Wale Edun, the minister of finance, says non-oil revenue in the first half of 2024 outperformed 2023 figure.at the ministerial press briefing in Abuja on Thursday.a budget proposal of N27.5 trillion to the national assembly for the fiscal year 2024.said the projected national revenue in 2024 is estimated at N18.32 trillion, marking a substantial 66 percent increase compared to the previous year’s budget.The minister also said oil-related sources are expected to contribute N7.
“As I say to you, it is evidence-based, data-driven conversation to indicate where, in objective terms, this economy is going,” the minister said.“Non-oil revenue in the first half of 2024, outperformed revenue in the first half of 2023, and not only that, it was 30 percent above the budget.”The minister said the Central Bank of Nigeria is taking proactive measures to adjust the monetary policy rate in order to tackle inflation “head-on”.
“Internal reforms are positively impacting external accounts. The trading position is improving, both the balance of trade and the current account balance are positive as you can see from the charts when you compare Q1 2023 to Q1 2024 figures. “The critical nature of our revenue effort cannot be overestimated. We are pleased that the efforts so far are gaining traction.”Edun attributed the positive economic indicators to the bold and necessary reforms implemented by federal government, highlighting the improved outlook from international rating agencies.
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