In a significant boost to the nation’s economy, the Federal Government’s revenue for the first quarter of 2024 has risen to N9.1 trillion, more than doubling the amount recorded in the same period in 2023. This impressive growth was announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the 17th Annual Banking and Finance Conference in Abuja.
Edun attributed the revenue increase to the success of the government’s revenue collection policies and the effective use of technology, rather than an increase in taxes. He reaffirmed the administration’s commitment to meeting or surpassing its revenue generation targets, which will enable the government to make social and capital investments that positively impact the economy and its citizens.
However, the minister acknowledged that addressing the sharp increases in food prices remains a primary challenge. To tackle this, several initiatives are underway to boost food supply and curb food inflation.
The conference, organized by the Chartered Institute of Bankers of Nigeria (CIBN), brought together key stakeholders in the banking and finance sector to discuss ways to drive economic growth and development. The Governor of the Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso, expressed anticipation for actionable solutions from the conference, which will support the bank’s goal of driving the economy towards a $1 trillion milestone.
In his keynote address, Mr. 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. He linked the country’s food insecurity to ongoing security challenges and praised both past and present CBN governors for implementing reforms that have positively transformed the banking sector.