Federal Government reports oil revenue growth from 11% to 30% in H1 2024

The Federal Government of Nigeria reports an increase in oil revenue from 11% in the first half of 2023 to 30% in the first half of 2024. Finance Minister Wale Edun attributes this to reconfiguration and improvements in government finances. Non-oil revenue also saw a 30% increase compared to 2023, exceeding budget targets without tax increases. The national debt has decreased from $108 billion to $91 billion, with improved debt servicing and no reliance on the CBN Ways and Means. The debt service-to-revenue ratio improved from 97% in 2023 to 68% in 2024. The budget deficit target is 4.1% of GDP, down from 6.1% in 2023. The government’s initiatives have attracted significant foreign investments, including $500 million in the gas sector. Measures to address the high cost of living include increasing food supply and promoting CNG fuel for mass transit. The government is committed to reducing inflation through tightened monetary policy and proactive CBN measures. Minister Edun is optimistic that these efforts will soon alleviate current hardships and stabilize the economy.