Nigeria’s Federal Government generated ₦6.9 trillion in revenue between January and April 2025—a 40% increase from the ₦5.2 trillion collected during the same period in 2024.
This boost stems from several key reforms, including:
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Deregulation of the forex market, eliminating parallel market profiteering
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Fiscal discipline and enhanced revenue collection
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Tech-driven systems targeting leakages in ministries and agencies
Finance Minister Wale Edun highlighted that the suppressed gap between official and parallel exchange rates has removed incentives for speculative trading, leading to a more stable and credible financial system.
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He noted that annual revenues soared from ₦12.5 trillion in 2023 to over ₦20 trillion in 2024, with the current upward trajectory expected to continue into 2025.
The reforms have also led to a dramatic reduction in the debt service-to-revenue ratio—from a worrying 150% in Q1 2023 to about 60% by end‑2024.
According to Edun, these fiscal gains and improved investor confidence contributed to a rise in foreign reserves—from $3 billion to over $23 billion—and more favourable sovereign credit ratings by Fitch and Moody’s.
