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 N6.9tn between January and April 2025.

The figure represents a 40 per cent increase compared to the N5.2tn 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 minister said, “With the monetary policy followed by the central bank and its market-based foreign exchange pricing, we do have essentially the elimination of the black market.

“There’s always going to be some slight difference between the two rates because one, you provide paperwork, another one, maybe you provide less paperwork, and you might even want to pay a premium for the convenience.

“But the point is that a huge premium that was a disincentive to investment but yet encouraged unproductive activity has gone. No more can anybody, a businessman, a market woman, anybody with access, no longer can they wake up and say, my quickest route to money is to get allocation of foreign exchange at the official rate and fling it immediately in the free market at a huge profit.”

Edun stated that the reforms have unfolded in three phases, starting with the removal of pricing distortions in petrol and forex, followed by macroeconomic stabilisation, and now focusing on inclusive, sustained growth.

He cited recent investment commitments, including a $5.5bn oil investment by Shell, as signs of renewed investor confidence, contrary to the perception that major multinationals were exiting the country.

The minister also revealed that Nigeria’s external reserves had grown from about $3bn to over $23bn in less than two years, a development he attributed to improved revenue generation and enhanced forex management.

He added that the government had recorded a leap in annual revenue from N12.5tn in 2023 to over N20tn in 2024, with the positive trend continuing in 2025.

“On the fiscal side as well, with the effort to apply technology, block loopholes, stem leakages, we have had in 2024 a huge increase in revenue from just above 12 per cent, N12.5tn to N20tn, virtually N21tn,” he said.

Edun noted a significant improvement in Nigeria’s debt sustainability metrics, stating that the debt service-to-revenue ratio had declined from 150 per cent in the first quarter of 2023 to around 60 per cent by the end of 2024.

He emphasised that this improvement was due to rising revenues and a deliberate decision by the government to halt the overreliance on Ways and Means advances from the Central Bank.

According to him, borrowing is now carried out within regulated limits, thereby restoring fiscal discipline and investor trust. The minister said international credit rating agencies, including Fitch and Moody’s, had responded positively to the reforms by upgrading Nigeria’s sovereign credit ratings.

He explained that such upgrades signal investor confidence and reduce borrowing costs on both international and local markets, which, in turn, support inflation control and macroeconomic stability.

While acknowledging that oil revenues were still below target due to low production levels and global price fluctuations, Edun said efforts were ongoing to raise output.

He, however, pointed to long-term structural improvements such as the development of domestic refining capacity, which now stands at 1.2 million barrels per day, led by Dangote Refinery and modular refineries.

He said this capacity would reduce Nigeria’s reliance on crude exports and enhance value-added production, forex earnings, and job creation. Edun stated that the reforms were not only macroeconomic but also targeted at improving the quality of life for ordinary Nigerians.

He mentioned that grants and low-interest loans had been made available to small businesses and that new mortgage products, offering interest rates below 10 per cent for up to 25 years, were now accessible through the Ministry of Finance Incorporated in collaboration with pension funds and development partners.

He also noted that 37 million Nigerians now have access to revitalised primary healthcare centres, while 400,000 young people, including youth corps members, are being targeted under the government’s consumer credit initiative with loan packages ranging from N200,000 to N300,000.

He added that there had been a 40 per cent increase in electricity output, with ongoing reforms in the power sector including the introduction of the Band A tariff structure and a major metering initiative.

He also highlighted the growing focus on renewable energy and noted Nigeria’s involvement in the World Bank and African Development Bank’s Mission 300 programme, aimed at providing electricity to 300 million Africans by 2030.

Also speaking on behalf of the MoFI Managing Director, Dr Armstrong Takang, Executive Director of the Ministry of Finance Incorporated, Tajudeen Ahmed, disclosed that the government had identified N38tn worth of publicly owned assets so far and projected that the figure would rise to N70tn by 2026.

He said MoFI was working to scale the total asset value to N100tn over the next decade, which would drive investment and transparency.