By Jemimah Wellington, JKNMedia Reporter
FINANCE MINISTER Wale Edun announced significant improvements in Nigeria’s fiscal management.
He revealed that the country’s debt service ratio dropped from 97% in June 2023 to 68% in 2024.
This reduction allows the government to allocate more funds to infrastructure, education, healthcare, and social services.
The minister noted that Nigeria’s overall debt, both domestic and foreign, has decreased.
Dollar debt has reduced from $181 million to $98 million.
He credited this achievement to timely contractor payments and exiting the Ways and Means financing scheme.
Non-oil revenue saw an unprecedented growth of 30% over the previous year, surpassing the budgeted figure for the first half of 2024.
Edun highlighted the importance of diversifying revenue sources away from oil.
The government aims to increase revenue as a percentage of GDP from 14-15% to about 25%.
To reach these goals, the government has implemented robust measures to enhance revenue collection.
This includes deploying technology and streamlining processes within revenue-generating agencies.
Although oil revenue remains significant, it now contributes 30% of gross revenue, down from 41% in the same period last year.
Minister Edun expressed satisfaction with the progress, emphasizing the government’s data-driven approach to economic management.
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