The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has announced that the federal government generated N6.9 trillion in revenue during the first quarter of 2025, marking a 40 per cent increase over the N5.2 trillion recorded in the same period last year.

Speaking at a citizens and stakeholders’ engagement session in Abuja, Edun attributed the revenue growth to ongoing reforms in foreign exchange policy, improved fiscal governance, and greater deployment of technology and automation across Ministries, Departments, and Agencies (MDAs).

“Through improved transparency, automation, and plugging revenue leakages, annual revenue has risen from N12.5 trillion to over N20 trillion in 2024. By April 2025, revenue reached N6.9 trillion, and the momentum continues,” Edun said.

He acknowledged that some government-owned enterprises were still delaying remittances due to auditing processes, limiting the immediate inflow of funds. Under the Fiscal Responsibility Act and the 2020 Finance Act, these agencies are mandated to remit 80 per cent of their operating surpluses to the federal purse.

Edun also noted progress in debt sustainability, revealing that debt service-to-revenue stood at 60 per cent by the end of 2024—an improvement from 150 per cent in the first quarter of 2023 under the previous administration.

However, oil revenue remains below target due to underperformance in production and fluctuations in global prices. Edun stressed that efforts are ongoing to boost production and achieve revenue projections.

He expressed optimism about long-term gains from Nigeria’s growing refining capacity, citing the 650,000 barrels per day Dangote Refinery and several modular refineries, which collectively provide up to 1.2 million barrels daily. This, he said, would create jobs, reduce crude exports, and strengthen foreign exchange earnings by exporting refined products.

Edun further disclosed that the third phase of the government’s economic plan focuses on boosting production and reducing multidimensional poverty, with several macroeconomic indices already showing positive trends.

He also highlighted Shell Development Company’s renewed commitment to invest over $5 billion in oil production in Nigeria, even as the company divests some of its onshore assets.

Meanwhile, during its budget defence session, the Senate Committee on Customs directed the Nigeria Customs Service (NCS) to revise its 2025 revenue target upwards from N6.584 trillion to N10 trillion, citing its strong revenue performance in 2024.

Deputy Comptroller General Jibo Bello, who represented the Comptroller General during the session, revealed that the NCS surpassed its 2024 revenue target of N5.079 trillion by over N1 trillion.

Senator Isah Jibrin, Chairman of the Committee, praised the agency’s performance but tasked it with greater ambition. “We must scale up our efforts. Customs plays a critical role in both revenue generation and national security,” he said.

Jibrin urged the NCS to step up efforts to curb smuggling and drug trafficking, which he said fuel insecurity across the country. He also reiterated the importance of reducing importation to essentials, promoting local production, conserving foreign exchange, and creating jobs.

The committee approved NCS’s proposed 2025 expenditure of N1.132 trillion, with the revised revenue target of N10 trillion to be tabled before the Senate during plenary following its Eid-el-Kabir recess.