FG Revenue Hits ₦69tn

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has
announced that the Bola Tinubu administration’s reforms have successfully eliminated the
dollar black market and increased the Federal Government’s revenue to ₦6.9 trillion
between January and April 2025.
This reflects a 40% rise compared to the ₦5.2 trillion generated during the same period in
2024. Edun revealed this on Monday in Abuja at the 2025 second-quarter Citizens and
Stakeholders’ Engagement Session on fiscal performance and reform outlook.
“In the first four months of the year, including April, we recorded a notable increase in
revenue, and that upward trend is continuing. There’s a firm commitment to ensuring all due
revenues are collected.
As of the end of April, we had generated about ₦6.9 trillion, and the figure keeps rising,”
Edun said.
He linked the significant revenue growth to key reforms by the Tinubu administration,
including the liberalisation of the foreign exchange market, stricter fiscal discipline, and the
application of technology to prevent leakages across Ministries, Departments, and Agencies
(MDAs).
According to Edun, these steps have helped restore confidence in Nigeria’s financial system,
ensured a more stable environment for investors, and removed harmful economic incentives.
He added that, before the reforms, the forex market enabled arbitrage, allowing individuals
to exploit rate differences by purchasing dollars at official rates and reselling them at higher
prices on the black market.
He pointed out that the gap between the official and parallel market exchange rates which
had previously discouraged investment and promoted rent-seeking has now narrowed
significantly.
He hailed this as a major achievement, noting that the naira’s value is now driven by market
forces and that the pricing distortions that once hindered productive economic activity have
been effectively resolved.
The minister said, “With the Central Bank’s monetary policy and the adoption of
market-based foreign exchange pricing, the black market has been effectively dismantled.