Posts in category: CatchUp

President Bola Ahmed Tinubu congratulates Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, on his appointment to the Royal Victorian Order by His Majesty King Charles III.

King Charles III appointed Mr Edun as Commander of the Royal Victorian Order (CVO) in recognition of his longstanding work with the Duke of Edinburgh’s International Award.

The Duke of Edinburgh’s International Award is a global youth development programme that supports young people worldwide in building character, skills, and leadership, including in Nigeria, where thousands of young people currently benefit from the programme.

President Tinubu welcomes the exceptional honour bestowed on the Minister, a pivotal member of his cabinet, and acknowledges that the recognition aligns with the priority his administration places on youth empowerment, opportunity, and national renewal.

The President commends Mr Edun’s industry and dedication, and reaffirms his administration’s commitment to developing Nigeria’s youth as leaders of today and tomorrow.

Bayo Onanuga
Special Adviser to the President
(Information & Strategy)
December 30, 2025

Nigeria remains firmly on a path of peace, stability, and economic progress.

In light of recent enquiries following the targeted joint security operation by Nigeria and the US conducted in Sokoto on Christmas Day, I wish to reassure investors, analysts, and our multilateral partners that Nigeria is not at war with itself, nor with any nation. What Nigeria is decisively confronting—alongside trusted international partners—is terrorism. This distinction is important, and it is fundamental to understanding the positive economic implications of recent actions.

The operation in question was precise, intelligence-led, and focused exclusively on terrorist elements that threaten innocent lives, national stability, and economic activity. Far from destabilising markets or weakening confidence, such actions strengthen the foundations of peace, protect productive communities, and reinforce the conditions required for sustainable growth. Security and economic stability are inseparable; every effort to safeguard Nigerians is, by definition, pro-growth and pro-investment.

Under the leadership of President Bola Ahmed Tinubu, GCFR, Nigeria has made tangible and measurable progress on both security and economic reform. These gains are evident in our macroeconomic performance. In the third quarter of 2025, Nigeria recorded GDP growth of 3.98%, following a strong 4.23% growth in Q2. We expect a stronger Q4 2025 GDP performance. Inflation has decelerated for the seventh consecutive period and is now below 15%, reflecting improving price stability and the effectiveness of coordinated fiscal and monetary actions.

Our financial markets remain resilient. Domestic and international debt markets are stable and functioning efficiently, supported by prudent fiscal management. Over the past year, Nigeria has received credit rating upgrades from Moody’s, Fitch, and Standard & Poor’s—clear, independent endorsements of the strength of our reforms and the credibility of our economic direction. We have maintained fiscal discipline, prioritised efficiency, and protected macroeconomic stability—demonstrating resilience in the face of external shocks.

As President Bola Ahmed Tinubu noted in his address last week, our overarching objective for 2026 is to consolidate the gains of 2025, strengthen Nigeria’s economic resilience, and continue building a sustainable, inclusive, and growth-oriented economy. The actions we take today—on security, reforms, and fiscal discipline—are aligned with that goal.

As markets reopen on Monday, 29 December 2025, investors can be confident that Nigeria remains focused, reform-driven, and committed to stability. The fundamentals are strengthening, the policy direction is clear, and the resolve of this administration—to protect lives, secure prosperity, and grow the economy—is unwavering.

Nigeria remains open for business, anchored in peace, and firmly focused on the future.

Wale Edun, OFR
Honourable Minister of Finance
and Coordinating Minister of the Economy
December 28, 2025

www.finance.gov.ng

The Federation Account Allocation Committee (FAAC), at its December 2025 meeting chaired by the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite shared a total sum of N1.928 Trillion to the three tiers of government as Federation Allocation for the month of November 2025 from a gross total of N2.343 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL), the Federal Government received N747.159 Billion, the States received N601.731 Billion, the Local Government Councils got N445.266 Billion, while the Oil Producing States received N134.355 Billion as Derivation, (13% of Mineral Revenue).

The sum of N84.251 Billion was given for the cost of collection, while N330.625 Billion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of November 2025, was N563.042 Billion as against N719.827 Billion distributed in the preceeding month, resulting in a decrease of N156.785 Billion.

From the stated amount, the sum of N22.522 Billion was allocated for the cost of collection and the sum of N54.682 Billion given for Transfers, Intervention and Refunds. The remaining sum of N485.838 Billion was distributed to the three tiers of government, of which the Federal Government got N72.876 Billion, the States received N242.919 Billion and Local Government Councils got N170.043 Billion.

Accordingly, the Gross Statutory Revenue of N1.736 Trillion received for the month was lower than the sum of N2.164 Trillion received in the previous month by N427.969 Billion .

From the stated amount, the sum of N59.993 Billion was allocated for the cost of collection and a total sum of N273.925 Billion for Transfers, Intervention and Refunds.

The remaining balance of  N1.403 Trillion was distributed as follows to the three tiers of government: Federal Government got the sum of N668.336 Billion, States received N338.989 Billion, the sum of N261.346 Billion was allocated to LGCs and N134.355 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N43.400 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N5.947 Billion, States got N19.823 Billion, Local Government Councils received N13.876 Billion, while N1.736 Billion was allocated for Cost of Collection, while the sum of N2.018 Billion was given to Transfers, Refunds and Savings.

Excise Duty increased moderately, while Petroleum Profit Tax (PPT) Hydrocarbon Tax (HT), Company Income Tax (CIT) on Upstream Activities, Company Income Tax (CIT)/CGT and SDT, Oil and Gas Royalties, Import Duty, CET Levies, Value Added Tax ( VAT), Electronic Money Transfer Levy (EMTL) and fees recorded substantial decreases.

According to the Communique, the total revenue distributable for the current month of November 2025, was drawn from Statutory Revenue of N1.403 Trillion, Value Added Tax (VAT) of N485.838 Billion and the sum of N39.646 Billion from Electronic Money Transfer Levy (EMTL), bringing the total distributable amount for the month to N1.928 Trillion.

Signed
Mohammed Manga fcai amnipr
Director, Information and Public Relations
December 15, 2025.

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has hailed the outgoing Permanent Secretary, Finance (PSF), Mrs. Lydia Shehu Jafiya, for her unwavering dedication to public service.

Speaking at a retirement reception in her honour on Friday in Abuja, the Minister praised Jafiya’s remarkable 35-year career, marked by her energy, dedication, and wisdom.

Your capacity to serve is truly amazing, and we appreciate the sacrifices you’ve made, Edun said, urging the new PSF, Mr. Raymond Omachi, to emulate Jafiya’s exemplary work ethic. Government is a continuum, he emphasized, highlighting the importance of seamless transitions in public service.

The occasion witnessed an outpouring of goodwill messages from esteemed dignitaries, including Executive Governors, Honourable Ministers, the Head of the Civil Service of the Federation, The Chairman,  Federal Civil Service Commission,  Permanent Secretaries, Accountan General of the Federation,  and Members of the Diplomatic Corps. Also, in attendance were Heads of Agencies under the Ministry, Ministry’s Directors, Traditional Rulers, and family members, among others.

In her response, Mrs Jafiya expressed profound gratitude to the Ministry for the gesture and urged staff to maintain their high standards. She congratulated Mr Raymond Omenka Omachi on his new role, noting that they had worked together for years and had no doubt he would excel.

Earlier, in his remarks, Mr. Raymond Omachi pledged to build on the legacy of his predecessor, ensuring the Ministry continues to deliver on its mandate. He thanked Mrs. Jafiya for her dedication and service, acknowledging the foundation she has laid for the Ministry’s continued success. He also assured the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite of his commitment to work closely with them to achieve the Ministry’s goals.

Jafiya thanked her family for their unwavering support and praised God’s guidance throughout her illustrious career. I am humbled by the overwhelming show of love and support, she said, I will forever cherish the memories and experiences gained during my time in the civil service.

As Mrs. Lydia Jafiya bows out of the Federal Civil Service, she leaves behind a legacy of dedication, commitment, and selfless service that will continue to inspire future generations of public servants. The Ministry wishes her a happy retirement, filled with joy, peace, and fulfillment, and Mr. Raymond Omachi success in his new role as he embarks on this new chapter in the Ministry’s history.

Signed

Mohammed Manga, fcai, amnipr

Director, Information and Public Relations

December 14, 2025

www.finance.gov.ng

The Federal Government has reaffirmed its commitment to supporting institutions that drive economic growth and stability. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, gave the assurance today in his office in Abuja when he received a delegation from the Police Service Commission (PSC) led by its Secretary, Chief Onyemuche Nnamani.

During the meeting, the Commission briefed the Minister on ongoing initiatives to strengthen Nigeria’s security framework, with discussions centred on enhancing recruitment processes and aligning resources with national priorities for a more modern and accountable Police Force.

The Minister reaffirmed the Federal Government’s commitment to supporting institutions that underpin safety, stability, and economic growth, stating that effective security structures ease the pressure on public-sector systems, reduce the economic impact of insecurity, and help sustain investor confidence across the country.

The meeting underscored the shared resolve of both institutions to work collaboratively in support of national stability and long-term economic development.

Signed
Mohammed Manga, fcai, amnipr
Director, Information and Public Relations
December 8, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has said that the Federal Government’s economic reforms are creating stronger opportunities for private-sector growth nationwide

Speaking on Thursday at the Imo State Economic Summit 2025, HM Edun commended Governor Hope Uzodimma for upgrades to roads and plans for 24-hour electricity, signalling that Imo is positioning itself as an investment-ready state. He noted that recent federal power-sector liberalisation now enables states and private partners to generate and distribute electricity, reducing constraints for industry and technology firms.

The Minister highlighted opportunities in light manufacturing, agro-processing, pharmaceuticals, packaging, and building materials, stressing Imo’s strategic access to major regional markets.

On the national outlook, he reported that Nigeria’s economy is growing at about 4 percent – double the previous rate — with industry and agriculture leading the expansion. Fiscal reforms, he added, have doubled allocations to states, broadening local markets and creating more room for private capital. Inflation continues to decline, boosting household purchasing power and consumer demand.

HM Edun reaffirmed the government’s commitment to inclusive growth through targeted social support and announced a forthcoming national mass savings plan to mobilise investment from citizens and businesses.

He stated that Nigeria is shifting from latent potential to rising opportunity, calling for stronger partnerships because Federal, State and private-sector actors to accelerate sustainable growth.

As Nigeria’s economy continues to grow, driven by industry and agriculture, the government remains committed to fostering an enabling environment for businesses to thrive. With Imo State’s strategic location, infrastructure upgrades, and investment-friendly policies, the state is poised to become a hub for economic activity in the region. The Federal Government invites investors to explore the opportunities in Imo State and across Nigeria, as we work together to build a more prosperous future.

Signed
Mohammed Manga, fcai, amnipr
Director, Information and Public Relations
December 5, 2025

www.finance.gov.ng

In a significant step towards deepening economic ties between Nigeria and Tunisia, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, met with Tunisia’s Minister of Economy and Planning, Samir Abdelhafidh, on the sidelines of the AATB and AHEB meetings in Abuja. The meeting aimed to advance deeper economic collaboration between the two nations.

During the meeting, HM Edun reaffirmed President Bola Ahmed Tinubu’s priority to boost intra-African trade and unlock private-sector opportunities, noting that Africa currently trades more with the rest of the world than with itself.

He highlighted Nigeria’s ongoing reforms — including measures to attract investment, strengthen the business environment, and support vulnerable households — positioning the economy for sustainable growth.

This partnership must move from conversation to execution. A joint working group will ensure follow-through and practical outcomes, Edun said.

Tunisia expressed strong interest in expanding commercial ties, particularly in tourism, manufacturing, pharmaceuticals, and SME development. Minister Abdelhafidh also confirmed plans for a direct Tunis–Abuja air link by 2026, improving mobility for investors and businesses.

Both sides agreed that stronger Nigeria–Tunisia cooperation will support private-sector growth, expand market access, and advance Africa’s broader objective of economic integration.

As Nigeria and Tunisia embark on this new chapter of economic cooperation, both nations are poised to reap the benefits of strengthened trade and investment ties, driving growth and development across the continent.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
November 28, 2025

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has called for deeper trade collaboration between African and Arab Nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth.

Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.

He highlighted projections showing Arab–African trade could grow by more than $37 billion in the next three years and urged partners to prioritise value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.

This is a moment to turn opportunity into action, he said. By working together, we can build stronger value chains, create jobs and support prosperity across our regions, Edun emphasized

As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
November 27, 2025

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun has emphasized the critical role of water as a strategic economic asset, calling for urgent collective action to improve access, boost productivity, and reduce climate vulnerability.

The Minister made the call in Abuja on Wednesday when he joined national stakeholders for the launch of the Lokoja Dialogues. A platform advancing community-led solutions to strengthen water security, climate resilience, and sustainable development across Nigeria.

In his remarks, HM Edun underscored the role of water as a strategic economic asset and called for coordinated investment, innovation and collaboration to improve access, boost agricultural productivity, reduce climate vulnerability and support inclusive growth.

The Federal Ministry of Finance remains committed to reforms that strengthen resilience, empower communities, and unlock sustainable economic opportunities for all Nigerians.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
November 27, 2025

www.finance.gov.ng

In a significant boost to Nigeria’s economic diversification efforts, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reiterated the Federal Government’s commitment to supporting private-sector investments that drive industrialisation, deepen supply chains, and create sustainable employment.

This commitment was underscored during a meeting held in his office in Abuja with executives from Folay West African Limited, where the company outlined its expansion plans to boost Nigeria’s manufacturing capacity and strengthen the agricultural value chain.

Folay Industries, a fully Nigerian-owned FMCG company operating from the Lekki Free Zone, has invested more than ₦11 billion in local production, sourcing grains domestically and creating jobs through backward integration.

The company is among a growing group of indigenous manufacturers replacing imports with competitive, made-in-Nigeria products. The Honourable Minister, who welcomed the progress, noted that initiatives like Folay Industries represent the shift toward value-added production — a critical priority for economic diversification and long-term growth.

The meeting between HM Edun and Folay Industries’ leadership demonstrates the Federal Government’s unwavering support for the manufacturing sector. As Nigeria continues to navigate the complexities of economic diversification, such partnerships with the private sector will be crucial in driving growth, creating jobs, and building a resilient economy, positioning the country for a brighter future.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
November 26, 2025

www.finance.gov.ng