By Milcah Tanimu

Wale Edun, the Minister of Finance, announced that non-oil revenue in the first half (H1) of 2024 outperformed the figures recorded in 2023. Edun disclosed this during a press briefing in Abuja on Thursday, highlighting key economic performance metrics for the first half of the year.

Edun revealed that non-oil revenue in H1 2024 not only surpassed the previous year’s revenue but also exceeded the 2024 budget projections by 30 percent. “Non-oil revenue in the first half of 2024 outperformed revenue in the first half of 2023, and it was 30 percent above the budget,” he stated.

### Budget and Revenue Projections for 2024

On November 29, 2023, President Bola Tinubu presented a budget proposal of N27.5 trillion to the National Assembly for the fiscal year 2024. Atiku Bagudu, Minister of Budget and National Planning, highlighted that the projected national revenue for 2024 is estimated at N18.32 trillion, marking a substantial 66 percent increase compared to the previous year’s budget. Oil-related sources are expected to contribute N7.94 trillion (43.3 percent), while non-oil revenue is projected to contribute N10.39 trillion.

### Efforts to Address Inflation and Improve Economic Indicators

Edun noted that the Central Bank of Nigeria (CBN) is taking proactive measures to adjust the monetary policy rate (MPR) to tackle inflation. He reported that these efforts are beginning to yield desired results, with the gap between inflation and interest rates closing. This, according to Edun, strengthens the naira’s viability and aligns with the president’s economic policies.

“Foreign direct investment is inching up, and portfolio investment has risen substantially compared to the same period last year,” Edun said. He added that internal reforms are positively impacting external accounts, with improvements in the balance of trade and current account balance.

### Positive Economic Reforms and Ratings

Edun attributed the positive economic indicators to the bold reforms implemented by the federal government. He highlighted that international rating agencies have improved Nigeria’s outlook due to these reforms. “Moody’s and Fitch have moved from stable to positive, and S&P has kept the outlook for the ratings the same. It is a sign that others also see that we are on the right track,” Edun remarked.

### Reduction in Budget Deficit

The minister also reported a reduction in the budget deficit from 6.1 percent in 2023 to 4.4 percent in 2024 on an annualized basis, nearing the 2024 target of 4.1 percent. He urged stakeholders to monitor these metrics as the country continues to invest in boosting economic growth, which will include borrowing.

Edun concluded by expressing confidence in the government’s revenue efforts, stating, “The critical nature of our revenue effort cannot be overestimated. We are pleased that the efforts so far are gaining traction.”