billionaires from 41 countries, who collectively make up 14% of all billionaires living in the U.S. and control 18% of the country’s total billionaire wealth.

Top on the list are three South Africans, including Elon Musk ($393.1bn, Tesla, SpaceX); Patrick Soon-Shiong ($5.6bn, pharmaceuticals), and Rodney Sacks ($3.6bn, energy drinks).

Two Nigerians on list of America’s richest immigrants in 2025

News

Reps move for review of INEC chairman appointment process

Published

3 days ago

July 13, 2025

Trends Admin

Reps move for review of INEC chairman appointment process

The power of the President to unilaterally appoint Chairman of the Independent National Electoral Commission (INEC) may be whittled down in a constitutional review proposal.

The House of Representatives Committee on Constitution Review is currently considering the proposal to bring the National Judicial Council (NJC) into the process.

According to a report by PUNCH, the amendment seeks to reduce the influence of the executive arm by enhancing the transparency and impartiality of INEC leadership appointments.

This proposed shift follows long-standing calls for electoral reform, including the recommendations made in 2007 by the late Chief Justice of Nigeria, Muhammadu Uwais, who led the Electoral Reform Committee.

The Uwais-led panel had advised that the NJC, rather than the President, should be responsible for nominating INEC board members, and that the commission’s funding should come directly from the Consolidated Revenue Fund to safeguard its autonomy.

Former INEC Chairman, Prof. Attahiru Jega, said that the proposed change was a positive development.

“It is a welcome development. It is one of the many good recommendations on how to insulate the position of whoever is chairman of INEC from political and executive pressures, as well as curing the deep-seated impression that ‘he who pays the piper dictates the tune.’”

Executive Director of YIAGA Africa, Samson Itodo, echoed this support, though he raised concerns about the NJC’s neutrality.

“The proposal by the National Assembly to amend the constitution to involve the NJC in the appointment of the INEC chairman is in line with Justice Uwais’ recommendation because over time, we have seen how presidents appointed their protégés and cronies, including people with a clear partisan background, into INEC.

“It is because of this that YIAGA Africa called it institutional capture, that is, INEC captured by the executive arm.

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“Is the NJC independent enough to manage the appointment of the INEC chairman in view of the fact that the CJN has overbearing powers in determining the members and the composition of its members?”

While backing the intention behind the reform, Itodo advocated a more inclusive approach.

He said, “I don’t know if this proposal to have the NJC manage the appointment process is a welcome development or if it would inspire confidence on the part of Nigerians.

“It is good to remove the power of appointing the INEC chairman from the President, but is it possible to set up a multi-stakeholder committee to manage this process and then send nominations or those who successfully passed the interview process to the National Assembly for screening before appointments by the President?

“There has to be a way of ensuring that whoever is responsible for any action in the appointment value chain is independent, so that we don’t have partisan people getting appointed to the electoral commission.”

Auwal Rafsanjani, Executive Director of the Civil Society Legislative Advocacy Centre, also supported the involvement of the NJC, suggesting it could help rehabilitate the image of the judiciary.

“If the National Assembly can amend the constitution to allow the NJC to have a say in the selection process of the INEC chairman, it will be a good development. It will enhance the integrity and credibility of the NJC because Nigerians are beginning to question the character of the judiciary. Nigerians are losing confidence in the judiciary because of their perception of injustice perpetrated by that arm of government.

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“Hopefully, NJC members who will be involved in selecting the INEC chairman, as well as the Commissioners, will help the image of the judiciary. Our constitution does not allow partisan persons to head the electoral commission, but successive presidents have been ignoring this constitutional provision. So, NJC members who are expected to be non-partisan would assist in selecting a good person to head INEC,” Rafsanjani said.