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.

Profit grew by 25%, with earnings hitting $6.61 per share. Wall Street expected less. Netflix delivered more.

What’s fuelling the engine? Price hikes, for one. In January, Netflix raised subscription fees in key markets including the U.S., UK, and Argentina. France is next. And for those trying to outsmart the system through password sharing, the platform responded with an $8.99 charge per extra member.

But there’s more. Netflix has quietly changed its strategy. It no longer shares how many subscribers it gains or loses. That metric, once treated like gospel, has been tossed aside. 

Now the focus is squarely on money—revenue, profit, margins. All signs point to a company that’s matured and wants the world to know it.

Operating income came in at $3.3 billion, a solid 27% increase, smashing expectations. The operating margin hit 31.7%, more than three percentage points above its own target. That’s not just strong; it’s aggressive efficiency.

Co-CEO Greg Peters didn’t sugar-coat anything when speaking to analysts. “We’re paying close attention to consumer sentiment and where the broader economy is moving. Based on what we’re seeing, there is nothing significant to note.” His tone was measured but confident—Netflix knows where it’s going.

We also got a rare glimpse into the advertising push. Netflix has launched its own ad tech platform in the U.S., and plans to take it global. “We believe our ad tech platform is foundational to our long term ads strategy,” the company said in its report. 

The goal? Better targeting, fresh ad formats, and more value for advertisers. And yes, they expect ad revenue to double in 2025.

Live content is another power play. After grabbing attention with last year’s Mike Tyson vs. Jake Paul boxing event, Netflix is going all in. There’s a rematch between Amanda Serrano and Katie Taylor on the cards. WWE’s Monday Night Raw is already part of the streaming menu. The company has gone beyond being a content library to a live stage now.

In Nigeria, the ripple effect has been real. Last July, Netflix hiked its Premium Plan by 40%—from ₦5,000 to ₦7,000. That came just three months after the Standard Plan jumped from ₦4,000 to ₦5,500. Users grumbled. Netflix didn’t blink. These increases form part of its wider goal: make more money from existing users.

Let’s not forget the massive subscriber gain Netflix saw at the end of 2024—18.9 million new members. But with slower growth forecast for 2025, the company is tightening its grip on profitability, not popularity.

In a statement released on Thursday by the Permanent Secretary of the Ministry of Interior, Oluwatoyin Akinlade, the ministry addressed the misinformation circulating on social media regarding the proposed fee hike.

“The ministry has become aware of a report circulating on social media that misinforms the public about a planned increase in the cost of obtaining CERPAC. The ministry wishes to clarify that this information did not originate from our ministry,” the statement clarified.

The ministry further urged relevant organizations and the general public to disregard the false information.

The CERPAC is a permit that grants foreigners the ability to work and reside in Nigeria for two years, with the possibility of renewal. The renewal process is contingent upon the validity of the expatriate quota held by the employer.

The Nigerian government’s swift response aims to quell any concerns and assure individuals and businesses that there are no immediate plans to raise the CERPAC fees.

The projected increase in debt servicing for the year underscores the need for the government to address its revenue generation issues.

On a positive note, the country has experienced notable inflows of remittances, which can contribute to its overall economic stability.

Debt Servicing Expenses

The Central Bank of Nigeria (CBN) reveals that Nigeria spent a total of $1.169 billion to service its debt obligations in the first half of 2023. The monthly breakdown shows that the government spent $112.35 million in January, $288.5 million in February, $400.5 million in March, $92.8 million in April, $221 million in May, and $54 million in June.

Revenue Challenges

Despite the significant amount spent on debt servicing, the report notes that the Nigerian government continues to face challenges in boosting its revenue base. This implies that the government is struggling to generate sufficient income to cover its expenses, including debt servicing.

Projected Increase in Debt Servicing

The report suggests that the amount spent on debt servicing in 2023 is expected to surpass the previous year’s figure of $2.4 billion. This projection is attributed to various economic factors that may impede the country’s economic growth, such as the removal of subsidy on petroleum products and the unification of the Naira.

Reasons for Rising Debt

The Debt Management Office (DMO) attributes the steady increase in Nigeria’s debt to continuous borrowing by the federal and state governments. This borrowing is primarily conducted to fund budget deficits and execute various projects across the country.

Remittances Inflow

The CBN data reveals that Nigeria received a total of $952 million in remittances during the first half of 2023. The breakdown shows that remittances amounted to $79.18 million in January, $83.75 million in February, $138.62 million in March, $150.04 million in April, $202.89 million in May, and the highest amount of $297.48 million in June.

The Manchester-based personal care giant, with a significant presence in Nigeria, has informed its investors about the potential consequences of the devaluation of the naira on its immediate financial performance.

The CBN recently adjusted its foreign exchange policy, eliminating intricate trading restrictions on the official market and allowing the naira to trade freely.

This resulted in a historic single-day decline of nearly 25% in the currency’s value. While the devaluation of the naira will have a temporary impact on the company’s reported financial performance in the short term, PZ Cussons believes that the economic reforms being implemented by the new Nigerian government will greatly enhance the future prospects of its Nigerian business in the medium to long term.

PZ Cussons has estimated that a 10% devaluation in the naira, based on the rate used in its 2023 full-year income statement, would lead to a £23 million decrease in revenue and a £3 million decline in adjusted operating profit.

Additionally, it could result in a 0.5p reduction in adjusted earnings per share and a decrease of approximately £20 million in its cash balance.

The company acknowledges that a weaker naira is likely to result in higher material costs for its Nigerian operations due to more expensive imports from the United States.

However, PZ Cussons believes that any cost increases can be mitigated through price adjustments. Despite the immediate challenges, the company views the currency liberation as a positive move in the long run.

The recent currency volatility in Nigeria follows a period of instability earlier in the year, triggered by elections and the problematic introduction of new banknotes after the expiration of the old ones.

Jonathan Myers, the CEO of PZ Cussons, expressed confidence in the company’s Nigerian business, stating that while the short-term impact of the naira devaluation will be felt, the ongoing economic reforms introduced by the new government are expected to significantly improve the medium to long-term prospects of the business.

PZ Cussons reported a 6% increase in revenues for the year ending in May, compared to the previous year, buoyed by strong performance in Africa despite the currency challenges.

The company anticipates achieving an adjusted pre-tax profit of at least £70 million for the year, underscoring its commitment to long-term brand-building and meeting the demands of cost-conscious consumers.

The 2023 financial year marks the third consecutive year of like-for-like revenue growth for PZ Cussons.

As the body responsible for determining the appropriate remuneration for political officeholders in Nigeria, including those mentioned in Sections 84 and 124 of the Constitution, the RMAFC has called on the 36 states’ Houses of Assembly to expedite the amendment of relevant laws to facilitate an upward review of remuneration packages for political, judicial, and public officers.

During a presentation of the reviewed remuneration package to Kebbi State governor, Dr Nasir Idris, RMAFC Chairman Muhammadu Shehu, represented by federal commissioner Rakiya Tanko-Ayuba, emphasized that the implementation of the revised remuneration packages would be effective from January 1, 2023.

This move aligns with the provisions of paragraph 32(d) of part 1 of the Third Schedule of the 1999 Constitution of the Federal Government.

Shehu highlighted that the last review of remuneration was conducted in 2007, leading to the enactment of the “certain political, public and judicial office holders (salaries and allowances, etc) (Amendment) Act, 2008.”

He stressed the necessity of reviewing the remuneration packages for political officeholders mentioned in relevant sections of the Constitution, considering that 16 years had passed since the previous review.

The Commission conducted a one-day zonal public hearing on the review of the remuneration package, seeking input from stakeholders across the country. Shehu noted that the reports presented by the commission adhered to the principles of equity, fairness, risk and responsibilities, national order of precedence, among others.

The subjective criteria were derived from stakeholders’ memoranda, opinions expressed during the zonal public hearings, and responses to questionnaires. Objective criteria were based on the analysis of macro-economic variables, particularly the Consumer Price Index (CPI).

Shehu further stated that the Commission took into account the impact of the review on the economy and adjusted the remuneration of political, public, and judicial officeholders in the country by an upward increase of 114%.

In the case of judicial officeholders, the commission introduced three new allowances: Professional Development Assistant, Long Service Allowance, and Restricted or Forced Lifestyle, to address specific aspects of their roles and responsibilities.

This salary increase marks a significant development for government officials in Nigeria, aiming to ensure fair compensation and motivate those in public service.

This rise also coincides with a hike in the Value Added Tax (VAT) from 5% in 2020 to 7.5% in 2022.

This is according to the National Bureau of Statistics’ ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach),’

Net taxes on products, defined as the total taxes payable on products minus any subsidies received, amounted to N1.43 trillion in 2019.

In 2020, with the introduction of the new VAT regime, taxes increased by 34.97% to reach N1.93 trillion. This figure further rose by 32.13% to N2.55 trillion in 2021 and by 18.88% to N3.03 trillion in 2022.

The NBS commented on the growth of net taxes on products, stating that on a year-on-year basis, there was a real-term growth of 10.30% in Q3 of 2022 and 11.18% in Q4 of 2022, compared to 6.22% and 67.99% in Q3 and Q4 of 2021, respectively.

On an annual basis, net taxes on products grew by 14.19% in 2022, which was lower than the growth rate of 25.81% recorded in 2021. In nominal terms, the growth rate of net taxes on products was 24.95% in Q3 of 2022 and 23.71% in Q4 of 2022.

The slower growth in taxes in 2022 can be attributed to rising inflation and challenging economic conditions that impact purchasing power in the country. The NBS noted that growth rates turned negative in Q2 to Q4 of 2022 due to increasing prices and difficult economic conditions.

Specifically, the growth rates were -5.83% in the third quarter and -12.47% in the fourth quarter of 2022, indicating lower rates compared to the corresponding quarters of 2021.

Since the implementation of the 7.5% VAT rate in February 2020, VAT revenues have increased by 108.33% from N1.2 trillion in 2019 to N2.5 trillion in 2022. Despite the rise in VAT revenues, there is a new call for further increasing the country’s VAT rate.

Former Minister of Finance, Zainab Ahmed, suggested raising the VAT rate from 7.5% to 10%, stating that Nigeria currently has the lowest VAT rate in the world.

Ahmed emphasized the importance of VAT in revenue generation and mentioned that tax compliance has increased.

The adjustment from 5% to 7.5% was made to boost revenue, although the original target was 10%. The aim is to reach 10% in the second year to further enhance revenue

The CBN’s Monthly Economic Report for February 2023 revealed that the fiscal deficit expanded due to a decrease in retained revenue.

A fiscal deficit is a shortfall in a government’s income compared with its spending. The government that has a fiscal deficit is spending beyond its means

In January, the fiscal deficit stood at N417.75 billion, which increased to N513.05 billion in February, representing a 22.8 percent rise. However, it remained 16.2 percent below the budget benchmark.

The report highlighted that the overall fiscal deficit expanded as a result of a 16.4 percent surge in provisional Federal Government of Nigeria (FGN) capital expenditure and a 7.7 percent fall in FGN retained revenue.

Oil Revenue

The decline in accretion into the federation account was attributed to a 32.3 percent decrease in February compared to the previous month, primarily due to a significant 60.2 percent fall in oil revenue. This decline led to the expansion of the overall fiscal deficit by 22.8 percent.

Federation receipts in February reached N1.04 trillion, which was 32.3 percent below the level recorded in January and 34.3 percent lower than the budget target of N1.58 trillion.

The decrease in receipts was mainly attributed to reduced collections from petroleum profit tax and royalties. Oil revenue was severely affected, plummeting to N308.07 billion, representing a 60.2 percent decline from the previous month.

Non-Oil Revenue

Non-oil revenue also experienced a decline, falling short of the preceding month and the monthly target by 3.7 percent and 7.4 percent, respectively, at N730.21 billion. The decrease was primarily attributed to a 10.5 percent decline in collections from corporate tax due to the seasonality associated with its payments.

Combating Revenue Decline

These fiscal deficits and the decline in oil revenue pose significant challenges to the Federal Government’s budgetary planning and execution. The government will need to explore strategies to address the decrease in revenue and effectively manage expenditures to ensure fiscal stability and economic growth

During the 2023 Annual General Meeting held in Lagos, CIBN disclosed that its net assets and net operating surplus also witnessed growth, with a 7.3% and 4.9% rise to N6.66 trillion and N837.94 billion respectively in 2022.

Mr. Ken Opara, the President/Chairman of Council at CIBN, expressed his satisfaction with the modest financial progress achieved by the institute despite the challenging macroeconomic conditions in 2022.

He attributed this growth to the efficient utilization of resources and a deliberate focus on revenue generation. He commended the institute’s management for their efforts and emphasized the institute’s commitment to implementing its strategic plan.

The financial report for 2022 indicated that total revenue for the year increased to N2.06 trillion, a 16.92% rise compared to the previous year’s figure of N1.76 trillion. The improved performance was credited to the various directorates’ accomplishments.

Mr. Opara acknowledged the institute’s management for achieving 93% of the N2.22 trillion budget for 2022 and expressed determination to achieve even better results in the current year.

CIBN recorded a net operating surplus before impairment and amortization of N837.94 million in 2022, up from N799.17 million in 2021, representing a growth of 4.86%.

This increase was a result of efficient resource utilization and surpassed the budgeted amount of N711.02 billion for 2022. However, the growth percentage could have been higher if not for the high inflation rate during the review period.

Recurrent expenditure at the institute rose to N1.22 trillion, a 26.89% increase compared to N966.57 billion in the previous year.

This surge was partly due to the general challenges experienced both in Nigeria and globally. Additionally, the institute hired additional staff at strategic levels to strengthen its operations.

The filing due date extension becomes expedient to enable taxpayers to meet the requirements of the newly introduced VAT input claim processes.

“Following the introduction of a new process of claiming INPUT Tax which took effect from 1st April 2023, and the consequent concerns raised by taxpayers, the Federal Inland Revenue Service (FIRS) has notified taxpayers that it has graciously extended the VAT filing due date for April 2023 from the midnight of 21st April 2023 to the midnight of 30th April 2023,” said FIRS chairman Muhammad Nami in a statement.

Nami enjoined all taxpayers in the country to comply with the new deadline to avoid any penalty.

“The Input VAT claim columns (Domestic Purchases & import Purchases) and that of Deducted at Source will be open until midnight of 30th April 2023 to allow taxpayers to make all necessary input claims for April, while penalties and interest for failure to file by the extended due date will now apply to all returns filed after midnight of 30th April 2023.”

The FIRS chairman also said that this filing due date extension is only for April 202.

Meanwhile, according to the FIRS, the filing and payment due date for Value Added Tax (VAT) and Withholding Tax (WHT) in Nigeria is the 21st day of the month following the reporting period of the transaction.