Business

FG’s Revenue Soars to ₦9.1 Trillion in Q1 2024, Doubling 2023 Figures

Published

Tuesday, 29 April 2025, 1:55 pm

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FG’s Revenue Soars to ₦9.1 Trillion in Q1 2024, Doubling 2023 Figures

According to Edun, this is more than double in the same period in 2023. Edun said this at the 17th Annual Banking and Finance Conference organised by the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja on Tuesday.

The minister, however, said that the government had not increased taxes. The minister, represented by Dr Armstrong Takang, the Managing Director, of the Ministry of Finance, Incorporated, said the increase reflected the success of the government’s revenue collection policies and the effective deployment of technology.

He said the administration was committed to ensuring that revenue generation met or exceeded the set target.

“Such progress will enable us to essentially make social and capital investments that positively impact both the economy and its citizens.

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“Despite this progress, our primary challenge remains addressing the sharp increases in food prices. Several initiatives are on their way to boost food supply and curb food inflation,’’ he said.

The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, said the bank was looking forward to actionable solutions from the conference, adding that it would benefit them as they journeyed toward achieving one trillion-dollar economy.

Cardoso, represented by Dr Blaise Ijabor, the Director, of the Risk Management Department of CBN, said that bankers were critical stakeholders in the growth and development of the economy.

Bello Hassan, the Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), congratulated the CIBN for the conference, saying that the Corporation would continue to work toward engendering confidence in the banking system.

In a keynote speech, Tony Elumelu, the Chairman of the United Bank for Africa (UBA) Group, said that access to electricity, adequate security and youth entrepreneurship was key to accelerating development in the country.

Speaking on the topic “Accelerated Economic Growth and Development”: The state of play and the way forward’, Elumelu said the current food insecurity was caused by insecurity in the country. He commended the past and present governors of the CBN for championing reforms in the banking sector, adding that the reforms had positively transformed the sector.

In an address of welcome, Prof. Pius Olanrewaju, the President of CIBN, said the conference was not just a forum for discussion, but a platform for actionable outcomes.

He said that data from CBN showed that net credit from the banking industry to the private sector as of July 2024, was ₦74.9 trillion compared to ₦46.3 trillion of July 2023.

“I am pleased to report that critical resolutions were taken.

“The Conference recommended the lifting of the ban on the prohibited items and in October 2023, the CBN announced the lifting of foreign exchange restrictions hitherto placed on the importation of 43 items.

“Our sector is at the heart of our economic engine providing much-needed funds for businesses to thrive,” he stated.

The president said the country’s economic potential was vast, but realised it required effective policies, investments, and governance.

He said the banking industry was not only a participant in realising the potential but also a driver of the country’s economic growth and development.

“Let us embrace this opportunity with vision and determination by working together- private sector, government, civil society, and individuals to build a prosperous, and resilient economy for Nigeria.

“Indeed, only when we collectively work together to achieve these goals would we see the success we so desire,” he noted.

The News Agency of Nigeria (NAN) reports that Vice President Kashim Shettima, and Vice President, Jeremiah Kpan Koung of the Republic of Liberia attended the conference. The conference also attracted bankers from across Africa.

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Business

Kaduna Electric gets ISO certifications

Published

2 hours ago

April 29, 2025

John

Kaduna Electric has been awarded the internationally recognised ISO 9001, ISO 45001, and ISO 14001 certifications by Bluestar Management Systems,

read more Kaduna Electric gets ISO certifications

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Business

How Nigeria’s new digital ID rollout is streamlining access to finance

Published

5 hours ago

April 29, 2025

John

By linking biometrics, national identity numbers and Bank Verification Numbers into a single secure profile, the new rollout eliminates repetitive paperwork, speeds up account openings and safeguards against fraud.

Individuals can now complete “know your customer” checks in minutes rather than days, while lenders gain confidence in applicant authenticity. For the unbanked and underbanked this means easier access to savings accounts, microloans and insurance products.

The following developments illustrate how the digital ID rollout is reshaping Nigeria’s financial landscape.

One-stop eKYC integration
Banks, microfinance banks and mobile money operators can verify customer identities instantly using the digital ID database. By scanning an individual’s fingerprint or facial biometric, institutions retrieve verified identity data and BVN history in real time. This replaces manual document checks and reduces account opening time from days to minutes.

ALSO READ: 17-year-old yahoo boy hacks EFCC chairman’s BVN, bank account details

Expanded financial inclusion
Remote and rural communities that previously lacked formal identification can now register for digital IDs through mobile enrollment units. Once included in the system, residents gain eligibility for basic bank accounts, microcredit and government welfare disbursements. Early pilots report a 25 percent increase in new account openings among previously unregistered populations.

Faster loan processing and disbursement
Lenders leverage the unified identity profile to assess creditworthiness more accurately and bypass lengthy collateral verification. Automated credit scoring engines combine digital ID data with transaction histories to approve small-ticket loans within hours. This rapid turnaround fuels growth in sectors such as agriculture, retail and SME services.

Reduced fraud and identity theft
Centralised biometric authentication prevents criminals from using forged or stolen documents to open fraudulent accounts. The digital ID system flags duplicate or inconsistent registrations, allowing regulators to cancel suspicious profiles. Financial institutions report a 40% drop in application-stage fraud since rollout began.

EXPLORE: 5 easy ways to check your Bank Verification Number (BVN)

Seamless digital payments and remittances
Linking digital IDs to mobile wallets and bank accounts simplifies peer-to-peer transfers and merchant payments. Users authorise transactions with a biometric scan rather than PIN codes, reducing reliance on passwords that can be guessed or phished. This security boost has driven a surge in mobile payment adoption in both urban and rural areas.

Streamlined insurance and social benefits
Insurance providers use digital ID verification to speed policy issuance and claims processing. Similarly, government agencies disbursing pension funds, healthcare subsidies and cash transfers authenticate beneficiaries through the digital ID platform. This cuts administrative costs and ensures assistance reaches intended recipients without intermediaries.

Foundation for open banking and fintech innovation
With robust identity infrastructure in place, fintech startups can build new services, such as buy-now-pay-later, digital escrow and investment apps, on a trusted verification backbone. Open banking initiatives tap the digital ID to grant users secure, consent-based data sharing between banks and third-party providers, accelerating product development and competition.

By consolidating identity verification into a single digital framework, Nigeria’s new digital ID rollout is eliminating barriers to financial access, improving security and catalysing innovation across the banking and fintech sectors.

This foundational reform promises to deepen inclusion and drive sustainable economic growth for millions of Nigerians.

FURTHER READING: How to check your NIN on MTN, Airtel, Glo and 9Mobile