The Federal Government’s revenue for the first quarter of 2024 increased to N9.1 trillion, more than tripling the amount recorded in the same period in 2023, according to a statement made by Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy.
Speaking on Tuesday at the 17th Annual Banking and Finance Conference held in Abuja by the Chartered Institute of Bankers of Nigeria (CIBN), Edun stressed that no taxes had been raised by the government. Dr. Armstrong Takang, Managing Director of the Ministry of Finance, Incorporated, represented Edun in the speech.
He ascribed the rise in revenue to the government’s successful revenue collection initiatives and its astute use of technology.
The minister reiterated the administration’s resolve to either fulfill or exceed its goals for income creation.
“With such progress, we can essentially make social and capital investments that benefit the country’s citizens as well as its economy,” he stated.
“Despite this improvement, our fundamental problem remains tackling the substantial increases in food prices. Several initiatives are on their way to increase food availability and reduce food inflation.”
Dr. Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), stated that he was looking forward to the conference’s practical solutions since they would help the bank achieve its objective of propelling the economy towards a $1 trillion milestone.
Cardoso underlined the critical role that bankers play in the growth and development of the country’s economy, as represented by Dr. Blaise Ijabor, Director of CBN’s Risk Management Department.
The Chartered Institute of Bankers of Nigeria (CIBN) was commended for organising the conference by Mr. Bello Hassan, Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), who reaffirmed the NDIC’s dedication to promoting trust in the banking industry.
Food insecurity is linked to overall national insecurity
The United Bank for Africa (UBA) Group Chairman, Mr. Tony Elumelu, emphasized in a keynote speech the significance of young entrepreneurship, security, and energy availability for propelling Nigeria’s growth.
During his speech on “Accelerated Economic Growth and Development: The State of Play and the Way Forward,” Elumelu made a connection between the nation’s persistent security issues and food shortages. Additionally, he commended the CBN governors of the past and present for putting reforms into place that have improved the banking industry.
In his welcome speech, Prof. Pius Olanrewaju, President of CIBN, stressed that the conference’s goal was to produce practical results rather than only engage in discourse. He pointed out that, according to CBN data, net credit from the banking sector to the private sector increased from N46.3 trillion in July 2023 to N74.9 trillion in July 2024.
