The figure represents a 40 per cent year-on-year (Y-o-Y) increase over N5.2 trillion posted in the corresponding period of 2024.

Edun who spoke in Abuja, at the citizens and stakeholders’ engagement session, attributed the 40 percent rise in revenue, to ongoing reforms, particularly in foreign exchange (FX) policy and improved fiscal governance, buoyed by enhanced deployment of technology and automation across Ministries, Departments, and Agencies (MDAs).

Edun, who was upbeat about revenue ramping up in the coming months, stated that the government was determined to collect all the revenues due to it.

He said: “Through improved transparency, automation, and plugging revenue leakages, we’ve moved from an annual revenue of about N12.5 trillion to over N20 trillion in 2024.

“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 N6.9 trillion was generated, and as I’ve said, rising.”

He acknowledged that some revenue generating agencies and government-owned enterprises were not remitting in a timely manner, arising from auditing and reconciliation procedures, thereby limiting inflows.

“Institutions that are mandated to remit up to 80 percent of their operating surpluses to the federal purse under the Fiscal Responsibility Act and the 2020 Finance Act often delay until audited figures are finalised,” he stated.

According to him, under the President Bola Tinubu administration, there is a stronger debt-related security to the position before.

He explained that debt service-to-revenue stood at 60 per cent at the end of 2024, far below the 150 per cent recorded in the first quarter (Q1) of 2023 when the former administration was in power, a situation which translated to debt servicing exceeding generated revenue.

He also admitted that oil revenue performance was below target due to below production benchmark and global price fluctuations.

“We’re not where we expected to be on oil output. Every effort is being made to raise production, but this has had an impact on short-term revenue projections and debt service funding,” he said.

However, the minister was optimistic on the long-term gains from Nigeria’s return to value-added exports and industrialisation

He cited the country’s growing domestic refining capacity, led by the 650,000 barrels per day Dangote Refinery and other modular refineries, which collectively provide up to 1.2 million barrels per day in capacity.

“This reduces raw exports, creates jobs, and boosts foreign exchange earnings by exporting refined petroleum products and supplying domestic industries with inputs,” he said.

He disclosed that the third phase of the government’s economic plan was to increase investment in production to reduce the multidimensional poverty, adding that several macroeconomic indices were on the right trajectory.

He alluded to Shell Development Company renewed interest to invest over $5 billion in oil production in the country, despite concerns in some quarters that the company was divesting its onshore assets from Nigeria.

At the event, Dr. Armstrong Ume Takang, managing director/ CEO of Ministry of Finance Incorporated (MOFI), who was represented by AlhajiTajudeen Ahmed, said 20 portfolio companies’ assets under management had grown N38 trillion in just two years of MOFI’s transformational touch.

While local competitors soared, Apple’s numbers dropped 9% compared to the same period last year — down to 9.8 million units.

This is the seventh consecutive quarter Apple has seen its shipment volume shrink in China. For a company that once shaped global tech culture, that’s a worrying trend.

At the heart of the issue? Pricing. Apple is sticking to its high-end strategy, but that playbook isn’t working anymore — at least not in China.

A new wave of government subsidies, rolled out in January, is giving Chinese consumers a 15% rebate on devices priced below 6,000 yuan (about $820). Most iPhones don’t qualify. But brands like Xiaomi do, and they’re cashing in.

Xiaomi shipped 13.3 million phones — a 40% jump from the same time last year. That puts it comfortably ahead of Apple in market share, as more Chinese buyers choose value over brand prestige.

“The subsidy scheme is clearly designed to boost domestic consumption, but it’s also giving Chinese brands a strong edge,” said IDC analyst Will Wong. “Apple’s premium pricing structure has prevented the U.S. company from capitalising on new government subsidies.”

Overall, China’s smartphone market grew by 3.3% in Q1. So while the pie got bigger, Apple’s slice got smaller. Its market share now sits at 13.7%, down from 17.4% in the previous quarter — a sharp drop in such a competitive space.

Now, to be fair, Apple isn’t doing badly in shipments everywhere. Globally, it shipped 57.9 million phones in Q1 — its best first-quarter performance ever, with a 10% increase year-on-year.

But China isn’t just another market. It’s the world’s largest consumer electronics battlefield, and losing ground here sends a strong signal.

Chinese consumers are changing. They’re more price-sensitive, more nationalistic, and less dazzled by the Apple logo. And with brands like Xiaomi, Oppo, and Vivo offering sleek design and solid performance at lower prices — backed now by government support — Apple’s old charm isn’t quite cutting it.

The company has a decision to make. Stick to its high-margin strategy and risk further erosion in one of its most important markets? Or rethink its approach to pricing and product positioning in China?

Anyways, this is beyond being one bad quarter. It’s about whether Apple can still compete in a market that’s no longer waiting to be impressed.

According to data from Counterpoint Research, the company had a 19% market share, driven by the successful launch of the iPhone 16e. This model, replacing the iPhone SE, starts at $599 and has aligned particularly well in markets like Japan and India. 

However, while global sales for the smartphone industry grew by 3% year-over-year in Q1, there are signs that the market could face a decline for the rest of the year. 

This is largely due to economic instability and shifting trade policies, particularly those linked to tariffs imposed by the United States. “As per our current estimates, the tariff announcement did not lead to a major demand increase because of the uncertainty around tariffs and policy. Since tariffs were announced in April, it did not impact iPhone demand in Q1 2025,” said Ankit Malhotra, senior research analyst at Counterpoint.

Despite these economic issues, other companies in the smartphone market are holding their ground. Samsung, with its 18% market share, followed closely behind Apple, thanks to the launch of its new S25 series and refreshed A-series devices in March. 

Xiaomi also performed well, capturing 14% of the market as it continued to expand into new regions, particularly in China, and strengthened its brand presence with its move into the electric vehicle sector.

While Apple saw relatively flat or declining sales in traditional markets like the U.S., Europe, and China, it grew across emerging regions. The Middle East, Africa, and Southeast Asia were all marked by double-digit growth, contributing to Apple’s global success.

Again, the global smartphone market faces a tricky year ahead. Counterpoint Research has adjusted its forecast, now predicting a slight decline in the overall market, driven by economic uncertainties and fluctuating tariff policies. 

Emerging technologies, including generative AI and foldable devices, are expected to continue to gain traction. However, manufacturers will need to remain vigilant, closely monitoring demand and adjusting their strategies to avoid overproduction.