The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, recently announced that government revenue from the oil sector has increased significantly, rising from 11% in 2023 to 30% in the first half of 2024. This was revealed during a press briefing in Abuja.
Edun attributed this growth to recent improvements in financial management, including a comprehensive reconfiguration of the government’s financial systems.
These changes have led to a notable boost in overall government income without any increases in taxes.
Additionally, the government has successfully reduced the budget deficit, with a target of 4.1% of GDP in 2024, down from the 6.1% deficit recorded in 2023.
These achievements demonstrate the government's commitment to enhancing revenue collection and addressing financial challenges.