From Adanna Nnamani, Abuj
The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has said that the Tinubu administration’s reform measures have dismantled the dollar black market and boosted the Federal Government’s revenue to N6.9 trillion between January and April 2025.
Edun disclosed this during the second quarter 2025 Citizens and Stakeholders’ Engagement Session on fiscal performance and reform outlook held in Abuja on Monday. He said the N6.9 trillion represents a 40 per cent increase compared to the N5.2 trillion recorded during the same period in 2024.
“In the first quarter of this year, when we even take April into account, the first four months, we do have a substantial increase in revenue, and that effort continues. There is a commitment to diligently go after all that should be brought in. So, by the end of April, about N6.9tn was generated, and as I’ve said, rising,” Edun said. He attributed the surge to liberalisation of the forex market, fiscal discipline, and technology deployment to block leakages in Ministries, Departments, and Agencies (MDAs).
According to him, these measures have restored credibility to Nigeria’s financial system, provided a more predictable investment climate, and eliminated unproductive incentives that previously thrived on arbitrage in the forex market.
He noted that before the reforms, the wide gap between official and black-market rates enabled round-tripping and discouraged productive investment. That gap, he said, had now “closed significantly.”
“With the monetary policy followed by the central bank and its market-based foreign exchange pricing, we do have essentially the elimination of the black market.
“There’s always going to be some slight difference between the two rates because one, you provide paperwork, another one, maybe you provide less paperwork, and you might even want to pay a premium for the convenience.
“But the point is that a huge premium that was a disincentive to investment but yet encouraged unproductive activity, has gone. No more can anybody, a businessman, a market woman, anybody with access, no longer can they wake up and say, my quickest route to money is to get allocation of foreign exchange at the official rate and fling it immediately in the free market at a huge profit,” he said.
Edun explained that the reform journey has progressed through three phases, starting with the removal of petrol and forex price distortions, followed by macroeconomic stabilisation, and now focusing on inclusive growth.
He cited renewed investor confidence, including a $5.5 billion oil investment by Shell, as evidence that the country remains attractive despite perceptions of multinational exits.
The minister revealed that Nigeria’s external reserves had grown from about $3 billion to over $23 billion in less than two years. He said annual revenue rose from N12.5 trillion in 2023 to over N20 trillion in 2024, with the trend continuing into 2025.
“On the fiscal side as well, with the effort to apply technology, block loopholes, stem leakages, we have had in 2024 a huge increase in revenue from just above 12 per cent, N12.5tn to N20tn, virtually N21tn,” he said.
He noted improvement in Nigeria’s debt sustainability profile, with the debt service-to-revenue ratio dropping from 150 per cent in Q1 2023 to around 60 per cent by the end of 2024.
He said this was due to increased revenue and reduced dependence on Ways and Means from the Central Bank. Edun stressed that borrowing is now within regulated limits, restoring fiscal discipline and investor trust.
He added that global credit agencies such as Fitch and Moody’s have responded positively by upgrading Nigeria’s credit ratings, which lowers borrowing costs and supports macroeconomic stability.
While admitting that oil revenues remain underwhelming due to low production and price fluctuations, the minister said efforts are ongoing to raise output and reduce overreliance on crude exports.
He cited the country’s 1.2 million barrels per day refining capacity, driven by Dangote Refinery and modular plants, as a structural shift that will boost forex earnings, job creation, and domestic value addition.
According to Edun, the reforms are not just macroeconomic but also aimed at improving everyday life. He noted the introduction of grants and low-interest loans to small businesses, and mortgage products with rates under 10 per cent for up to 25 years.
He said 37 million Nigerians now have access to upgraded primary healthcare, while 400,000 youths, including corps members, are targeted under a credit scheme offering loans between N200,000 and N300,000.
He also said electricity output had increased by 40 per cent, with the introduction of the Band A tariff and a major metering initiative, while Nigeria is actively participating in the World Bank and AfDB’s Mission 300 project to power 300 million Africans by 2030.
Also speaking at the event on behalf of the MoFI Managing Director, Dr. Armstrong Takang, Executive Director of the Ministry of Finance Incorporated (MoFI), Mr. Tajudeen Ahmed, said the government has so far identified N38 trillion worth of public assets.
He said the target is to grow this figure to N70 trillion by 2026 and N100 trillion in the next 10 years to unlock investment opportunities and promote transparency.