Nigeria’s 2024 Revenue Collections Soar 120% Above Targets—Edun Reports

Nigeria’s 2024 Revenue Collections Soar 120% Above Targets—Edun Reports

JOEL OLADELE, Abuja

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has revealed that the country’s revenue collections for 2024 exceeded initial targets by an impressive 120%.

Speaking on Wednesday, before the Senate Committee on Capital Market, Edun emphasized the pivotal role of capital market growth in realising President Bola Ahmed Tinubu’s vision of a $1 trillion economy.

Edun reported strong market growth, noting that the Nigerian stock market surged by 37% in 2023 and has already recorded a 1.5% increase in early 2024, signalling investor confidence and economic resilience. He also revealed that pension fund assets had reached ₦20.5 trillion as of December 2024, highlighting further the importance of long-term savings in financial stability.

On budget performance, the Minister announced that 2024 revenue collections exceeded targets, reaching ₦27 billion—120% of the projected ₦22 billion. This follows a 70% increase from 2023, where actual revenue stood at ₦16 billion against a ₦14 billion projection.

He stressed the need for continued regulatory reforms and investor-friendly policies, citing the Investment and Securities Bill before the Senate as a key step in strengthening capital market operations

With the stock market’s steady expansion and record-breaking investor participation, he reaffirmed that Nigeria’s capital market remains a critical driver of economic growth and long-term investment.

The Senate Committee is expected to continue deliberations on policy measures to further strengthen the financial sector.

As Nigeria continues on its trajectory of economic growth, the capital market’s remarkable performance is a testament to the government’s commitment to creating a favourable business environment. Also, with the Honourable Minister’s assurance of sustained reforms and investor-friendly policies, Nigeria’s capital market is poised to play an increasingly vital role in driving the country’s economic ambitions.