The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the reforms introduced by the Bola Tinubu administration have effectively dismantled the dollar black market and boosted the Federal Government’s revenue to ₦6.9 trillion between January and April 2025.
The figure represents a 40 per cent increase compared to the ₦5.2 trillion recorded during the same period in 2024. Edun made this known in Abuja on Monday during the second quarter 2025 Citizens and Stakeholders’ Engagement Session on fiscal performance and reform outlook.
“In the first quarter of this year, when we even take April into account—the first four months—we do have a substantial increase in revenue, and that effort continues. There is a commitment to diligently go after all that should be brought in.
“So, by the end of April, about N6.9tn was generated, and as I’ve said, rising,” Edun said.
He attributed the surge in revenue to the administration’s liberalisation of the foreign exchange market, fiscal discipline, and the deployment of technology to block leakages across Ministries, Departments, and Agencies.
According to him, these reforms have restored credibility to Nigeria’s financial system, provided a more predictable environment for investors, and eliminated unproductive economic incentives.
The minister explained that prior to the reforms, arbitrage opportunities in the forex market enabled individuals to profit by accessing dollars at the official rate and selling at a premium in the black market.
He noted that the gap between the official and parallel market rates, which previously created disincentives for investment and encouraged rent-seeking behaviour, had now closed significantly.
He described this development as a key achievement, stating that market forces now determine the naira’s value and that the pricing distortions that discouraged productive activity have been addressed.
The PUNCH