Posts in category: CatchUp

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has met with a high-level delegation from the African Development Bank (AfDB) led by Dr. Abdul Kamara, Director General for Nigeria at the AfDB.

The meeting, which was held today in his office in Abuja, explored a range of potential areas for collaboration between the Ministry and the AfDB. Key topics discussed at the meeting included initiatives to strengthen food security, the Special Agro-Industrial Processing Zones (SAPZ) project, and other strategic engagements aimed at promoting sustainable economic growth and development in Nigeria.

The Minister highlighted the critical role of AfDB’s funding and technical expertise as Nigeria approaches a pivotal harvest season, which is essential for the country’s food security and economic stability.

Speaking earlier, the leader of the delegation, Dr. Abdul Kamara, Director General for Nigeria at the AfDB, commended President Bola Ahmed Tinubu’s economic reforms, emphasizing their importance in tackling Nigeria’s pressing economic challenges

Dr. Kamara also expressed deep sympathy on behalf of the AfDB President, Dr. Akinwumi Adesina, for the recent flooding in Maiduguri, assuring the Minister of the Bank’s readiness to provide support in addressing the aftermath of the disaster.

Representatives from both the African Development Bank and the Ministry of Finance attended the meeting, including Linda Amadi, Orison Amu, George N.S, and Onyoh Ajibola.

This courtesy visit underscores the African Development Bank’s commitment to supporting Nigeria’s economic development and reinforces the importance of international cooperation in driving sustainable growth.

Thus, the African Development Bank’s endorsement of President Tinubu’s economic reforms marks a significant milestone in Nigeria’s journey towards economic stability and growth.

As the country navigates the challenges of food security and economic development, AfDB’s support and expertise will play a vital role in shaping Nigeria’s economic future.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
September 18, 2024

The Federation Account Allocation Committee (FAAC), at its September 2024 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.203 Trillion to the three tiers of government as Federation Allocation for the month of August, 2024 from a gross total of N2.278 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange Difference (ED), the Federal Government received N374.925 Billion, the States received N422.861 Billion, the Local Government Councils got N306.533 Billion, while the Oil Producing States received N99.474 Billion as Derivation, (13% of Mineral Revenue).

The sum of N81.975 Billion was given for the cost of collection, while N992.617 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 August 2024, was N573.341 Billion as against N625.329 Billion distributed in the preceding month, resulting in a decrease of N51.988 Billion.

From that amount, the sum of N22.934 Billion was allocated for the cost of collection and the sum of N16.512 Billion given for Transfers, Intervention and Refunds. The remaining sum of N533.895 Billion was distributed to the three tiers of government, of which the Federal Government got N80.084 Billion, the States received N266.948 Billion and Local Government Councils got N186.863 Billion.

Accordingly, the Gross Statutory Revenue of N1.221Trillion received for the month was lower than the sum of N1.387 received in the previous month by N165.994. From the stated amount, the sum of N58.415 Billion was allocated for the cost of collection and a total sum of N976.105 Billion for Transfers, Intervention and Refunds.

The remaining balance of  N186.636 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N71.624 Billion, States received N36.329 Billion, the sum of N28.008 Billion was allocated to LGCs and N50.675 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N15.643 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.252 Billion, States got N7.509 Billion, Local Government Councils received N5.256 Billion, while N0.626 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N468.245 Billion from Exchange Difference, which was shared as follows: Federal Government received N220.964 Billion, States got N112.076 Billion, the sum of N86.406 Billion was allocated to Local Government Councils, N48.799 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed that
Companies Income Tax (CIT), Value Added Tax (VAT), Import and Excise Duties, Electronic Money Transfer Levy (EMTL), Petroleum Profit Tax (PPT), Oil and Gas Royalty and Customs External Tarrif levies (CET) all recorded decreases.

According to the Communique, the total revenue distributable for the current month of August 2024, was drawn from Statutory Revenue of N186.636 Billion, Value Added Tax (VAT) of N533.636 Billion, N15.017 Billion from Electronic Money Transfer Levy (EMTL) and N468.245 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.203 Trillion.

The balance in the Excess Crude Account (ECA) as at September 2024 stands at $473.754.57

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while welcoming FAAC members, appreciated them for their continued support and contributions, urging them to do more

While also thanking the Revenue Generating Agencies for their hard work in ensuring that the three tiers of government are running smoothly, HM Edun assured that Nigeria is going well, explaining that we have a President whose actions is in line with the Rule of Law and he is making sure that whatever the country is going through is a stringent economic conditions aimed at repositioning the economy for the benefit and future of our country

He emphasised that the policies are for the good of the nation it is for our own good, we have to go through turbulent situation before the economy will stabilize for good, he said.

He added that the challenges we are witnessing are not only limited to Nigeria alone but to other countries of the world. We have to play our own role, we have to fasten our belts, he noted

Signed:
Mohammed Manga FCIA
Director, Information and Public Relations
September 17, 2024.

n a groundbreaking move poised to revolutionize Nigeria’s energy landscape, the Dangote Refinery has today commenced supply of Premium Motor Spirit (PMS) to the Nigerian National Petroleum Corporation Limited (NNPCL.

This bold initiative, championed by President Bola Ahmed Tinubu’s Administration, marks a significant milestone in Nigeria’s quest for energy self-sufficiency and reduced reliance on imported refined products. It also represents a key milestone in the federal government’s commitment to reducing pressure on the Naira and enhancing the availability of petroleum products in the domestic market.

Speaking today at the Dangote Refinery, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun praised President Bola Ahmed Tinubu’s visionary leadership in advancing Nigeria’s energy sector. He emphasized that this initiative aligns with the President’s vision that no raw materials should leave Nigeria’s shores without adding value.

The Minister also commended Alhaji Aliko Dangote and the Dangote Group for turning this vision into reality through the establishment of the refinery, noting its role in transforming Nigeria’s oil sector while also acknowledging the work of the technical sub-committee responsible for the implementation of crude sales to local refineries in Naira, chaired by the Executive Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji.

While in Lagos, the Minister accompanied by the Chairman of the Federal Inland Revenue Service, Dr. Zacch Adedeji and other members of the Technical Sub-Committee undertook an extensive tour of the refinery’s state-of-the-art facilities, highlighting its capacity to add value locally and reduce reliance on imported refined products. HM Edun praised the refinery’s technological advancements and its potential to meet Nigeria’s domestic fuel demands efficiently.

The Minister also witnessed the loading of the first batch of PMS from the Dangote Refinery by NNPCL, marking a significant milestone in the domestic supply of refined petroleum products. This event symbolizes the first supply of PMS to NNPCL, although the official sale of crude oil for Naira transactions is scheduled to commence on October 1st.

The Federal Executive Council (FEC), under President Tinubu’s leadership, has approved the supply of crude oil to domestic refineries, including the Dangote Refinery, with payments made in Naira. “From the 1st of October, NNPCL will commence the supply of approximately 385,000 barrels per day of crude oil to the Dangote Refinery, which will be paid for in Naira,” the Minister announced.

HM Edun called on other domestic refiners to join this endeavor, not only to meet the country’s needs but also to facilitate legal exports to neighboring countries, thereby enhancing foreign exchange revenue and supporting the nation’s economic well-being.

With the commencement of PMS supply, Nigeria has taken a giant leap towards achieving its energy goals. As the country continues to make strides in domestic refining and energy production, the benefits of this initiative will resonate across the economy, from improved foreign exchange earnings to enhanced economic growth.

The successful partnership between the federal government and the private sector, exemplified by the Dangote Refinery, serves as a beacon of hope for Nigeria’s future energy prosperity.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
September 15, 2024

In a landmark move towards reducing pressure on the Naira, eliminating unnecessary transaction costs, and improving availability of petroleum products, the Federal Government has successfully initiated the sale of crude to local refineries as well as corresponding purchase of petroleum products in Naira.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed this today in his office in Abuja shortly after the Technical Sub-Committee meeting on the sale of crude oil to local refineries in Naira

Represented by the Executive Chairman Federal Inland Revenue Service (FIRS) Dr Zacch Adedeji, the Minister announced the completion of all agreements and modalities for the implementation of the Federal Executive Council (FEC) approval on the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.

“Recall that the FEC under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira
This initiative will help reduce pressure on the Naira, eliminate unnecessary transaction costs, and improve availability of petroleum products in the country
Since then, the implementation committee chaired by the Hon. Minister of Finance and the technical committee have worked intensely with NNPCL and Dangote Refinery to fashion out the details of the modalities for the implementation of the FEC approval

I am glad to announce that all agreements have been completed and loading of the first batch of PMS from the Dangote Refinery will commence on Sunday 15th September
From 1st October, NNPC will commence the supply of about 385kbpd of crude oil to the Dangote Refinery to be paid for in Naira
In return, the Dangote Refinery will supply PMS and diesel of equivalent value to the domestic market to be paid for in Naira
Diesel will be sold in Naira by the Dangote Refinery to any interested offtaker. PMS will only be sold to NNPC, NNPC will then sell to various marketers for now.
All associated regulatory costs (NPA, NIMASA, etc.) will also be paid for in Naira.

We are also setting up a one-stop shop that will coordinate service provision from all regulatory agencies, security agencies, and other stakeholders to ensure a smooth implementation of this initiative. This will be located in NPA, Lagos.

We thank everyone for the hard work and patriotism exhibited over the last couple of weeks.

We would sincerely like to thank Mr. President for championing this novel initiative and would like to assure Mr. President that he can count on us to implement his vision”, the Minister said.

This initiative marks a significant milestone in Nigeria’s journey towards energy self-sufficiency and economic growth.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
September 13, 2024

In a significant step towards transforming Nigeria’s power sector, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has met with Guangzhe Chen, Vice President for Infrastructure at the World Bank, to discuss bold reforms aimed at improving electricity access across the nation in order to accelerate infrastructure development and economic growth

During the meeting, which focused on addressing ongoing challenges in the sector, HM Edun emphasised President Bola Ahmed Tinubu’s commitment to the Mission 300 project, a joint initiative by the World Bank and the African Development Bank , aimed at providing electricity access to 300 million people across Africa by 2030.

Both parties highlighted the need for reforms that would improve efficiency, expand access, and ensure sustainable energy solutions for Nigeria’s growing population.

Present at the meeting included Ndiame Diop, World Bank Country Director for Nigeria; Franz Drees-Gross, Director of Infrastructure for West Africa; Taimur Samad, Operations Manager at the World Bank; and representatives from the Office of the Special Adviser on Energy to the President, among others.

With a shared commitment to achieving the ambitious goals of the Mission 300 project, and through the collaborative efforts and a focus on sustainable energy solutions, Nigeria is set to unlock its full potential and provide electricity access to millions, driving economic growth and prosperity for generations to come.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
September 13, 2024

In its avowed determination to improve economic growth and development in Nigeria, the Federal Government has called on Public Servants in the country to embrace digitization
and innovation in their workplaces as key drivers in the promotion of service delivery as well as effective implementation of government policies and programmes

Speaking at a town hall meeting with staff of the Federal Ministry of Finance, the Permanent Secretary, Mrs. Lydia Shehu Jafiya emphasized the importance of leveraging technology and adopting modern work ethics to enhance productivity, efficiency, and transparency.

She stated that the
world has gone digital, and as such, civil servants must not be left behind in the global transformation.

Digitization and innovation are critical to improving our service delivery, and we must all be on board so as to ensure full implementation of the policies and programmes of the Federal Government aimed at boosting socio-economic development of our nation, Mrs. Jafiya said

The Permanent Secretary assured staff that the Ministry was determined to provide the necessary training and support as well as conducive work environment within the limited resources
to ensure a seamless transition to digital processes and innovative work practices for effective realization of the policy objectives of government.

She informed that the town hall meeting with staff was to be chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, but for the exigencies of other state functions, the Minister has directed that I should stand in for him, he has also emphasized the importance of digitization and innovation in achieving the Renewed Hope Agenda of President Bola Ahmed Tinubu’s Administration

Quoting the Minister, Mrs Jafiya said, We are committed to creating a digital economy that works for all Nigerians, our workers are key to achieving this vision, and we urge them to embrace digitization and innovation with enthusiasm.

The Permanent Secretary commended the Office of the Head of the Civil Service of the Federation and the Head of Service, Mrs Esther Walson-Jack in particular, for the unwavering commitment in driving the digitization of the Federal Public Service for improved service delivery as well as economic growth and development of Nigeria.

While commending the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, for his sterling leadership and commitment to capacity building of staff in order to enable for effective coordination of the nation’s economy, Mrs Lydia explained that the town hall meeting was part of the Ministry’s efforts to engage with its workers and ensure a collaborative approach to improving service delivery.

Mrs. Jafiya emphasized the Ministry’s commitment to leveraging technology to drive reforms and enhance service delivery. She assured staff that their welfare and capacity training would be prioritized and a conducive working environment created to support their operations.

The Permanent Secretary who applauded the Directors for their tireless efforts in ensuring the realization of the mandate of the Ministry, emphasized the importance of staff development, recognition and reward of outstanding performances while also highlighting the Ministry’s commitment to providing a supportive work environment.

This town hall meeting marks a significant step towards creating a more supportive and productive work environment in the Ministry of Finance. Under the leadership of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the Ministry is poised to achieve greater heights in service delivery and economic growth, Jafiya noted

Speaking earlier, the Chairman Joint Union, Mr Abubakar Nuhu, commended the Permanent Secretary for initiating the town hall meeting, stressing the need for regular interactions between management and staff.

He also highlighted the Union’s role in advocating for staff welfare and training, emphasizing the importance of collaboration between it and the Management.

The Ministry’s Director of Human Resources, Mrs Olusola Dada, while delivering the vote of thanks also pledged the staff’s unwavering commitment to ensuring that they key into the policy of digitization in order to ensure the realization of the mandate of the Ministry.

She thanked the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and Permanent Secretary, Federal Ministry of Finance Mrs Lydia Shehu Jafiya for graciously approving the town hall meeting with the staff.

The town hall meeting, held at the Ministry’s Headquarters, Abuja
brought together staff from various departments to discuss pressing matters related to their welfare and training.

Key issues discussed during the meeting included staff training and development programs, promotion and career advancement opportunities, welfare packages as well as initiatives to enhance their overall work experience.

The meeting marked a significant step towards creating a more inclusive and supportive work environment in the Ministry of Finance. By prioritizing staff welfare and training, the Permanent Secretary has demonstrated a commitment to empowering staff to deliver their best.

As the Ministry continues to work towards achieving its goals, the importance of a motivated and skilled workforce can not be overstated.

With open communication channels and a willingness to address staff concerns, the Ministry is poised for greater success in the years to come.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
September 13, 2024

In a groundbreaking achievement, Nigeria has successfully launched its first domestic dollar-denominated bond, shattering records and signalling a new era of financial innovation and economic growth.

With over $900 million raised, this milestone marks a significant turning point in the country’s financial strategy, bolstering its economic resilience and cementing its position as a leader in Africa’s financial markets.

It also signals a new chapter in the country’s financial strategy, aimed at boosting economic resilience and fostering long-term growth.

Led by the Africa Finance Corporation (AFC), the initiative garnered significant interest from both local and international investors, demonstrating confidence in President Bola Ahmed Tinubu’s economic policies and development plans. The success of this bond sets a new precedent for other African nations, highlighting the potential of Africa’s financial markets on the global stage.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has praised the outcome, stating, I am particularly pleased that as Chair of the African Caucus, we have launched an initiative that not only strengthens Nigeria’s economic resilience but also expands the horizon for capital markets of African economies.

The overwhelming response from investors reflects the growing interest in Nigeria’s economic opportunities and the broader investment potential of Africa. With this bond issuance, Nigeria is positioning itself as a leader in financial innovation, driving both national and regional growth through strategic economic measures.

The funds raised from this bond will be directed toward critical infrastructure projects and development programmes, further strengthening key sectors of Nigeria’s economy.

As Nigeria celebrates this groundbreaking achievement, it is clear that the country is poised for a brighter economic future especially with the successful launch of its first domestic dollar-denominated bond, the country has not only bolstered its economic resilience but also paved the way for other African nations to follow suit.

The overwhelming response from investors is a testament to the growing confidence in President Tinubu’s economic policies and development plans. As the funds raised from this bond are directed towards critical infrastructure projects and development programs, Nigerians can expect tangible improvements in their standard of living and a stronger economy for generations to come.

This milestone marks a new era of financial innovation and economic growth, solidifying Nigeria’s position as a leader in Africa’s financial markets and a beacon of hope for the continent’s economic future.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
September 11, 2024

In a decisive move to combat soaring food prices and alleviate the burden of inflation on Nigerians, the Federal Government has proposed a temporary zero-duty levy on selected food imports. This strategic initiative announced by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun aims to increase food availability, reduce prices as well as provide immediate relief to citizens.

The Honourable Minister disclosed this shortly after chairing the closed-door session of a pivotal meeting with the Nigeria Customs Service Board in Abuja.

HM Edun stated that the measure is designed to alleviate the current food shortage and reduce soaring food prices, which have been a major contributor to inflation across the country.

We discussed how to collaborate effectively to make food more affordable and accessible in the short term, the Minister explained.

He assured that while this initiative offers immediate relief, President Bola Ahmed Tinubu remains focused on long-term solutions, particularly boosting domestic food production.

The Minister highlighted ongoing efforts by government to increase the availability of essential farming inputs, such as fertilizer and seeds, particularly for small-scale farmers, which is expected to enhance local food production and ensure availability in the long run.

In addition to the zero-duty measure, the Minister commended the Nigeria Customs Service Board for its regular meetings to review the Agency’s financial performance and operational activities. He praised the Comptroller General of the Nigeria Customs Service, Mr Bashir Adewale Adeniyi
and the Top Management of the Service for upholding the core values of Transparency, Integrity, and Merit, noting that these values are essential for effective governance and operations of the Service.

The Minister reaffirmed the President Tinubu-led administration’s commitment to tackling both short-term and long-term food security challenges while continuing to work closely with the Nigeria Customs Service and other relevant stakeholders to ensure smooth implementation of key policies of the Federal Government that have direct impact on the lives of millions of Nigerians.

With this bold move, the Federal Government under President Tinubu’s leadership demonstrates its unwavering commitment to addressing the pressing concerns of Nigerians.

Thus, by implementing a temporary zero-duty on food imports and working tirelessly to boost home grown produce, the administration is taking comprehensive steps to ensure food security, reduce inflation, and promote economic growth thereby improving the lives of the citizenry in line with the Renewed Hope Agenda of the present administration

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
September 10, 2024

In a significant stride towards making home ownership a reality for millions of Nigerians, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has today in his office in Abuja, convened a high-level meeting to discuss the launch of the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF). This innovative initiative aims to provide low-cost mortgage financing options for eligible Nigerians, marking a major milestone in the One Million Homes Presidential Initiative.

In his opening remarks, the Honourable Minister emphasized the potential of the fund to provide cost-effective mortgage options for a large segment of pension account holders. He underscored the significance of the meeting as an opportunity for open dialogue, enabling key stakeholders to exchange ideas and contribute to the initiative’s success.

Dr. Armstrong UME Takang, CEO of the Ministry of Finance Incorporated (MOFI), further elaborated on the initiative, noting that the MREIF is designed to be market-driven while adhering to all regulatory standards.

The meeting brought together prominent leaders from the pension and financial sectors, including:

1.Dr. Oluwatoyin Maiden, Accountant General of the Federation
2.Wale Odutola, ARM Pensions
3.Funmi Ekundayo, CEO, STC Trustees
4.Sani Yakubu, Co-Coordinator, MREIF
5.Temitayo Ajayi, Vetiva Advisory
6.Saadu Jijji, MD, PAL Pensions
7.Tony Odutola, DCIO, FCMB Pensions LTD
8.Nuhu Modibbo, Executive Director, Access Pensions
9.Victor Bisong, MD/CEO, Trustfund
10.Emmanuel Thomas, Executive Director, NUPEMCO
11.Oluwakemi Ugwu, MD/CEO, NUPEMCO and
12.Christopher Bajowa, MD/CEO, Access Pensions

As the Mortgage Finance Fund takes shape, the Honourable Minister’s leadership and commitment to ensuring the realization of the Presidential initiatives on
affordable housing for eligible Nigerians
have set the stage for a transformative impact on Nigeria’s housing market especially with the alignment of key stakeholders and a clear vision in place, the MREIF is poised to unlock unprecedented opportunities for Nigerians to own their homes.

Thus, as the initiative moves forward, the Ministry of Finance remains dedicated to ensuring its success, paving the way for a brighter future for generations to come.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
September 10, 2024

The Federal Government has officially debunked reports suggesting that the President Bola Ahmed Tinubu-led Administration plans to raise Nigeria’s Value-Added Tax (VAT) from 7.5% to 10%.

In a statement issued earlier this morning, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun clarified that there is no such proposal under consideration, emphasising President Tinubu’s commitment to fiscal stability.

HM Edun highlighted that the current VAT rate remains unchanged, and that the Federal Government is focused on strengthening the economy through sustainable policies aimed at reducing inflationary pressures without burdening citizens. He also stressed that recent fiscal measures, such as suspensions on import duties for key goods, are part of President Tinubu’s efforts to alleviate economic hardship.

The Federal Ministry of Finance remains committed to transparent communication on all tax and economic policy matters, ensuring that citizens are well-informed and not misled by unfounded reports.

The Minister assured the public that any future tax reforms would be announced through official government channels to avoid misinformation.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
September 9, 2024