By Adedapo Adesanya
Nigeria’s revenue for the first quarter of 2024 increased to N9.1 trillion which is more than double in the same period in 2023, according to Mr Wale Edun, the Minister for Finance and Coordinating Minister of the Economy.
Mr Edun, represented by the Managing Director of the Ministry of Finance, Incorporated, Mr Armstrong Takang, at the 17th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday, said the increase reflected the success of the government’s revenue collection policies and the effective deployment of technology.
He also said the administration of President Bola Tinubu was committed to ensuring that revenue generation met or exceeded the set target.
“Such progress will enable us to essentially make social and capital investments that positively impact both the economy and its citizens.
“In spite of this progress, our primary challenge remains addressing the sharp increases in food prices. Several initiatives are on their way to boost food supply and curb food inflation,’’ he said.
Also speaking, the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, said the bank was looking forward to actionable solutions from the conference, adding that it would benefit them as they journey toward achieving a one trillion-dollar economy.
Mr Cardoso, represented by the Director of the Risk Management Department of CBN, Mr Blaise Ijabor, said that bankers were critical stakeholders in the growth and development of the economy.
On his part, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Mr Bello Hassan, congratulated the CIBN for the conference, saying that the Corporation would continue to work toward engendering confidence in the banking system.
In a keynote speech, the Chairman of the United Bank for Africa (UBA) Plc, Mr Tony Elumelu, said access to electricity, adequate security and youth entrepreneurship was key to accelerating development in the country.
Speaking on the topic Accelerated Economic Growth and Development: The State of Play and the Way Forward, Mr Elumelu said the current food insecurity was caused by insecurity in the country.
He commended the past and present governors of the CBN for championing reforms in the banking sector, adding that the reforms had positively transformed the sector.