Economy

FG recorded N6.9trn revenue in Q1 2025, says Wale Edun

Published

2 weeks ago

June 24, 2025

Admin

The Federal Government has disclosed that its well-laid economic foundation to foster rapid, sustained, and inclusive growth has ramped up its revenue generation to about ₦6.9 trillion by the end of April 2025.

The figure represents a 40 per cent increase in revenue to government coffers for the period under review, compared to ₦5.2 trillion generated in the same period last year.

This was disclosed on Monday by Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, at the Citizens and Stakeholders’ Engagement session in Abuja.

“In the first quarter of this year, when we even take April into account—the first four months—we do have a substantial increase in revenue, and that effort continues. There is a commitment to diligently go after all that should be brought in. So, by the end of April, about ₦6.9 trillion was generated, and as I’ve said, rising,” Edun said.

He pointed out that the feat was achieved through the use of technology and the blocking of leakages, and added, “On the fiscal side as well, with the effort to apply technology, block loopholes, stem leakages, we have had in 2024 a huge increase in revenue from just above 12 per cent, ₦12.5 trillion to ₦20 trillion, virtually ₦21 trillion.”

Edun highlighted that debt service to revenue stood at 60 per cent by the end of 2024, far below the 150 per cent that it was in the first quarter (Q1) of 2023 before President Tinubu assumed office, noting that it will keep going down as revenue continues to increase.

He noted that the third phase of the government’s economic plan is to increase investment in production to reduce the multidimensional poverty bedevilling the country, stressing that several macroeconomic indices are on the right trajectory.

The Minister of Finance highlighted that Shell Oil Company has indicated interest to invest $5.5 billion in oil production in the country, despite concerns in some quarters that the company was divesting from Nigeria.

In his presentation, the Managing Director and CEO of MOFI (Ministry of Finance Incorporated), Dr Armstrong Ume Takang, who was represented by Alhaji Tajudeen Ahmed, said 20 portfolio companies’ assets under management captured in the asset register are valued at ₦38 trillion.

Dr Takang was optimistic that MOFI would meet the ₦100 trillion target President Tinubu has set for the organisation over the next 10 years.

Economy

FG Orders Banks to Report Monthly Transactions Over N5 Million to FIRS Starting 2026

Published

15 hours ago

July 9, 2025

Admin

Beginning in January 2026, every bank in Nigeria will have to report any account that sees more than ₦5 million in monthly transactions to the Federal Inland Revenue Service (FIRS).

This initiative is part of a new tax law designed to enhance tax compliance and broaden the country’s revenue base. However, Nigerians are already voicing their concerns:

“Isn’t this just another surveillance law dressed up as reform?” “Why not focus on tracking corrupt officials instead of putting pressure on honest business owners?”

While the FIRS argues that this is a step towards combating tax evasion, critics worry it could lead to harassment of small businesses, compromise financial privacy, and add more red tape in an already challenging economic landscape.

Will this change affect you or someone you know? What will it mean for the average entrepreneur, freelancer, or small to medium-sized enterprise?

Economy

SEE Dollar To Naira Exchange Rate Today, Monday, July 7, 2025

Published

2 days ago

July 7, 2025

ADMIN

The naira opened trading on Monday, July 7, 2025, with slight volatility against the US dollar across both official and unofficial foreign exchange markets. Market watchers report moderate shifts in buying and selling prices as forex supply remains constrained.

The dollar exchanged at an average rate of ₦1,547.70 per $1 on major online currency platforms early today, reflecting fluctuations in demand and supply dynamics over the past week.

Official Market Rate As of Monday morning, the Central Bank of Nigeria (CBN) was yet to update its official foreign exchange rate for the day. However, in recent weeks, the CBN rate has hovered close to market-driven benchmarks, following ongoing reforms in the forex regime.

Previous CBN NFEM benchmark: ₦1,523–₦1,530 per USD Today’s unofficial online average: ₦1,547.70 per USD The Federal Government continues to implement monetary policies aimed at stabilising the exchange rate amid inflation and declining external reserves.

Parallel Market and Black Market Rates in parts of Lagos, Abuja, Kano, and Port Harcourt, the dollar traded on the parallel market between ₦1,560 and ₦1,580, depending on volume and location

Currency dealers at Lagos’ Ikeja and Abuja’s Wuse Zone 4 reported: Buy Rate: ₦1,555–₦1,565 per USD Sell Rate: ₦1,570–₦1,580 per USD Traders attribute this spread to speculative hoarding and limited dollar availability from official sources. Bureau De Change (BDC) Rate Update Some Bureau De Change operators confirmed that rates remained high, particularly as importers and students continue to seek forex for essential payments.

BDC Buy Rate: ₦1,550 BDC Sell Rate: ₦1,575

Operators expressed concern over delays in accessing FX from authorized dealer banks, noting this was contributing to price inflation across consumer goods and services. Online Platform Rates (Mid-Market) Currency tracking platforms such as Wise and Exiap pegged the mid-market exchange rate at ₦1,547.70 per US dollar as of 9:00 am WAT today. Wise Rate: ₦1,547.70/USD Exiap Rate: ₦1,547.70/USD Average Weekly Range: ₦1,529 – ₦1,543 Monthly Average: ₦1,550 These rates are typically used for digital money transfers and are often slightly lower than physical market rates due to minimal markup.

Summary Table – July 7, 2025 Market Segment Buy (₦) Sell (₦) CBN Official Rate N/A N/A Parallel Market 1,555 1,580 Bureau De Change (BDC) 1,550 1,575 Online Transfer Rate 1,547.70 1,547.70 What’s Driving the Rate? Analysts attribute today’s naira depreciation to: –

Limited forex inflow from oil exports and remittances. Persistent inflation, currently over 30%, eroding currency value. Demand pressure from importers, students, and travelers.

The Nigerian Economic Summit Group (NESG) has urged the federal government to improve dollar liquidity by diversifying revenue and boosting exports. Forex Forecast Experts predict that unless the CBN intervenes with fresh liquidity or Nigeria records higher foreign inflows, the naira may continue to depreciate gradually in both official and parallel markets. Investors and traders are advised to monitor market movements closely and make use of reliable transfer platforms offering competitive exchange rates.

Economy

Naira shows sign of slight recovery

Published

1 week ago

June 30, 2025

ADMIN

Market data from forex tracking platforms such as ExchangeRate.guru and CBN’s authorized dealers show that: Today’s exchange rate: ₦1,543.74 per USD Previous close (Friday, June 27): ₦1,546.90 Month start (June 1): ₦1,588.26 Change since month start: ₦44.52 gain (2.88%) –

Despite gains in the official market, the black market (parallel market) continues to show a different trend. As of this morning: –

– Black Market Rate (Lagos): ₦1,590 – ₦1,620 per dollar Bureau De Change (BDC) rate: ₦1,580 – ₦1,600 per dollar TJ News Nigeria gathered that while the official rate is stabilising, street traders in major cities like Lagos, Abuja, and Port Harcourt report increased scarcity of USD, leading to slightly higher rates.