The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has revealed that the Nigeria non-oil revenue recorded a significant increase of 68% in the first half of 2024 compared to the same period in 2023.
Edun disclosed this on Thursday while addressing journalists at the quarterly Ministerial Press Briefing with the theme: “Economic Recovery and Growth: Progress and Prospects 2024” in Abuja, highlighting the performance of the economy in the first half of 2024.
According to the Minister, the boost is a reflection of the government’s commitment to ensuring that revenue due to the government is remitted.
The Minister attributed the growth to the bold and necessary reforms implemented by President Bola Ahmed Tinubu, which have started yielding positive results, noting that the economy is experiencing a stable exchange rate, reduced budget deficit, positive trade balance, and increased investment flows.
“There has been a great increase in government revenue from its enterprises and from its earning ministry and agencies. So in the first half of 2024, Non-Oil revenue was 68 percent higher than the previous period and 30 percent above budget. This is a reflection of a commitment to ensuring that remittances of the government due to revenue are achieved.
“Despite the difficulties, the economy in Nigeria grew faster in the first quarter of 2024 compared to 2023. And we must all be encouraged by the fact that even going beyond growing reforms. Reforms where the cost comes first, you take the medicine first and then you get the benefits after.
“The benefits have already started to be seen. The economic activities in the first quarter of year 2024 was not only faster than in Q1 2023 but it is the second fastest first quarter growth in the last six years,” Edun said.
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