Posts in category: CatchUp

The African Union has reported significant progress in member-states’ contributions to its 2025 Regular Budget, with Nigeria playing a key leadership role in championing sustainable financing.

This was disclosed by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the 47th Ordinary Session of the AU Executive Council, held at the Sipopo Conference Centre, Malabo where he presented the Report of the Joint-Sitting of the Ministerial Committee on Scale of Assessment and the Committee of Fifteen Ministers of Finance (F15).

Represented by the Honourable Minister of State for Finance, Dr Doris Uzoka-Anite, the report highlights that US $146.22 million has been collected, representing 73% of the approved US $200 million Regular Budget, by June 30, 2025. This marks a significant improvement, with 30 member states now fully up to date with payments, compared to 20 in 2024. Arrears collections have also reached US $14.99 million, accounting for 19% of outstanding arrears. Additionally, US $131.8 million has been disbursed by partners for 2025 programmes and peace-support operations.

However, the report notes a US $3.82 million discrepancy flagged in Libya’s arrears-write-off, emphasizing the need for swift implementation of the auditors’ recommendations.

The Minister emphasized the importance of timely payments, stating, These figures show that political will is translating into timely payments. We urge remaining members to clear their balances so the Union can plan with certainty and reduce its dependency on partner funding.

HM Edun also reiterated Nigeria’s stance, saying, Africa must finance its own priorities first He further highlighted the benefits of meeting obligations in full and on time, stating, When we meet our obligations in full and on time, we unlock greater bargaining power, accelerate Agenda 2063 and show our citizens that the AU delivers tangible value

The presentation aligns with President Bola Ahmed Tinubu’s vision for a financially resilient African Union and complements Abuja’s domestic reforms on revenue mobilisation, fiscal transparency, and debt sustainability.

With this progress, the African Union is poised to achieve its goals and deliver tangible benefits to its citizens. Nigeria’s leadership role in championing sustainable financing demonstrates its commitment to a stronger and more self-sufficient continent.

The Executive Council is composed of Foreign Affairs Ministers and other ministerial representatives of AU member states and prepares decisions and policies for adoption by the Assembly of Heads of State and Government. The 47th session, convened on 10–11 July 2025 in Malabo, precedes the 7th Mid-Year Coordination Meeting between the AU, Regional Economic Communities and Regional Mechanisms.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
July 11, 2025

In a major milestone for Nigerian and West African infrastructure development, Deutsche Bank led a $747 million syndicated loan to finance Phase 1 Section 1 (from Victoria Island to Eleko Village 47+47km) of the Lagos-Calabar Coastal Highway, a flagship project under Nigeria’s Renewed Hope Infrastructure Development Agenda.

This marks the first syndicated road infrastructure loan of its size in Nigeria and is a strong signal of global investor confidence in the country’s reform trajectory and infrastructure pipeline.

Deutsche Bank acted as Global Coordinator, Initial Mandated Lead Arranger and Bookrunner and participated in the syndicate, alongside other regional and international lenders. The Islamic Corporation for the Insurance of Investment and Export Credit (“ICIEC”) provided partial political and commercial risk insurance. The syndicate includes support from development finance institutions, export credit agencies and international commercial banks—notably First Abu Dhabi Bank, also acting as Agent across all facilities and Intercreditor Agent, whose involvement underscores its strong and growing support for Nigeria. Other lenders involved are the African Export-Import Bank (“Afrexim”), the Abu Dhabi Exports Office (“ADEX”), the ECOWAS Bank for Investment and Development (“EBID”), Nexent Bank N.V. (formerly known as Credit Europe Bank N.V.) and Zenith Bank (through its UK, Paris and Nigeria offices).

The project is structured as an EPC+F (Engineering, Procurement, Construction + Financing) contract awarded to Hitech Construction Company, one of Nigeria’s leading infrastructure firms. This structure aims at a strategic partnership between the Government and the private sector, seamlessly aligning technical execution with financing solutions. It enables fast-track project delivery while unlocking and maximizing private sector appetite for investment in the country’s priority infrastructure. Construction of Phase 1 Section 1 is already over 70% complete.

The highway, constructed using Continuously Reinforced Concrete Pavement (CRCP), reflects a commitment to long-term resilience and efficiency. Engineered for a minimum lifespan of 50 years with minimal maintenance, it offers outstanding durability and cost-effectiveness. The project’s design and implementation have been shaped by comprehensive technical, legal, and environmental and social assessments, ensuring alignment with the highest international standards.

The Lagos-Calabar Coastal Highway will serve as a vital trade and logistics corridor, enhancing regional integration, tourism, reducing transport costs, and creating jobs. A tolling strategy is currently being finalised to ensure the project’s operational and financial sustainability. These mechanisms will support a self-sustaining, concession-backed framework, helping to ensure long-term viability. Financing for subsequent phases is already being structured, with strong interest from regional and international investors.

This landmark transaction reflects the renewed engagement of international financial institutions with Nigeria, driven by bold macroeconomic reforms and a commitment to delivering bankable, transformative projects.

Quotes

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria
“This deal reflects the success of our macroeconomic reforms and the return of international capital to support Nigeria’s development. We are focused on financing infrastructure in ways that are sustainable, transparent, and catalytic—and this transaction is a model of that vision in action. The closing of this market defining financing is yet another testament to Mr President’s commitment to accelerate the participation of the private sector in infrastructure financing and development. It positions the country as being ready for a full transition to the design, development, financing as well as operations and management of critical public infrastructure through Public Private Partnerships. It signals to investors and private sector participants, the sophistication and maturity of the Nigerian market and commitment of the Government to sanctity of contracts and innovative structures to fund critical national infrastructure that will deliver sustained and inclusive growth.”

Hon. David Umahi, Minister of Works, Federal Republic of Nigeria
“This transaction is a vote of confidence in Nigeria’s economic reform agenda. The Lagos-Calabar Highway is a strategic national asset, and this financing sets a strong precedent for future public-private infrastructure partnerships.”

Dany Abboud, Managing Director, Hitech Construction Company Limited
“We are proud to deliver this historic project. With over 70% of Phase 1 Section 1 complete, we are showing that Nigerian engineering—backed by structured international finance—can meet global standards. The use of CRCP technology ensures unmatched durability and cost-efficiency.”

Dr. Khalid Khalafalla, CEO, ICIEC
“ICIEC is proud to join the Nigerian government and our co-financiers in realizing the Lagos–Calabar Coastal Highway Project. Through ICIEC’s sovereign risk coverage solution, we are unlocking vital infrastructure that will ease congestion, stimulate regional trade, and drive inclusive economic growth. This initiative will create employment opportunities, build local capacity, and bolster small and medium-sized enterprises, demonstrating our steadfast commitment to sustainable development, multimodal connectivity, and prosperity for communities across West Africa.”

Signed
Mohammad Manga FCAI
Director, Information and Public Relations
July 9, 2025

www.finance.gov.ng

President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to transparency and accountability in public finance management, declaring that funds saved from the removal of fuel subsidy will be channelled into critical infrastructure, social safety nets, and targeted economic reforms.

The President gave the assurance today in Abuja when he declared open the 2025 National Conference on Public Accounts and Fiscal Governance, themed Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development.

Represented by the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, the President emphasized the importance of transparency and accountability in public finance management, citing steps taken to digitise public finance systems through platforms such as the Integrated Payroll and Personnel Information System (IPPIS), the Government Integrated Financial Management Information System (GIFMIS), and the Open Treasury Portal. These platforms, he stated, ensure that public funds are traceable, public officers are accountable, and the Nigerian people are empowered with information.

In his words, Fiscal governance is the lifeblood of national development. Without accountability, transparency, and sound management of public resources, no nation can prosper, regardless of its natural wealth.

The conference brings together key stakeholders, including the National Assembly, government agencies, civil society, and the private sector, to discuss ways to promote fiscal transparency, accountability, and sustainable development in Nigeria. This gathering is a significant milestone in Nigeria’s pursuit of transparency, accountability, and sustainable development, providing a platform for stakeholders to discuss critical issues, share best practices, and chart a new course for fiscal governance in Nigeria.

By strengthening the role of the Public Accounts Committees and promoting transparency and accountability in government, the President’s administration demonstrates its commitment to fiscal discipline and responsible governance. The conference is expected to yield actionable recommendations that will further promote fiscal transparency and accountability in Nigeria, ultimately contributing to the country’s national development.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
July 7, 2025

www.finance.gov.ng

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today, welcomed the release of the International Monetary Fund’s (IMF) findings on Nigeria, following the conclusion of the Article IV Consultation in April 2025.

HM Edun expressed appreciation for the IMF’s recognition of the Federal Government’s ongoing reform efforts and the tangible progress achieved over the past two years. These reforms have contributed to notable improvements in Nigeria’s fiscal and external positions, bolstering investor confidence and strengthening the resilience of the economy.

The Minister also welcomed the Fund’s acknowledgement of advancements in the agricultural sector, particularly increased food production, which has contributed to moderating inflation. As of May 2025, headline inflation eased to 22.9%, while food inflation declined to 21.4%—both improvements from the higher levels recorded during the IMF mission.

He further noted the IMF’s positive outlook, which affirms that Nigeria’s economic reforms have positioned the country to better withstand external shocks.

In response to the downside risks highlighted in the IMF’s report—particularly uncertainties in the global economy—the Minister reaffirmed the government’s proactive stance. He emphasized that the implementation of the 2025 Budget is being carried out with a focus on safeguarding reform gains and ensuring economic stability. The government continues to monitor developments in the international oil market and global trade environment and is taking responsive measures to mitigate potential risks while maintaining momentum toward inclusive growth.

The Federal Government remains fully committed to sound economic management that promotes macroeconomic stability, broad-based growth, and improved living standards for all Nigerians.

Signed,

Mohammed Manga FCAI

Director, Information and Public Relations

July 2, 2025.

www.finance.gov.ng

In a bid to drive economic growth and development, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun has today emphasized the need for fiscal reform and international cooperation when he delivered the country’s statement at the 4th International Conference on Financing for Development (FFD4), holding in Sevilla, Spain.

Speaking at a high-level roundtable on domestic public resource mobilisation, HM Edun called for a rebalancing of global finance to better reflect the realities of developing economies. He highlighted Nigeria’s reforms to improve tax administration, drive fiscal discipline, and create an enabling environment for private sector investment.

In today’s evolving global landscape, self-reliance is essential. We are prioritising digital infrastructure, transparency, and institutional reform to deliver more for Nigerians with every naira spent, the Minister noted.

He also stressed the urgent need for stronger international collaboration on tax fairness and illicit financial flows, areas where African economies continue to face systemic disadvantage.

The event brought together senior officials from the United Nations, OECD, EU, and development banks, alongside finance ministers from countries including Nepal, Malawi, and Uruguay.

As the Nigerian government continues to drive economic reforms, HM Edun’s message at the UN Finance Summit underscores the country’s commitment to achieving sustainable economic growth and development for the benefit of all Nigerians

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
July 1, 2025

www.finance.gov.ng

The 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) provided a platform for Nigeria to showcase its economic prowess, with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighting the country’s emergence as a regional hub for trade, development finance, and industrial growth.

Speaking during a high-level session of delegates from across Africa and the diaspora at the Annual Meetings in Abuja on Friday, the Minister underscored Nigeria’s partnership with Afreximbank as a model for effective collaboration between governments and development finance institutions. We are not just participating in a summit. We are advancing a shared vision for Africa’s prosperity, with Nigeria playing a leading role in its delivery, Edun said.

He highlighted further that Nigeria has secured over $52 billion in Afreximbank financing, with targeted interventions across energy, infrastructure, healthcare, and SME development, including the Africa Trade Centre in Abuja, the African Medical Centre of Excellence, and the proposed Africa Energy Bank, with $5 billion in capital, to be headquartered in Abuja.

The Minister also pointed to Nigeria’s recent formal adoption of the Pan-African Payment and Settlement System (PAPSS), calling it a game-changer for intra-African trade and financial independence. With PAPSS, Nigerian businesses can settle cross-border transactions in local currencies, reducing foreign exchange pressures and creating a more stable trade environment, he stated.

HM Edun applauded the innovative leadership of Afreximbank President Prof. Benedict Oramah and urged the Nigerian private sector to leverage the full suite of Afreximbank instruments, including FEDA, AQAC, and CANEX, to expand market access and scale impact. The enabling institutions are in place. The infrastructure is growing. Now is the moment for Nigeria’s entrepreneurs and investors to go bigger, bolder, and regional, he added.

The 32nd Afreximbank Annual Meetings convened top public and private sector leaders to advance dialogue on trade integration, financing solutions, and industrial growth across Africa.

As the African economy continues to evolve, Nigeria’s emergence as a pan-African trade powerhouse positions the country for sustained growth, investment, and prosperity. With strategic partnerships and innovative solutions, Nigeria is poised to play a leading role in shaping the continent’s economic future.

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

www.finance.gov.ng

On the sidelines of the 32nd Afreximbank Annual Meetings, holding in Abuja, Nigeria, the Federal Republic of Nigeria and the Republic of Rwanda today signed a landmark Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income, reinforcing their shared commitment to deepening economic cooperation and facilitating private sector-led growth across Africa.

The high-level signing ceremony, held in Abuja, was presided over by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, alongside his Rwandan counterpart, Yusuf Murangwa, Minister of Finance and Economic Planning.

HM Edun hailed the agreement as a strategic milestone following the recent passage of four landmark tax reform bills in Nigeria. This agreement is a critical tool for promoting cross-border investment, ensuring tax certainty, and eliminating the risk of being taxed twice on the same income, he stated. Edun added that the agreement supports our broader objective of unlocking private sector capital, accelerating intra-African trade, and positioning Nigeria as a competitive destination for investment under the African Continental Free Trade Area (AfCFTA).

The treaty simplifies tax administration, improves transparency, and aligns Nigeria with global standards, ensuring that both governments can protect taxpayers, reduce loopholes, and combat fiscal abuse. It is expected to bolster confidence among investors operating in both countries, particularly in sectors such as technology, finance, agriculture, and logistics.

Rwanda’s Finance Minister, Yusuf Murangwa, echoed the sentiment of partnership and long-term ambition: This agreement is a testament to the strong partnership between Rwanda and Nigeria, and a critical step in creating a unified, investor-friendly Africa. We believe this will serve as a model for deeper regional integration and shared prosperity.

Both ministers acknowledged the dedication of their technical teams, whose professionalism and foresight shaped the framework for this outcome. The agreement not only cements bilateral tax cooperation but also opens the door for enhanced trade, technology collaboration, and capital flows, laying the foundation for a more resilient, integrated African economy.

As Africa continues to evolve, partnerships like this pave the way for a brighter economic future, fostering growth, investment, and prosperity across the continent.

Signed

Mohammed Manga FCAI

Director, Information and Public Relations

June 27, 2025

www.finance.gov.ng

The Federal Government’s commitment to economic reform and development took center stage today as the Federal Ministry of Finance held its Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for second quarter of 2025 in Abuja.

This quarterly engagement is designed to foster transparency, accountability, and inclusive growth, providing a platform for stakeholders to engage with the Ministry on its progress and challenges.

The Ministry’s efforts were highlighted in the keynote address by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who provided a comprehensive update on the implementation of presidential priorities and ministerial deliverables.

He outlined progress across key reform pillars, stabilising foreign exchange markets, expanding fiscal revenues, driving industrial investment, and improving social outcomes for Nigerians.

We are now in the third phase of our reform agenda, focused on accelerating investment-led growth that delivers jobs, reduces inflation, and lifts millions out of poverty, the Minister said. He added that Our trajectory is clear: from macro-economic correction to national transformation.

The Minister cited a substantial rise in external reserves, from under $4 billion to over $23 billion, and noted renewed investor confidence, evidenced by credit rating upgrades and major energy investments.

Speaking at the event, the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite underscored the importance of stakeholder engagement in delivering reform dividends: This platform enables citizens and the private sector to hold us accountable while shaping a more responsive and transparent economy, she said.

She assured of the Ministry’s dedication to delivering on its mandate through effective policy implementation and stakeholder engagement with a view to driving economic growth and development that is equitable and sustainable.

Mr. Raymond Omenka Omachi, Permanent Secretary Special Duties, Federal Ministry of Finance, added that institutional collaboration and disciplined execution remain critical to sustaining reform momentum: We are working across ministries and agencies to ensure that reforms are not just announced, but effectively implemented with measurable impact, he stated

The event drew participation from industry leaders, civil society organisations, and development partners. The second quarter 2025 Citizens and Stakeholders’ Engagement Session marked a significant step towards achieving the Federal Government’s economic objectives. With a clear roadmap for investment-led growth and a commitment to transparency and accountability, the Ministry of Finance is poised to drive meaningful progress and deliver tangible benefits to Nigerians.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
June 23, 2025

www.finance.gov.ng

The Anti-Corruption and Transparency Unit (ACTU) of the Federal Ministry of Finance has launched a sensitization campaign aimed at raising awareness among staff about the Unit’s mandate and its critical role in promoting transparency, accountability, and integrity within the Ministry.

The Committee was formally inaugurated by the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, on December 20, 2024.

During a visit to the Director of Information and Public Relations yesterday, the Chairman of ACTU and Director of Economic Research and Policy Management, Mr. Abubakar Othman reaffirmed the Committee’s commitment to ensuring that staff are fully sensitized about the realization of the Ministry’s Mandate to help drive the policy objectives of government.

He explained that the sensitization campaign was kicked off with the Information Department to leverage their critical role in amplifying the campaign’s message and ensuring its effectiveness across the Ministry.

The Director of Information and Public Relations, Mr. Mohammed Manga lauded the initiative, describing it as both timely and impactful. He encouraged the Committee to adopt innovative and inclusive approaches in the discharge of their duties and assured them of the Department’s full cooperation and support.

The launch of this campaign marks a significant step towards promoting transparency and accountability within the Ministry, and the ACTU remains committed to engaging all stakeholders in achieving its mandate.

Signed;

Francis L. Kusa
CIO (Information and PR)
For: Director (Information and PR)
June 21, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun today received a high-level delegation from Nigeria’s downstream petroleum sector, led by Mr. Abdulkabir Adisa Aliu, Chief Executive Officer of Matrix Energy.

The delegation also included Yakubu Maishanu, Chairman/CEO of AYM Shafa Ltd, and Alhaji Auwalu Abdullahi Rano, CEO of A.A. Rano. Together, the group reaffirmed its commitment to market stability, expanded private investment, and continued support for the federal government’s reform agenda.

Discussions focused on the visible economic impact of recent policy measures, including the successful transition away from petrol subsidies, enhanced domestic supply, improved exchange rate stability, and a notable reduction in pump prices. The marketers noted that collectively, their companies now supply nearly 20 million litres of petrol daily—without fiscal burden on the government—underscoring the effectiveness of private sector-led distribution.

The delegation welcomed the government’s supportive policy stance and encouraged continued clarity to further strengthen investor confidence and ensure smooth market operations. They also reiterated their commitment to accelerating investment in Compressed Natural Gas (CNG) infrastructure, in line with national energy transition goals.

HM Edun commended the downstream operators for their leadership and resilience, acknowledging their critical role in ensuring energy security and supporting sustainable growth. He reaffirmed the federal government’s commitment to fostering a stable policy environment that encourages private investment and drives inclusive development in alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

This engagement reflects the deepening partnership between public and private sector actors in delivering a more competitive, resilient, and forward-looking energy market for all Nigerians.

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

www.finance.gov.ng