Wale Edun, the Minister for Finance and Coordinating Minister of the Economy, has announced that the Federal Government’s revenue for the first quarter of 2024 has surged to ₦9.1 trillion. This figure is more than double the revenue for the same period in 2023. Edun made this announcement at the 17th Annual Banking and Finance Conference organized by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.
Despite the impressive revenue increase, Edun emphasized that there have been no new tax hikes. Instead, he attributed the growth to successful revenue collection policies and the effective use of technology. He assured that the administration remains focused on meeting or exceeding its revenue targets, which will support social and capital investments to benefit both the economy and its citizens.
However, Edun acknowledged the ongoing challenge of rising food prices and highlighted that several initiatives are underway to boost food supply and address food inflation.
Dr. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), expressed anticipation for actionable solutions from the conference to aid in reaching a one trillion-dollar economy. Cardoso, represented by Dr. Blaise Ijabor, the Director of the Risk Management Department of CBN, underscored the critical role of bankers in economic growth and development.
Bello Hassan, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), congratulated the CIBN for organizing the conference and affirmed the Corporation’s commitment to fostering confidence in the banking system.
In his keynote speech, Tony Elumelu, Chairman of the United Bank for Africa (UBA) Group, stressed that access to electricity, adequate security, and youth entrepreneurship are essential for accelerating development. He linked current food insecurity to national security issues and praised recent reforms in the banking sector for their positive impact.
Prof. Pius Olanrewaju, President of CIBN, highlighted the conference’s role in generating actionable outcomes. He noted that net credit from the banking industry to the private sector had increased to ₦74.9 trillion as of July 2024, up from ₦46.3 trillion in July 2023. The conference recommended lifting the ban on certain prohibited items, leading to the CBN’s decision to lift foreign exchange restrictions on 43 items.
Olanrewaju emphasized that effective policies, investments, and governance are crucial for realizing Nigeria’s economic potential. He called for collaborative efforts among the private sector, government, civil society, and individuals to build a resilient and prosperous economy.
The conference was attended by Vice President Kashim Shettima and Vice President Jeremiah Kpan Koung of the Republic of Liberia, along with bankers from across Africa.