Blue Economy records 95% revenue growth in Q1, 2024 – Oyetola

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The Federal Government said the various reform initiatives it embarked upon have stated yielding results such that it now generates enough revenue to meet its pressing needs.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun in his own presentation gave the assurance while presenting his scorecards on Tuesday as part of the ongoing ministerial sectoral update press briefing to highlight the achievements of President Bola Tinubu in his first year in office.

Also making his presentations, the Minister of Marine and Blue Economy, Adegboyega Oyetola, said agencies under his ministry increased their revenue generation by 95 percent in the first quarter of 2024.

According to him, the agencies under his ministry during the first quarter of 2024 generated combined revenue of N242.8 billion as against the N126.35 billion generated in the first quarter of 2023.

The Finance Minister said the government has not only improved revenue generation, but has also restored investor confidence, adding that the government has succeeded in ramping up its revenue generation to the point that it can now pay its obligations.

“We have now increased our revenue substantially and we can now take care of our obligations without resorting to Ways and Means. We have paid off Islamic Development Bank; we have paid our own equity in the construction of the Lagos-Calabar Coastal Highway.

“One of the great things that this government has introduced to block revenue leakages is that we now pay our suppliers directly, no more through a third party,” Edun stated.

The minister also gave the assurance that no company will leave the country again, stressing that the situation which forced those that left the country have been taken care of.

He said the government is investing heavily in agriculture because it has the potential of pulling down inflation which will help the monetary authority to stabilize the exchange rate.

The minister stated that the recent report by the National Bureau of Statistics that the GDP in the first quarter of 2024 grew by 2.98 percent is a sign that the economy is moving in the right direction, adding that the growth recorded was higher than population growth of 2.4 percent in the same quarter.

Speaking on the impact of the reform agenda of the government, he said, “The President’s reforms, strategies and programmes have turned the country in the right direction of growth,”

He added that the potential that agriculture has to help move the economy forward and reduce inflation has not yet been tapped.

“By the time the dry season harvest is over and the wet season production comes in, it is going to significantly bring down food inflation which is 50 percent of headline inflation in the country.

“As inflation comes down it gives the monetary authority a chance to stabilize the exchange rate.”

On the country’s currency, the minister said the issue of whether the old naira notes will continue to exist side by side with the new notes is in the hands of the CBN to decide.

Also making his presentations, the Minister of Marine and Blue Economy, Adegboyega Oyetola, said agencies under his ministry increased their revenue generation by 95 percent in the first quarter of 2024.

According to him, the agencies under his ministry during the first quarter of 2024 generated combined revenue of N242.8 billion as against the N126.35 billion generated in the first quarter of 2023.

Oyetola said on the ease of doing business, the Nigerian Ports Authority and Nigerian Maritime Administration and Safety Agency have accomplished all reform activities recommended under the 90-day Regulatory Reform Accelerator prescribed by the Presidential Enabling Business Environment Council to boost transparency in the operations of the agencies and are progressing steadily with regards to the ease of doing business.

He said the ministry is committed to establishing a national shipping line for the country to facilitate foreign trade for Nigerians.

He said it is going to be a public, private partnership arrangement with the government maintaining a minimal interest.