President Bola Tinubu announced on Sunday that Nigeria’s revenues reached N9.1 trillion in the first half of 2024. He made this disclosure during a national broadcast.
“On the fiscal side, aggregate government revenues have more than doubled, hitting over N9.1 trillion in the first half of 2024 compared to the first half of 2023,” President Tinubu stated. He attributed this significant increase to efforts in blocking leakages,
Introducing automation, and mobilizing funding creatively without additional burden on the populace. He also noted that productivity in the non-oil sector is gradually increasing, taking advantage of the opportunities in the current economic environment.
Addressing the nation, President Tinubu said, “We have come this far from a situation where our country spent 97% of all our revenue on debt service. We have reduced that figure to 68% in the last 13 months. Additionally, we have cleared legitimate outstanding foreign exchange obligations amounting to about $5 billion without adversely impacting our programs.”
He emphasized that these financial improvements have provided more fiscal freedom, enabling the government to invest more in essential social services like education and healthcare. “This has also led to our State and Local Governments receiving the highest allocations ever in our country’s history from the Federation Account,” he added.
President Tinubu highlighted ongoing infrastructural projects aimed at improving citizens’ lives, including the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway.
