FG’s revenue surpassed budgetary target, says minister

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the Federal Government’s revenue for the first half of 2024 has exceeded its budgetary targets.

funding of local governments.

Edun also announced plans to issue $500m in domestic foreign currency-denominated bonds in three to four weeks.

He said, “We have an open exchange rate system, it’s not illegal and so we have the issuance of a dollar-denominated security, not depending on the financial architecture of the Western world, not depending on the kind of architecture that you use to raise Eurobonds.

“We’re using the Nigerian financial system, the Securities and Exchange Commission, the banking system, the investment bankers to issue $500m in the first instance that will be available and will attract foreign currency held by Nigerians abroad and anybody else who buys into the macroeconomic reform efforts of President Bola Tinubu.

“That issue is a challenge to the best and the brightest in the financial markets. It is due to open in the next three to four weeks maximum.”