FG’s Revenue Surpasses Budget Target, Minister Announces

The Federal Government’s revenue for the first half of 2024 has exceeded its budgetary targets, according to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

Edun made this announcement at a press briefing in Abuja, stating, “I am pleased to report that our efforts have yielded tangible results. Aggregate Federal Government revenue for the first half of this year has more than doubled compared to the corresponding period in 2023.”

The minister attributed this achievement to the implementation of robust fiscal policies and reforms aimed at enhancing revenue collection efficiency across various sectors.

He also highlighted the success in attracting Foreign Direct Investment and portfolio investments, which have bolstered the country’s financial markets. “Foreign portfolio investment has seen a substantial increase, reflecting growing investor confidence in our economic reforms,” Edun explained.

However, the minister noted that the implementation of the Supreme Court’s ruling granting financial autonomy to Local Governments is still in its early stages.

A committee has been set up to examine the practicability of the judgment, and further steps will be taken once the full details are available.

Edun emphasized that the President believes in fiscal federalism and is committed to reducing reliance on volatile oil revenues and expanding the tax base.