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Oil revenue grew by 30% in first half 2024 – FG
The Federal Government says Nigeria’s oil revenue grew from 11 per cent in the first half of 2023 to 30 per cent in the first half of 2024.
This is contained in a statement by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun on Friday, in Abuja.
According to the minister, the growth in government revenue is due to the reconfiguration and improvement in government finances.
“The government’s determination to mobilise non-oil revenue has consistently delivered impressive results.
“For the half-year 2024, non-oil revenue surpassed the revenue in the first half of 2023 by 30 per cent above the 2024 budget target without any increases in taxes,” he said.
On debt, Edun said that President Bola Tinubu’s administration has been working to manage and reduce the national debt to create better fiscal headroom for economic management.
“In dollar term, Nigeria’s debt burden has reduced and the government’s fiscal deficit has improved. Our debt has fallen in dollar terms from 108 billion to 91 billion dollars.
“Additionally, the government has diligently serviced all its loans and obligations with no recourse to ways and means of financing, ‘’ Edun said.
Edun said in 2023, the administration exited the Ways and Means debt trap due to better management of the fiscal space.
He said the federal government did not rely on borrowing from the CBN Ways and Means to fund its obligations.
According to Edun, part of the inflationary pressure the country is currently experiencing is as a result of the past abuse of Ways and Means.
He said the federal government paid back the previous N7.3 trillion obligations within a year of Tinubu’s administration.
On Debt Service to Revenue, the minister said the Federal Government for decades, had been spending more than half of its revenue on debt servicing.
He said this was done to enable it meet its debt obligations to avert any form of default.
“By the end of June 2023, the federal government spent 97 per cent of total revenue to service debt, but has recorded a positive trend in the debt service-to-revenue ratio.
“Currently, the debt service-to-revenue ratio has declined from 97 per cent in the first half of 2023 to 68 per cent in 2024.
“Indicating the government’s strong position in managing its debt obligations,” the minister said.
On Budget Deficit, he said it had been a major priority for the economic managers to reduce the budget deficit.
“To achieve this, the federal government, in the last year of the Tinubu administration, improved government revenue collection and blocked a lot of leakages.
“The 2024 budget deficit has moved in the right direction, with a target of 4.1 per cent of Gross Domestic Product (GDP), an improvement from the 6.1 per cent deficit recorded in 2023.
“On an annualised basis, we are at 4.4 per cent, so you can see we are effectively close to the budgetary target,” Edun said.
The minister said the government’s efforts to attract more foreign inflows into the economy had continued to yield good outcomes.
He expresses the government’s commitment to continue the reforms and improve business environment to engender further confidence.
Edun underscored government’s efforts to attract foreign inflows; including implementing the national single window project, which he said would generate 2.7 billion dollars annually in economic benefits.
He said:” the government’s accelerated stabilisation and advancement plan has already attracted 500 million dollars in investment in the gas sector.
The minister said the government had implemented several initiatives and interventions to address the current high cost of living and bring relief to the masses.
Edun said this included a strategic input programme to increase the supply of food, a pivot to Compressed Natural Gas (CNG) fuel for mass transit vehicles.
He said the government was also providing lower-cost financing for the manufacturing industry and production.
The minister sympathised with Nigerians for the current hardship, which he also noted would soon blow away.
He expressed optimism that inflation, in spite being “quite sticky at the moment,” would decelerate and come down due to the government’s commitments and actions.
“Clearly, as part of the reform programme, on the monetary side, monetary policy has been tightened.
“The CBN has been proactive in adjusting the monetary policy rate to address inflation head-on, which is in line with its legal mandate,” he said.
The Organised Labour yesterday, called on the Federal Government to ensure inclusiveness in policy making and guide against erosion of rights, such as free speech and association.
The President, Nigeria Labour Congress (NLC), Mr Joe Ajaero made the call at the 2025 Workers’ Day celebration held at the Eagle’s Square, Abuja.
The Tide source reports Ajaero and the President, Trade Union Congress, Mr Festus Osifo delivered a joint statement on behalf of the organised labour at the event.
Ajaero described May Day as, not only a moment to honour workers’ sacrifices, but also a platform to demand justice and accountability from those in public office.
He frowned at the alleged suppression of protests, and the erosion of rights of workers by some agents
According to him, workers have a duty to resist economic injustice, insecurity, and policies that undermine their dignity.
Speaking on the theme of the day, the NLC President underscored the need for Nigerian workers to reclaim the civic space and resist policies that contribute to worsening economic conditions.
“Our theme this year – “Reclaiming the Civic Space in the midst of Economic Hardship – reflects the urgent need for citizens to protect democracy and push back against repression.
“The civic space, where Nigerians express their concerns and challenge injustices is shrinking.
“If we fail to reclaim this space, the foundation of our democracy risks collapse,” he said
Ajaero, therefore, urged workers to unite and resist division, fear, and despair.
He also urged them to mobilise and organise for change, declaring that the right to demand better conditions is non-negotiable.
“Without workers, there is no society; without labour, there is no development. We must take our place in the fight for economic justice and democratic governance.”
Speaking in the same veins, Osifo said workers are the backbone of the nation—the educators, healthcare providers, builders, farmers, and innovators who sustain its economy -.
He stressed the need for the labour to reclaim the civic space even in the midst of economic hardship.
The Joint Admissions and Matriculation Board (JAMB) has disassociated itself from a fraudulent site requesting payments from candidates who missed the ongoing 2025 Unified Tertiary Matriculation Examination (UTME).
The board said that the site, “Copyrightwriter Personal J Rescheduling Flw” and account number 8520641017 at Sterling Bank, associated with it, are scam.
The disclaimer is contained in a statement made available to newsmen in Abuja on Thursday by the Board’s Public Communication Advisor, Dr Fabian Benjamin.
Benjamin said the account is being exploited to defraud unsuspecting candidates who missed their UTME.
“We issue this urgent notice to inform the public about this nefarious scheme targeting candidates who were unable to participate in the UTME.
“Some unscrupulous individuals are deceitfully soliciting payments of N15,700 under the false pretence of offering rescheduling services for the examination.
“Let us be unequivocal: this, it is a blatant scam, and we are confident that the public will not fall prey to such cheap and regressive tactics.
” The individuals behind this scam have no affiliation with JAMB or any legitimate government agency.
“The account details provided in these communications are entirely fictitious and bear no connection to any official processes; they exist solely for the purpose of perpetrating fraud,” he said.
Benjamin called on Sterling bank to take immediate and decisive action against this criminal activity.
According to him, JAMB has reported the matter to the relevant security agencies and actively pursuing those responsible for this deceitful act.
He further said that “JAMB does not reschedule examinations for candidates who miss their scheduled tests due to reasons unrelated to the Board’s actions”.
He, however, said that the Board is conducting a thorough investigation for candidates whose biometrics failed during verification and were thus unable to sit for the examination.
He said those without discrepancies would be invited to retake the examination at no cost , stressing that “no cost is required”
“It is imperative to understand that JAMB does not charge any fees for examinations after a candidate has completed their registration.
“We strongly urge all candidates to remain vigilant and not to succumb to these fraudulent schemes.
“Protect yourselves and report any suspicious activity immediately,” he explained.
The Niger Delta Development Commission (NDDC) has expressed its willingness to partner with the United Nations (UN) to accelerate the development of the Niger Delta region.
Dr Samual Ogbuku, Managing Director of the NDDC, made the appeal in a statement issued by the commission’s Director of Corporate Affairs, Mrs Seledi Thompson-Wakama, in Port Harcourt on yesterday.
According to the statement, Ogbuku sought the UN’s support during his visit to the UN Resident and Humanitarian Coordinator (UNRHC), Mr Mohammed Fall, at the UN regional office in Abuja.
He called on the global body to provide the NDDC with technical assistance and expert services to support the region’s development.
“We are eager to collaborate with the UN, recognising that the state governments in the region and the NDDC alone cannot achieve the level of regional development required,” he said.
Ogbuku identified key areas where support would be needed, including the provision of portable and affordable drinking water powered by high-tech solar energy sources.
He also highlighted the importance of reforesting the mangrove swamps, which have been severely damaged by decades of environmental degradation caused by oil exploration in the Niger Delta.
“Although the NDDC has made progress in providing solar-powered streetlights across the region, we still require UN support in delivering solar energy solutions for residential buildings.
“We also wish to explore the possibility of installing solar mini-grids in homes across communities, which would boost local commerce and trade,” he added.
The NDDC managing director further appealed for increased UN involvement in areas such as healthcare, education, youth training, gender development, and food security.
Ogunku stated that such interventions would significantly enhance the standard of living in the region.
In response, Fall affirmed the UN’s readiness to collaborate with the NDDC to fast track development in the Niger Delta.
He assured that the UN would support initiatives in food security, job creation, education, and renewable energy, among other areas.
“We aim to approach development in the Niger Delta holistically, rather than focusing solely on environmental pollution.
“This is merely an entry point; however, the UN’s development vision aligns with the Sustainable Development Goals (SDGs), which are designed to positively impact various aspects of people’s lives,” Fall stated.
He assured the NDDC of continued and fruitful engagements to drive the region’s development.