In a recent session with the Senate Committee on Finance, chaired by Senator Sani Musa (APC – Niger East), the Minister of Finance and Coordinating Minister for the Economy, Dr. Wale Edun, disclosed significant strides in non-oil revenue generation by federal agencies.
Edun revealed that in 2023, the government amassed a total of N13 trillion from non-oil remittances, marking a substantial increase from the previous year. With a remarkable remittance of over N100 billion in January 2024 alone, the government is poised to surpass this record by the year’s end.
Edun attributed this surge in revenue to President Bola Tinubu’s policies, particularly the digitalization of operations facilitating faster transactions. He assured the committee of sustained efforts to bolster non-oil revenue, promising further data updates in due course.
Moreover, Edun shed light on the government’s successful collection of one per cent Stamp Duty, amounting to N53 billion in 2023, surpassing the National Assembly’s target of N44 billion.
He emphasized the administration’s commitment to transparency and efficiency in revenue collection, outlining measures to prevent leakages, including a revised duty waiver policy.
In terms of budget performance, Edun disclosed that capital spending reached N2.9 trillion in 2023, with N124 billion disbursed in the first quarter of 2024. He also highlighted recurrent expenditures, totaling N581 billion, alongside N71 billion allocated for overhead costs.
Addressing concerns about the economy, Edun underscored the government’s efforts to stabilize the naira against the dollar and implement transparent social welfare programs. He attributed inflation to past policies of excessive currency printing, stressing the need for production to match currency circulation.
To alleviate hardships, the government has initiated a cash transfer program, targeting 15 million households with payments of N75,000 for three months. This program, facilitated by BVN and NIN identification, aims to support approximately 75 million Nigerians.
Senator Musa commended the government’s initiatives in diversifying revenue sources, noting the imperative of reducing reliance on volatile oil prices. He emphasised the importance of exploring internal avenues, such as agriculture, and encouraging tax compliance to sustain vital services for the populace.
