Posts in category: CatchUp

In a pivotal moment for Nigeria’s energy sector, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun engaged in strategic discussions with the management of Nigeria LNG Limited (NLNG) in his office in Abuja today. The meeting brought together key stakeholders to discuss critical issues aimed at shaping the future of Nigeria’s gas industry, including production targets, investment climate, and ongoing reforms.

The Minister reaffirmed Nigeria’s ambition of producing 10 billion standard cubic feet of gas per day by 2030, citing recent agreements, including the Deepwater deal with TotalEnergies, as evidence of progress toward a more competitive and investor-friendly environment. The President has stabilised the economy and created new opportunities for both manufacturing and energy. As we implement comprehensive tax reforms, your input will be vital in shaping a more attractive business landscape, he said.

The Minister also assured stakeholders that reforms, including the rollout of digital trade systems, will streamline oversight, eliminate inefficiencies, and ensure fairness. We want a transparent, technology-driven environment where investors can operate with confidence, Edun stated.

Dr. Philip Mshelbila, NLNG CEO, updated the Minister on operations, highlighting stronger gas supply, improved security on the Trans-Niger pipeline, and capacity utilisation rising above 70%. On infrastructure, Dr. Mshelbila reported advances on the Bodo-Bonny Road while calling for an extension to the East-West highway under the tax credit scheme.

As Nigeria continues to push the boundaries of its energy potential, this meeting marks a critical milestone in the country’s journey towards achieving its gas production targets by 2030. With renewed focus and determination, Nigeria is poised to unlock its vast energy resources and drive economic growth in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
September 4, 2025

www.finance.gov.ng

The Federal Government  has reaffirmed its commitment to pension reforms and renewed dedication to Nigeria’s senior citizens with the launch of the Pension Transitional Arrangement Directorate (PTAD) revised Service Charter

The Charter, themed: Renewed Commitment to Service Excellence, sets clear service standards and accountability measures to deliver quicker, more reliable, and people-centred services to pensioners across the country

Unveiling the Charter in Abuja today, the Honourable Minister of State for Finance Dr Doris Uzoka-Anite stated that the Service Charter is more than a document – it is a social contract that places pensioners’ welfare and public trust at the heart of service delivery. With President Bola Ahmed Tinubu’s recent approval for a bond programme in excess of N800 billion to clear outstanding pension liabilities, we are taking decisive steps to ensure retirees are paid promptly and treated with dignity Dr. Uzoka-Anite assured.

The Minister commended PTAD’s management and staff for updating and expanding the Charter, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Together, we must build a pension system that guarantees fairness, reliability, and peace of mind for every pensioner, she emphasised, while also
reaffirming the Ministry’s commitment to supporting PTAD.

The revised Charter focuses on four key improvements: performance metrics, quality commitment, stakeholder feedback, and clarity/accessibility.

PTAD’s Executive Secretary, Mrs. Tolulope Odunaiya underscored the Charter’s importance as a covenant setting out PTAD’s obligations, service standards, and accountability framework.

Stakeholders, including PenCom, SERVICOM, and the Public Complaints Commission, praised PTAD’s efforts and encouraged robust implementation.

As the Federal Government continues to prioritize pension reforms, this revised Service Charter marks a significant step towards enhancing the lives of Nigeria’s senior citizens.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
September 3, 2025

www.finance.gov.ng

In a bid to boost economic growth and development, the Federal Government has reiterated its commitment to expanding access to finance for Micro, Small, and Medium Enterprises (MSMEs), manufacturers, and individuals, which are key drivers of economic resilience and job creation in the country.

The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite gave the assurance today in her office in Abuja, when the Board Members of the National Credit Guarantee Company Limited (NCGC), led by its Managing Director/Chief Executive Officer, Mr. Bonaventure E. Okhaimo paid her a courtesy visit.

She praised the NCGC leadership for the rapid and professional manner in which the Company was established, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda to strengthen Nigeria’s industrial capacity and foster inclusive growth.

The Minister stated that the success of any institution rests on the calibre of its people. I have full confidence in the leadership and management of the National Credit Guarantee Company Limited to deliver on this vital mandate, she said.

Dr Uzoka-Anite emphasized that the Ministry of Finance will continue to provide institutional support and guidance to ensure NCGC delivers on its role of sharing up to 60% of credit risk with financial institutions, which will help unlock the much-needed financing for MSMEs and manufacturers, facilitate diversification, and cushion the economy against external shocks.

Speaking earlier, the Managing Director/Chief Executive Officer of NCGC, Mr. Bonaventure Okhaimo expressed his appreciation to the Minister for her encouragement and pledged that NCGC would remain steadfast in its mission to catalyse credit access across the country, while also assuring of the organisation’s commitment to accelerating credit access across the nation. We are structured to provide assurance to lenders, thereby stimulating credit flow to productive sectors of the economy, Okhaimo said

In her remarks, the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya commended the progress in launching NCGC and reaffirmed the Ministry’s readiness to support this institution.

We commend the progress in launching NCGC and reaffirm the Ministry’s readiness to support this institution fully. With the right structures and leadership now in place, we are confident the company will play a transformative role in de-risking lending and empowering SMEs and manufacturers.

The National Credit Guarantee Company Limited, which now reports to the Federal Ministry of Finance, is one of the newest agencies created by the Federal Government. Its establishment marks a significant step toward bridging structural financing gaps, promoting industrial advancement, and broadening financial inclusion.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
September 3, 2025

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has reaffirmed the government’s commitment to modernising trade systems and boosting revenue as Nigeria Customs Service (NCS) performance continues to exceed expectations.

At the 62nd meeting of the NCS Board in Abuja, Edun announced that Customs generated ₦3.7 trillion in the first half of 2025, 12.5% above budget and 25% higher than the same period last year. He described the performance as commendable but emphasised the need for deeper reforms to meet the administration’s ambitious revenue goals.

Central to these reforms is the National Single Window Initiative, a digital trade platform set for full rollout in 2026. Designed to streamline import and export processes, the initiative will cut delays, reduce costs, and boost competitiveness, creating a stronger, more efficient business environment for the private sector.

The National Single Window will give Customs the speed and capacity to process trade more effectively, boosting revenue and positioning Nigeria as a more attractive hub for investment, the Minister said.

The board also confirmed governance improvements within the Service, including senior appointments and promotions, to uphold professional standards and strengthen institutional capacity.

The Honourable Minister concluded that these measures reflect President Bola Tinubu’s wider strategy: stabilising inflation and exchange rates while building a transparent, technology-driven trade ecosystem that encourages private investment and drives growth.

Signed

Mohammed Manga FCAI

Director, Information and Public Relations

In a bid to boost economic growth and development, the Federal Government has reiterated its commitment to expanding access to finance for Micro, Small, and Medium Enterprises (MSMEs), manufacturers, and individuals, which are key drivers of economic resilience and job creation in the country.

The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite gave the assurance today in her office in Abuja,  when the Board Members of the National Credit Guarantee Company Limited (NCGC), led by its Managing Director/Chief Executive Officer, Mr. Bonaventure E. Okhaimo paid her a courtesy visit.

She praised the NCGC leadership for the rapid and professional manner in which the Company was established, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda to strengthen Nigeria’s industrial capacity and foster inclusive growth.

The Minister stated that the success of any institution rests on the calibre of its people. I have full confidence in the leadership and management of the National Credit Guarantee Company Limited to deliver on this vital mandate, she said.

Dr Uzoka-Anite emphasized that the Ministry of Finance will continue to provide institutional support and guidance to ensure NCGC delivers on its role of sharing up to 60% of credit risk with financial institutions, which will help unlock the much-needed financing for MSMEs and manufacturers, facilitate diversification, and cushion the economy against external shocks.

Speaking earlier, the Managing Director/Chief Executive Officer of NCGC, Mr. Bonaventure Okhaimo expressed his appreciation to the Minister for her encouragement and pledged that NCGC would remain steadfast in its mission to catalyse credit access across the country, while also assuring of the organisation’s commitment to accelerating credit access across the nation. We are structured to provide assurance to lenders, thereby stimulating credit flow to productive sectors of the economy, Okhaimo said

In her remarks, the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya commended the progress in launching NCGC and reaffirmed the Ministry’s readiness to support this institution.

We commend the progress in launching NCGC and reaffirm the Ministry’s readiness to support this institution fully. With the right structures and leadership now in place, we are confident the company will play a transformative role in de-risking lending and empowering SMEs and manufacturers.

The National Credit Guarantee Company Limited, which now reports to the Federal Ministry of Finance, is one of the newest agencies created by the Federal Government. Its establishment marks a significant step toward bridging structural financing gaps, promoting industrial advancement, and broadening financial inclusion.

Signed

Mohammed Manga FCAI

Director, Information and Public Relations

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