The investors at the meeting included those from Citibank, France’s Amundi, led by Valerie Baudson, BlueCrest, the Britain- and South Africa-based Ninety One, Kirkoswald Capital, Principal Finisterre, US groups Prudential Global Investment Management (PGIM) and Mesarete Capital.
Finance Minister Engages Local Contractors to Resolve Prolonged Dispute, Reaffirms Commitment to Sustainable Reforms
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, has reaffirmed the Federal Government’s commitment to resolving outstanding obligations to local contractors in a fair, transparent, and structured manner, as part of broader efforts to sustain economic reforms and strengthen public confidence.
The Minister gave this assurance during a high-level meeting with representatives of the All-Indigenous Contractors Association of Nigeria, held Monday in Abuja, aimed at addressing the prolonged impasse between the Federal Government and indigenous service providers.
The engagement focused on outstanding payments related to capital expenditure, with discussions centred on the need for clarity, accountability, and a credible framework for resolving verified claims. The Minister emphasized that the process will balance fiscal realities with the government’s responsibility to honour legitimate obligations.
“Resolving these obligations is important not just for contractors, but for confidence in government, job creation, business continuity, and overall economic stability,” the Minister stated.
He acknowledged the concerns raised by the contractors, particularly regarding delayed payments, contract variations, and the impact of ongoing fiscal reforms on project execution.
He assured stakeholders that the government is working closely with relevant institutions to reconcile outstanding claims and establish a clear and sustainable payment structure.
Mr. Oyedele reiterated that while the administration remains committed to bold and necessary reforms to stabilize the economy, such measures will continue to be implemented with due consideration for stakeholders to minimize disruptions.
“The government recognizes the critical role local contractors play in infrastructure development and economic growth. We are determined to resolve all outstanding issues through structured engagement within the framework of fiscal responsibility,” he added.
The meeting had in attendance the Permanent Secretary, Federal Ministry of Finance, Mr. Raymond Omachi; Permanent Secretary, Special Duties, Mr. Mohammed Sanusi Danjuma; the Accountant-General of the Federation, Mr. Shamseldeen Ogunjimi; the Director, Cash Management, Federal Ministry of Finance; and the Director, Funds, and other line Directors both from the Finance Ministry and the Office of the Accountant-General of the Federation.
Representatives of the contractors commended the Honourable Minister for initiating the dialogue and expressed optimism that the renewed engagement would lead to practical and lasting solutions.
They also pledged their continued cooperation with the government to ensure the timely delivery of critical infrastructure projects across the country.
Efe Ovuakporie
Head Information and Public Relations Unit
5th May, 2026
The Federal Government has launched the Fast Tracking Transformation through Sustainable Public Finance for Biodiversity Project and inaugurated an Inter-ministerial Project Steering Committee to guide its implementation, in a decisive move to align Nigeria’s public finance system with biodiversity protection and climate priorities.
The event, held at the Federal Ministry of Finance Headquarters in Abuja, underscored Nigeria’s commitment to strengthening the integration of environmental sustainability into fiscal policy, budgeting and economic planning.
Speaking on behalf of the Permanent Secretary, Federal Ministry of Finance, Mr. Raymond Omachi, the Director, International Economic Relations Department, Mr. George Nyeso Stanley, described the initiative as a timely and strategic intervention.
He stated that Nigeria must move beyond policy commitments to practical alignment of financial systems with biodiversity and climate objectives.
He noted that biodiversity remains a critical economic asset that supports livelihoods, food security and national resilience, stressing that safeguarding it must be reflected in how public resources are mobilized and allocated.
The Permanent Secretary emphasized that Nigeria is confronted with increasing environmental pressures alongside competing fiscal demands. He noted that biodiversity loss, land degradation and climate change continue to pose risks to economic stability and long term development.
According to him, “the project is designed to strengthen the integration of biodiversity considerations into fiscal policies, budgeting frameworks and economic planning processes”, describing it as a core economic priority rather than a stand-alone environmental concern.
He further highlighted the importance of coordination across government institutions, noting that no single ministry can drive the required transformation in isolation. He therefore charged members of the Steering Committee to ensure policy integration, improve resource mobilization and promote institutional collaboration in the implementation of the project.
A major highlight of the event was the formal inauguration of the Inter-ministerial Project Steering Committee, which will provide strategic direction, ensure policy coherence and oversee implementation in line with national priorities.
In her remarks as Co-Chair, the representative of the German Embassy in Nigeria, Dr. Karin Jansen, stated that the project will promote collaboration among Ministries of Finance in partner countries including Brazil, Costa Rica, Indonesia and Nigeria. She noted that the initiative will strengthen Nigeria’s capacity to deliver sustainable infrastructure and improve development outcomes, while also creating opportunities for job growth and enhanced livelihoods.
In his goodwill message, the Cluster Coordinator for Just Transition and Inclusion at GIZ Nigeria and ECOWAS, Mr. Duke Benjamin, reiterated that the project provides a platform for stronger coordination and collective action. He stated that integrating environmental sustainability into public finance systems is essential for achieving inclusive growth and long term economic stability.
The project is being implemented in collaboration with GIZ Nigeria and ECOWAS and the United Nations Environment Programme, with funding support from the International Climate Initiative of the German Government.
During the event, the Federal Ministry of Finance reaffirmed its commitment to driving reforms that promote sustainable public finance, economic resilience and environmental stewardship, noting that the success of the initiative will depend on sustained collaboration across government and with development partners.
Efe Ovuakporie
Deputy Director, Information and Public Relations
April 29th, 2026
The Ondo APC Elders Movement for Tinubu has commended President Bola Ahmed Tinubu over the appointment of Mr. Taiwo Oyedele as the substantive Minister of Finance and Coordinating Minister of the Economy, describing the decision as strategic and well-suited for Nigeria’s ongoing economic reforms.
The group’s Coordinator, Otunba Agboola Kelly, said the appointment reflects the President’s commitment to strengthening fiscal governance and ensuring effective economic management. He noted that Oyedele is a highly skilled professional whose track record in finance and economic policy makes him a fitting choice for the role.
Kelly further described the new minister as a man of integrity and competence, adding that his elevation demonstrates the confidence President Tinubu has in his capabilities.
He emphasized that Oyedele’s appointment comes at a crucial time when Nigeria requires experienced leadership to stabilize the economy, drive sustainable growth, and implement policies that positively impact citizens.
The group expressed optimism that the new Finance Minister will play a key role in advancing the Renewed Hope Agenda, particularly in boosting revenue generation, ensuring prudent financial management, and attracting foreign investment into the country.
Otunba Kelly called on stakeholders within the financial sector to support the minister in repositioning the economy for greater efficiency and inclusiveness. He also prayed for wisdom and strength for Oyedele as he assumes his new responsibilities
Today, I received the Honourable Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, SAN, CON, on a working visit.
We had constructive discussions on the challenges facing the aviation sector, particularly the recent sharp rise in the cost of aviation fuel and its impact on airlines’ operations and pricing. We also explored areas of opportunities to strengthen the sector and unlock its growth potential.
Our focus remains on ensuring a more sustainable, efficient, and competitive aviation industry that supports economic activity and connectivity.
The finance minister and Coordinating Minister of the Economy, Taiwo Oyedele, has assured the private sector and investors that Nigeria is not looking back on reforms that have been implemented in the last few years.
Oyedele said this on Thursday at the launch of the Nigerian Economic Summit Group’s Private Sector Outlook 2026 in Lagos, emphasising that consistency and predictability will be critical to unlocking investment and driving growth.
While acknowledging early signs of macroeconomic stabilisation, Oyedele stressed that sustaining reforms is essential to building investor confidence, warning that mixed signals or policy reversals could undermine progress. He added that the next phase of Nigeria’s economic agenda will test reforms by their ability to deliver real outcomes, jobs, productivity gains, and improved living standards.
Oyedele is less than 48 hours in his role as the substantive finance minister and coordinating minister of the economy following the resignation of Wale Edun on Monday.
Oyedele said, “From the perspective of the private sector, four factors are critical to drive investment in this phase: first, policy consistency, reforms must be sustained. This is why we are not looking back. Nothing undermines confidence more than policy reversals or mixed signals. Businesses need to know that today’s decisions we still hold tomorrow, unless unpredictable circumstances require otherwise.
“Second, predictability beyond consistency, there must be predictability. This applies to tax, environment and tax laws, trade policies, foreign exchange rules and regulatory processes. Third is the cost of doing business. We are confronting the structural cause that businesses face, ranging from multiple taxation, logistics inefficiencies, supply chain bottlenecks, energy constraints and regulatory overlaps. Reducing these constraints is one of the fastest ways to unlock growth for our country.
“We are currently targeting real GDP per capita growth of around four to 5% to really make a meaningful impact, because if our GDP is growing at around 4% and we have population growth at 2% plus. It’s not making an insignificant impact in lifting people out of poverty and creating shared prosperity. Fourth is access to capital. Investment cannot happen without financing. We’re therefore strengthening domestic capital markets, access to credit and long-term financing structure for infrastructure and industry. You must have observed that the government has been particularly focused on the credit economy, whether it’s no fund for students or whether it’s credit call, where you’re trying to do consumer finance, and the ones for industries like BoI (Bank of Industry), trying to provide credit at affordable rates, and so forth. We think that we can stimulate economic growth faster by creating affordable credit economy and access to capital.”
The new finance minister added that Nigeria’s economic reform drive is entering a decisive new phase, with the focus shifting from stabilisation to tangible growth outcomes, noting that recent policy measures have begun to show early signs of stability, including a more aligned exchange rate, improved revenue performance, and clearer policy direction.
However, he stressed that stabilisation alone does not equate to success, describing it instead as the foundation upon which sustainable growth must be built. Oyedele noted that the real test lies in translating reforms into measurable impact, through increased investment, job creation, higher productivity, and improved living standards, anchored on consistent, predictable policies that can inspire long-term investor confidence.
He said, “We have started to see early signs of stabilisation and early signs of growth with a more aligned exchange rate environment, improving revenue performance and clearer policy signal to the market. While we recognise the progress made so far, we are mindful that stabilisation alone is not success. It is simply the foundation upon which success must now be built.
“So what’s the real test is moving from reform to growth. The next phase we are now entering is where reforms are tested based on the outcomes that they produce and the impact that they make. Because reforms on their own do not create growth. We need investment at scale to create decent jobs, enhance productivity and improve living standards. But investment does not respond to announcements. It responds to confidence built on predictable policies and clear rules consistently applied within a competitive framework to achieve acceptable risk-adjusted returns. If the environment is uncertain, the investment will wait. But if we provide the right environment, investment will not only come, it will stay and grow.”
On productivity, Oyedele said, “Let me speak to productivity, because that seems to be like the missing link in the narrative of our economic reform over the years. If we are to move from the stabilisation to the sustainable growth phase, we must address the fact that productivity growth driven by consumption alone is not sustainable. We must increase output efficiency and competitiveness, especially in key sectors like agriculture, manufacturing and the digital economy, as well as energy.
“But productivity does not happen in isolation. It requires infrastructure, skills development, technology adoption and a supportive policy environment. So this is where the next point I want to make comes in. We are familiar with PPP, public-private partnership. But I think we also need public policy and private partnership. PPP. No government, no matter how well resourced, can drive growth alone. Therefore, this phase requires alignment between government policy, private sector investment priorities and development partners. Support platforms like the NESG are critical because they enable dialogue, feedback and course correction. We note too well that reforms are more effective when they are not only co-created, but they are co-owned through again, what I call the public policy private partnership.”
He added that as the Nigerian economy moves into the consolidation phase, the government remains “focused on deepening economic reforms, improving the ease of doing business, strengthening public financial management and enhancing coordination across not just MDAs, but across the tiers of government. We had a very productive meeting yesterday with the Governor’s Forum and supporting sectors with high growth and employment potential. As we consolidate, we will deepen reforms to stimulate growth, enhance productivity and promote fiscal discipline.
“We need private capital. We recognise that policy alone is not enough. Implementation, consistency and accountability will define success.”
Highlighting what is required of the private sector, Oyedele said, “Our ask from the private sector is invest with a medium to long-term perspective, continue to formalise and expand your operations. Engage constructively with policy makers like we always do, particularly on the platform of the NESG, uphold compliance, transparency and governance standards. Sustainable growth is ultimately a shared prosperity.
“We are mindful that there are risks to watch, and we must remain mindful of those risks that lie ahead, including reform fatigue, inflationary pressures arising from recent global economic uncertainties and conflicts, as well as political and social pressure, especially in a pre-election year. Why are these risks real? They are nevertheless manageable with discipline and collaboration. So in closing, my perspective is that Nigeria has taken the difficult step of initiating reforms.
“This phase that we have done required courage, and that has been demonstrated by the political leadership. The phase we are now entering requires something different, and that is discipline, focus and diligent execution. This is what we promise to deliver.”
🗓️ July 7, 2023 — Appointed Chairman, Presidential Committee on Fiscal Policy & Tax Reforms
🗓️ August 8, 2023 — Formally inaugurated and delivered his inaugural address at the State House
🗓️ March 11, 2026 — Confirmed by the Senate as Minister of State for Finance, replacing Doris Uzoka-Anite
🗓️ March 16, 2026 — Sworn in as Minister of State for Finance by President Tinubu
🗓️ April 21, 2026 — Elevated to Minister of Finance & Coordinating Minister of the Economy, replacing Wale Edun
Oyedele spent 32 months as Committee Chairman before joining the cabinet, and just 36 days as Minister of State before being elevated to the substantive Finance Minister role.
Under his leadership, four tax reform bills were passed by the National Assembly in May 2025.
Incoming Coordinating Minister of the Economy, Taiwo Oyedele, chaired his first FAAC meeting in his new ministerial role, overseeing the allocation of ₦2.036 trillion in Federation Account revenue for March 2026.
This marks the second time this year that FAAC disbursements to the federal, state, and local governments have exceeded the ₦2 trillion threshold.
Key Figures from the Meeting:
Total distributable revenue: ₦2.036 trillion
Distributable statutory revenue: ₦1.320 trillion
Distributable VAT revenue: ₦515.391 billion
Augmentation: ₦200 billion
Gross revenue inflow for March: ₦2.364 trillion
Cost of collection: ₦81.084 billion
Transfers, refunds, and savings: ₦246.872 billion
Breakdown of the ₦2.036 Trillion Allocation:
Federal Government: ₦789.159 billion
State governments: ₦657.596 billion
Local government councils: ₦468.826 billion
Derivation (13% to oil-producing states): ₦120.759 billion
Statutory Revenue Component (₦1.320 trillion):
Federal: ₦632.260 billion
States: ₦320.691 billion
Local governments: ₦247.239 billion
Derivation: ₦120.759 billion
VAT Component (₦515.391 billion):
Federal: ₦51.539 billion
States: ₦283.465 billion
Local governments: ₦180.387 billion
Augmentation (₦200 billion):
Federal: ₦105.360 billion
States: ₦53.440 billion
Local governments: ₦41.200 billion
The distribution details were provided in a statement from the Office of the Accountant General of the Federation, signed by Bawa Mokwa, the Director of Press and Public Relations.
