Posts in category: CatchUp

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has received the Executive Director for
Angola, Nigeria and South Africa (ANSA) Constituency at the World Bank Mrs Zainab Shamsuna Ahmed, weekend for a strategic briefing on Nigeria’s priorities within the Bank’s constituency.

Mrs Ahmed reaffirmed the Bank’s commitment to supporting Nigeria’s development agenda and praised the country’s leadership role in continental forums, including the recently Africa Caucus.

HM Edun emphasised that Nigeria is committed to channelling multilateral support into impactful projects that expand infrastructure, create jobs, and unlock private sector investment. He noted that reforms such as subsidy removal, improved tax collection, and digitisation are already attracting international capital, with new investments in manufacturing signalling renewed confidence in Nigeria’s economy.

We are targeting GDP growth of up to 7% in the medium term, more than double population growth and significantly raise living standards, the Minister said. Our focus is on structural reforms in agriculture, power, and digital infrastructure to build a stronger, more competitive economy.

The Minister welcomed the World Bank’s continued partnership, stressing that Nigeria’s reform momentum, combined with strategic multilateral support, will lay the foundation for sustainable growth and private sector–led development.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations

August 24, 2025

The Federation Account Allocation Committee (FAAC), at its August 2025 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, shared a total sum of N2.001 Trillion to the three tiers of government as Federation Allocation for the month of July 2025 from a gross total of N3.836 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, the Federal Government received N735.081 Billion, the States received N660.349 Billion, the Local Government Councils got N485.039 Billion, while the Oil Producing States received N120.359 Billion as Derivation, (13% of Mineral Revenue).

The sum of N152.681 Billion was given for the cost of collection, while N1.683 Trillion 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 July 2025, was N687.940 Billion as against N678.165 Billion distributed in the preceeding month, resulting in an increase of N9.775 Billion.

From that amount, the sum of N27.517 Billion was allocated for the cost of collection and the sum of N19.813 Billion given for Transfers, Intervention and Refunds. The remaining sum of N640.610 Billion was distributed  to the three tiers of government, of which the Federal Government got N96.092 Billion, the States received N320.305 Billion and Local Government Councils got N224.214 Billion.

Accordingly, the Gross Statutory Revenue of N3.070 Trillion received for the month was lower than the sum of N3.485 Trillion received in the previous month by N415.108 Billion .

From the stated amount, the sum of N123.597 Billion was allocated for the cost of collection and a total sum of N1.663 Trillion for Transfers, Intervention and Refunds.

The remaining  balance of  N1.282 Trillion was distributed as follows to the three tiers of government: Federal Government got the sum of N613.805 Billion, States received N311.330 Billion, the sum of N240.023 Billion was allocated to LGCs and N117.714 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N39.168 Billion from  Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N5.640 Billion, States got N18.801 Billion, Local Government Councils received N13.160 Billion, while N1.567 Billion was allocated for Cost of Collection.

The Communique also mentioned the sum of N39.745 Billion from Exchange Difference which was distributed to the three tiers of Government as follows: Federal government got N19.544 Billion, the State received N9.913 Billion, the LGCs got N7.643 Billion, while the Oil producing States received N2.645 Billion.

Petroleum Profit Tax (PPT), Excise Duty, Electronic Money Transfer Levy (EMTL), and Oil and Gas Royalty increased significantly, while Value Added Tax (VAT) and Import Duty increased marginally. Company Income Tax (CIT) and CET Levies recorded decreases.

According to the Communique, the total revenue distributable for the current month of July 2025, was drawn from Statutory Revenue of N1.282 Trillion, Value Added Tax (VAT) of N640.610 Billion, N37.601 Billion from Electronic Money Transfer Levy (EMTL),  and the sum of N39.745 Billion from Exchange Difference, bringing the total distributable amount for the month to N2.001 Trillion.

Ealier, in his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, commended the FAAC Committee  for their diligent efforts in ensuring the effective allocation of resources to the various tiers of government.

He noted that the economic reforms embarked upon by the Federal Government are yielding positive results and that our collective efforts will continue to drive growth and development.

The Minister assured that better days are ahead and expressed optimism about the future of our economy. As we continue to work together, I urge us to prioritize prudent management of public resources, ensuring that our nation’s wealth is utilized effectively to meet the needs of our citizens, Edun emphasized

Signed

Mohammed Manga FCIA

Director, Information and Public Relations

August 22, 2025.

The Federal Government has called on the team charged for ensuring the speedy implementation of BISONFLY PROJECT to ensure the full realization of the project’s objectives, underscoring the urgency and significance of delivering on its mandate.

The Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun gave the charge today in his office in Abuja when he met with the relevant stakeholders,
emphasizing the importance of timely execution and measurable results in the project’s implementation.

Represented by the Permanent Secretary Special Duties, Mr. Raymond Omenka Omachi, the Minister highlighted the project’s potential to significantly reduce the overhead cost of official air travel across the Federal Civil Service, with an estimated annual savings of N18-24 billion through discounted air fares. This aligns with the Renewed Hope Agenda, Fiscal Policy, and Tax Reforms of the present administration, promoting cost optimization.

The BisonFly Project is a strategic initiative of the Federal Ministry of Finance designed to reduce the cost of air travel across Ministries, Departments, and Agencies (MDAs) of the Federal Government through a centralized, technology-enabled system. By integrating digital booking tools and centralized platforms, the project ensures transparency and efficiency in official travel arrangements. The project aligns with the Federal Government’s commitment to responsible financial management, aiming to reduce costs and enhance service delivery.

The Minister noted, Project BisonFly directly supports our commitment to prudent financial management. By coordinating travel and securing discounted rates, we are using the government’s collective bargaining power to cut expenditure and improve service delivery, just as global institutions like the World Bank have done successfully.

The successful implementation of the BisonFly Project will have a lasting impact on the Federal Civil Service, promoting a culture of transparency, accountability, and fiscal responsibility. It will also contribute to the country’s economic growth, job creation, and improved productivity in the public sector, ultimately enhancing the overall well-being of Nigerians

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 21, 2025

www.finance.gov.ng

The Federal Government has reaffirmed its commitment to economic reforms and private sector–driven growth as PepsiCo and DP World unveiled a $20 million production facility in Lagos, signalling renewed investor confidence in Nigeria’s economy.

Speaking at the launch, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the project was a clear demonstration of Nigeria’s competitiveness under President Bola Ahmed Tinubu’s reform agenda. This is not just about two companies. It is about what is possible when global business and Nigerian ambition come together, Edun said. Our reforms have restored stability, unlocked investment, and are creating the conditions for rapid, inclusive growth, he added

From the private sector, Ahmed El-Sheikh, PepsiCo MENAPAK President, said: Nigeria is central to our strategy. This facility reflects our belief in the country’s future and our commitment to sustainable investment.

Mohammed Akoojee, CEO of DP World Sub-Saharan Africa, added: Nigeria is a key hub for Africa’s growth. Through this partnership, we are helping to build efficient, resilient supply chains that support long-term development.

The facility, which will produce PepsiCo’s iconic Cheetos brand using over 90% locally sourced inputs, is expected to create jobs, strengthen food security, and position Nigeria as a manufacturing and export hub within West Africa and AfCFTA.

This landmark investment is set to further boost economic growth, create new opportunities for Nigerians, and reinforce investor confidence in the country’s economy.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 20, 2025

In a significant step towards strengthening Nigeria’s economic fundamentals, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today, held a strategic meeting with the Governor of the Central Bank of Nigeria, Dr. Olayemi Cardoso, at the CBN Headquarters in Abuja. The Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji was also in attendance.

The high-level engagement focused on deepening coordination between monetary and fiscal authorities to sustain macroeconomic stability, strengthen investor confidence, and unlock private sector growth.

The Honourable Minister reaffirmed that close alignment between fiscal and monetary policy is critical to consolidating President Bola Tinubu’s reform agenda, ensuring inflation is contained, revenues are mobilised efficiently, and credit flows effectively to productive sectors.

As the Nigerian economy continues to navigate complex global and domestic challenges, this meeting sends a strong signal of the government’s determination to work towards a more stable and prosperous economic future for all Nigerians. With coordinated policy efforts and a shared vision for economic growth, Nigeria is poised to unlock new opportunities for development and prosperity.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 19, 2025

In a significant step towards boosting Nigeria’s economic prospects, the Director-General of the World Trade Organization, Dr. Ngozi Okonjo-Iweala met today with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, in his office in Abuja to advance a shared agenda for trade-led growth, investment, and inclusive development.

During the meeting, HM Edun highlighted Nigeria’s recent macroeconomic stabilisation — from a stronger naira and easing inflation to ratings upgrades from Fitch and Moody’s — as the foundation for sustained growth. He outlined a strategy built on export diversification, private-sector investment, and human capital development aimed at achieving 7% GDP growth.

Dr. Okonjo-Iweala commended these reforms, noting their potential to restore investor confidence and open new market opportunities under the AfCFTA. She urged Nigeria to accelerate job creation, expand exports, and strengthen safety nets and energy security to ensure growth translates into improved living standards.

Both leaders reaffirmed their commitment to integrating Nigeria into global value chains and harnessing digital trade, recognising the private sector as a key driver of competitiveness, resilience, and shared prosperity.

The meeting marks a crucial step towards a brighter economic future for Nigeria.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 15, 2025

The Federal Government has outlined its strategy for achieving renewed stability and accelerated growth, with a focus on private sector-led investment, job creation, and improved public services.

Speaking at a media briefing today, in his office in Abuja, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun shared the government’s vision for a more prosperous Nigeria.

He stated that the government’s economic strategy is anchored on two interrelated objectives: achieving a stable macroeconomic environment that supports private sector growth and building stronger government savings and public investment in critical sectors such as education, health, and infrastructure. This strategic approach, he explained, is designed to drive growth, create jobs, and improve public services.

Our task is to translate this into tangible improvements in the lives of Nigerians, through principally more jobs, and quality jobs that give higher incomes, and of course better public services, Edun said.

Despite global economic uncertainties, the Minister added that Nigeria’s economy is diversifying, with growth driven by sectors such as trade, communications, and construction. HM Edun noted that GDP growth reached 3.13% in Q1 2025, up from 2.3% in Q1 2024, while inflation moderated to 22.22% as of June 2025. Foreign exchange reserves stood at approximately $39 billion in July 2025.

He informed that the government has also settled outstanding capital budget obligations and is prioritising spending on critical sectors. The government, he added, is targeting 7% annual GDP growth, driven by private investment, infrastructure expansion, energy security, and food production. Key initiatives include implementing policies to support private sector growth, investing in critical infrastructure, and promoting agricultural development.

Our fiscal discipline and structural reforms are designed to build investor confidence and position Nigeria for sustainable, inclusive growth, the Minister said. We are committed to a coordinated fiscal and monetary policy framework that can substantially and sustainably reduce inflation, enabling cheaper capital for businesses so they can invest, and of course, greater purchasing power for households, Edun added.

The Minister also highlighted the government’s commitment to building an economy that works for everyone, with a focus on transparency, resilience, and purpose. Nigeria’s future growth depends on effective, honest, and targeted spending. We must ensure that public resources work harder for our people and our economy, he emphasized.

As the government continues to implement its economic reforms, it is expected that the economy will continue to grow and diversify, with a focus on private sector-led investment, job creation, and improved public services.

With this strategic approach, the Federal Government is confident that Nigeria’s economy will achieve renewed stability and accelerated growth, improving the lives of Nigerians and positioning the country for a brighter future.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 14, 2025

The Federal Government has taken a significant step towards accelerating economic growth and development by refining the implementation of its 2025 capital budget. This strategic move is aimed at unlocking private sector confidence, driving infrastructure delivery, and sustaining economic growth and development.

In line with this objective, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today in Abuja, convened senior government officials to refine the implementation of Nigeria’s 2025 capital budget.

The session addressed the integration of unspent 2024 capital funds into the 2025 budget through the GIFMIS platform, streamlining disbursements and ensuring that every naira is deployed towards productive investments.

Under the revised framework, Ministries, Departments, and Agencies (MDAs) of the Federal Government must secure warrants before entering into contracts, aligning public expenditure with cash availability and strict financial regulations.

HM Edun underscored that transparent and efficient budget execution is critical to President Bola Ahmed Tinubu’s growth agenda, which targets GDP expansion of at least 7% to lift millions out of poverty.

For the private sector, the reforms signal a more predictable fiscal environment, improved payment cycles, and stronger infrastructure pipelines, essential foundations for investment, and job creation.

Nigeria’s future growth depends on effective, honest, and targeted spending, Edun said. We must ensure that public resources work harder for our people and our economy, he emphasized

With these reforms, Nigeria is poised to unlock its economic potential and drive sustainable growth. By prioritizing transparent and efficient budget execution, the government is sending a strong signal to investors and citizens alike that it is committed to building a better future for all Nigerians.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 13, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun has commended Lotus Capital’s leadership in promoting non-interest finance in Nigeria, emphasising that collaboration between the public and private sectors will be essential to mobilising sustainable, long-term capital for national development.

The Minister gave the commendation today in his office in Abuja when he received a high-level delegation from Lotus Capital Limited, led by its Managing Director Mrs. Hajara Adeola

The meeting explores ways of expanding Nigeria’s non-interest finance sector as a driver of inclusive economic growth.

Discussions further centred on how initiatives such as a Non-Interest Real Estate Investment Fund and a regular sovereign sukuk issuance programme could attract ethical investment into critical infrastructure, boost market liquidity, and widen access to finance for under-served communities.

The meeting underscores the Ministry’s commitment to exploring innovative financing solutions for Nigeria’s economic growth and development, highlighting the importance of public-private partnerships in driving progress in the non-interest finance sector.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 12, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today in his office in Abuja met with a delegation from the Nigerian Economic Society (NES), led by its President, Prof. Adeola Adenikinju, committing to deeper collaboration aimed at shaping evidence-based economic policy.

Edun described NES as the intellectual and statistical repository of applied economics in Nigeria, emphasising that its research and policy recommendations are vital for guiding reforms that can unlock private sector investment and accelerate
sustainable growth.

He pledged the ministry’s full support for the Society’s upcoming annual conference, noting that stronger policy dialogue between government and economists would strengthen market confidence and improve economic outcomes.

Permanent Secretary of the Ministry of Finance, Mrs. Lydia Shehu Jafiya added: The Society’s work helps shape a clearer, more accurate narrative of Nigeria’s economy, which is essential for attracting investment and sustaining reform momentum.

Highlighting the conference theme, Rethinking Africa’s Development: Pathways Forward, Prof. Adenikinju outlined how leading economists, including Nobel laureate Prof. Roy Pearson will convene in Abuja to debate strategies for inclusive growth, fiscal stability, and innovation. The event will feature over 200 academic papers and engage 500 economics students, building capacity for the next generation of policy leaders.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
August 14, 2025