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Oil revenue grew by 30% in first half 2024 – FG

The Federal Government says Nigeria’s oil revenue grew from 11 per cent in the first half of 2023 to 30 per cent in the first half of 2024.
This is contained in a statement by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun on Friday, in Abuja.
According to the minister, the growth in government revenue is due to the reconfiguration and improvement in government finances.
“The government’s determination to mobilise non-oil revenue has consistently delivered impressive results.
“For the half-year 2024, non-oil revenue surpassed the revenue in the first half of 2023 by 30 per cent above the 2024 budget target without any increases in taxes,” he said.
On debt, Edun said that President Bola Tinubu’s administration has been working to manage and reduce the national debt to create better fiscal headroom for economic management.
“In dollar term, Nigeria’s debt burden has reduced and the government’s fiscal deficit has improved. Our debt has fallen in dollar terms from 108 billion to 91 billion dollars.
“Additionally, the government has diligently serviced all its loans and obligations with no recourse to ways and means of financing, ‘’ Edun said.
Edun said in 2023, the administration exited the Ways and Means debt trap due to better management of the fiscal space.
He said the federal government did not rely on borrowing from the CBN Ways and Means to fund its obligations.
According to Edun, part of the inflationary pressure the country is currently experiencing is as a result of the past abuse of Ways and Means.
He said the federal government paid back the previous N7.3 trillion obligations within a year of Tinubu’s administration.
On Debt Service to Revenue, the minister said the Federal Government for decades, had been spending more than half of its revenue on debt servicing.
He said this was done to enable it meet its debt obligations to avert any form of default.
“By the end of June 2023, the federal government spent 97 per cent of total revenue to service debt, but has recorded a positive trend in the debt service-to-revenue ratio.
“Currently, the debt service-to-revenue ratio has declined from 97 per cent in the first half of 2023 to 68 per cent in 2024.
“Indicating the government’s strong position in managing its debt obligations,” the minister said.
On Budget Deficit, he said it had been a major priority for the economic managers to reduce the budget deficit.
“To achieve this, the federal government, in the last year of the Tinubu administration, improved government revenue collection and blocked a lot of leakages.
“The 2024 budget deficit has moved in the right direction, with a target of 4.1 per cent of Gross Domestic Product (GDP), an improvement from the 6.1 per cent deficit recorded in 2023.
“On an annualised basis, we are at 4.4 per cent, so you can see we are effectively close to the budgetary target,” Edun said.
The minister said the government’s efforts to attract more foreign inflows into the economy had continued to yield good outcomes.
He expresses the government’s commitment to continue the reforms and improve business environment to engender further confidence.
Edun underscored government’s efforts to attract foreign inflows; including implementing the national single window project, which he said would generate 2.7 billion dollars annually in economic benefits.
He said:” the government’s accelerated stabilisation and advancement plan has already attracted 500 million dollars in investment in the gas sector.
The minister said the government had implemented several initiatives and interventions to address the current high cost of living and bring relief to the masses.
Edun said this included a strategic input programme to increase the supply of food, a pivot to Compressed Natural Gas (CNG) fuel for mass transit vehicles.
He said the government was also providing lower-cost financing for the manufacturing industry and production.
The minister sympathised with Nigerians for the current hardship, which he also noted would soon blow away.
He expressed optimism that inflation, in spite being “quite sticky at the moment,” would decelerate and come down due to the government’s commitments and actions.
“Clearly, as part of the reform programme, on the monetary side, monetary policy has been tightened.
“The CBN has been proactive in adjusting the monetary policy rate to address inflation head-on, which is in line with its legal mandate,” he said.
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CAS lauds troops for courage, sacrifices against terrorists

Chief of the Air Staff (CAS), Air Marshal Hasan Abubakar, had lauded the courage and commitment of troops of the Nigerian Air Force (NAF) to the ongoing counter-insurgency operations in North East Nigeria.
Abubakar gave the commendation during a morale-boosting visit to the Air Component of Operation HADIN KAI in Maiduguri, Borno.
This is contained in a statement by the Director, Public Relations and Information, NAF, Air Commodore Ehimen Ejodame, yesterday, in Abuja.
The CAS said their sacrifices were etched in the history of the nation, and in the hearts of millions of Nigerians who sleep safer because of the troops’ vigilance.
He emphasised that their bravery and resilience in the face of adversity have not gone unnoticed, saying his visit underscored the vital role airpower plays in neutralising threats and protecting communities.
Abubakar pledged continued investment in cutting-edge technology to empower frontline units.
According to him, the NAF remains steadfast in its mission, guided by leadership, strengthened by unity, and driven by the selfless service of its personnel.
The visit comes at a critical moment, reinforcing the importance of public support for military operations and spotlighting the human element at the heart of national defence.
News
Nigeria Ranks Top In Africa’s Soft Drinks Market

Nigeria’s soft drinks and beverage market continues to show strong growth potential, making it the leading consumer of soft drinks in Sub-Saharan Africa, according to the German Mechanical Engineering Industry Association.
A statement by the VDMA disclosed during a press conference held in Lagos ahead of drinktec 2025, that Nigeria consumed over 53 billion litres of soft drinks in 2024, placing it well ahead of other African countries such as Ghana and South Africa.
Despite challenges such as inflation and a weakening naira, Nigeria’s growing population, rising urbanisation, and expanding middle class are key factors driving demand in the beverage sector.
Bottled water led the segment with 48.7 billion litres sold in 2024, a figure projected to rise by 27% to 62 billion litres by 2028.
Carbonated soft drinks followed with 3.4 billion litres, expected to reach 4.4 billion litres by 2028, while energy drinks are forecasted to grow by 30% over the same period. Juices, though relatively small, are also on an upward trajectory.
“The Nigerian beverage market is expanding quickly due to increasing accessibility and affordability,” VDMA stated, citing data from Euromonitor International.
Set to take place in Munich from 15 to 19 September 2025, drinktec is the world’s leading trade fair for the beverage and liquid food industry.
VDMA, a key exhibitor and technical partner for the event, revealed that Nigerian participation is expected to be strong, especially as the country anticipates economic recovery.
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Soyinka Slams NBC Over Ban On Eedris Abdulkareem’s Protest Song

Nobel Laureate, Prof. Wole Soyinka, has condemned the recent ban placed on a song by Nigerian musician, Eedris Abdulkareem, describing the development as a return to the culture of censorship and a threat to the right to free expression.
Abdulkareem had waxed a song titled “Tell Your Papa” which criticized President Bola Tinubu’s administration.
In a statement issued from New York University, Abu Dhabi, yesterday, Soyinka criticised the action and its wider implications, saying it echoed past attempts to stifle artistic and socio-political commentary in Nigeria.
“Courtesy of an artist operating in a different genre – the cartoon – who sent me his recent graphic comment on the event, I learnt recently of a return to the culture of censorship with the banning of the product of a music artist, Eedris Abdulkareem,” Soyinka said in the piece posted on PM news.
He expressed irony in suggesting that the ban did not go far enough, stating, “It is not only the allegedly offensive record that should be banned – the musician himself should be proscribed. Next, PMAN, or whatever musical association of which Abdulkareem is member, should also go under the hammer.”
Soyinka noted that he had not listened to the banned song but stressed that the issue transcends content and concerns a fundamental democratic principle.
“It cannot be flouted. That, surely is basic. This is why I feel that we should look on the bright side of any picture and thus recommend the Aleshinloye cartoon – and others in allied vein – as an easy-to-apprehend, easy-to-digest summation of the wisdom of attempting to stifle unpalatable works of art or socio-political commentary,” he said.
He also pointed out the irony that censorship often benefits the targeted artist.
The ban is a boost to the artist’s nest egg, thanks to free governmental promotion. Mr. Abdulkareem must be currently warbling his merry way all the way to the bank. I envy him,” he added.
The literary icon warned that such censorship was not only counterproductive but also dangerous to democratic development.
“We have been through this before, over and over again, ad nauseum. We know where it all ends. It is boring, time-wasting, diversionary but most essential of all, subversive of all seizures of the fundamental right of free expression,” Soyinka said.
He warned that the ban creates “a permissive atmosphere of trickle-down power,” where state authorities feel emboldened to clamp down on dissent.
Soyinka’s statement also touched on broader issues of impunity and mob violence in Nigeria, lamenting the recent lynching of 19 youths in Edo State.
“My heart goes out to friends, colleagues and families of victims and traumatised survivors of this senseless slaughter. Our thirst for justice must remain unslaked,” he said.
Referencing the 2022 killing of Deborah Samuel in Sokoto, Soyinka criticised the culture of impunity, saying, “Identified killers were set free to gloat, and paste their photos on the Social Media… in full daylight glare, in the presence of both citizen voyeurs and security forces.”
He called for accountability, warning that “as long as the culture of impunity is given the sheerest strain of legitimacy in any given cause, such gruesome assaults on our common humanity will continue to prevail.”
Soyinka concluded by urging the relevant regulatory body to reverse what he described as a “petulant irrationality,” warning that any government that only tolerates praise-singers “has already commenced a downhill slide into the abyss.”
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