The Federal Government exceeded her revenue collection target in 2024 fiscal year by 120 percent by collecting ₦27 billion against projected ₦22 billion.
The figure showed a similar pattern of 70% increase from 2023, where actual revenue stood at ₦16 billion against a ₦14 billion projection.
Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun gave the updates on Wednesday when he appeared before the Senate Committee on Capital Market, according to statement issued by Director of information in the ministry, Mohammed Manga. The Minister who touched on performances recorded by key sectors of the economy added capital market plays a crucial role
in achieving President Bola Ahmed Tinubu’s vision of a $1 trillion economy.
Edun said Nigerian stock market surged by 37% in 2023 and has already recorded a 1.5% increase in early 2024, signalling investor confidence and economic resilience.
He also revealed that pension fund assets had reached ₦20.5 trillion as of December 2024, highlighting further the importance of long-term savings in financial stability.
The Minister stressed the need for continued regulatory reforms and investor-friendly policies, citing the Investment and Securities Bill before the Senate as a key step in strengthening capital market operations
With the stock market’s steady expansion and record-breaking investor participation, he reaffirmed that Nigeria’s capital market remains a critical driver of economic growth and long-term investment.
The Senate Committee is expected to continue deliberations on policy measures to further strengthen the financial sector.
