By Milcah Tanimu
President Bola Tinubu announced that Nigeria generated N14.55 trillion in revenue during the first three quarters of 2024, reaching 75% of the country’s target for the year.
Tinubu made the announcement on Wednesday while presenting the 2025 budget to a joint sitting of the Senate and House of Representatives. He highlighted the achievements of his administration in implementing the 2024 budget, noting that despite persistent challenges, revenue collection has improved, and key obligations were met.
“Our revenue for 2024 stands at N14.55 trillion, meeting 75% of our target by the third quarter,” Tinubu stated. “We also spent N60 trillion, achieving 85% of our expenditure target for the same period.”
Despite ongoing challenges, Tinubu emphasized that the Nigerian economy is responding positively to fiscal stimulus. He also mentioned the administration’s goal to further stimulate economic growth through targeted fiscal stimulus packages, non-inflationary public expenditures, and structural reforms.
“The reforms we’ve implemented are beginning to yield results,” Tinubu said. “We expect Nigerians to soon experience a more functional and improved economy.”
The Nigerian economy grew by 3.46% in the third quarter of 2024, up from 2.54% in the same period in 2023. The President also highlighted Nigeria’s foreign reserves, now nearing $42 billion, and the country’s current trade surplus, which stands at N5.8 trillion, according to the National Bureau of Statistics.
*Category:* Economy
