Posts in category: CatchUp

The Federal Government has reaffirmed its commitment to driving reforms and milestones in Nigeria’s energy sector, positioning the country as a global leader in energy transformation

President Bola Ahmed Tinubu made this known at the opening ceremony of the 8th edition of the Nigeria International Energy Summit (NIES 2025), held Abuja

The President highlighted the significant progress made in the energy sector, including the operationalization of local refining, the selection of Nigeria as the host country for the Headquarters of the African Energy Bank (AEB), and the enactment and implementation of the Petroleum Industry Act (PIA).

The President who was represented at the event by the Honourable Minister of State Finance Dr Doris Uzoka-Anite, emphasized the importance of sustainable energy development, noting that his administration has taken decisive steps to create an enabling environment for investors, including fiscal incentives, streamlined regulatory processes, and robust public-private partnerships.

We recognize that sustainable energy development requires significant investment, President Tinubu said. He added that his administration is committed to fostering an energy ecosystem that is resilient, diversified, and inclusive.

The President also highlighted key areas of investment in the energy sector, including oil and gas exploration and production, renewable energy, domestic refining and petrochemicals, power generation and transmission, hydrogen, and critical energy minerals.

As the President declared open the 8th edition of the Nigeria International Energy Summit (NIES 2025), he reaffirmed his administration’s commitment to bridging continents, strengthening investments, and positioning Nigeria as a global leader in energy transformation.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
February 25, 2025

The Federal Government’s efforts to strengthen Nigeria’s economy and promote inclusive growth took a significant step forward today, as the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, advocated
for the passage of four key tax reform bills during a public hearing at the Senate building, Abuja

The two-day session, organised by the Senate Committee on Finance, represents a critical step toward modernising Nigeria’s tax system and boosting economic growth.

The proposed bills—Nigeria Tax Bill (NTB) 2024, Nigeria Tax Administration Bill (NTAB) 2024, Nigeria Revenue Service (Establishment) Bill (NRSEB) 2024, and Joint Revenue Board (Establishment) Bill (JRBEB) 2024—were forwarded to the National Assembly by President Bola Ahmed Tinubu in October 2024 and passed second reading in November.

Senate President Godswill Akpabio, in his remarks, urged Nigerians to embrace the proposed reforms, stating that modernising Nigeria’s tax administration is crucial for the nation’s future prosperity. He stressed the need to leave behind outdated tax practices and bureaucratic hurdles in favour of a transparent, business-friendly system that aligns with contemporary realities.

Chairman of the Senate Committee on Finance, Senator Mohammed Sani Musa, emphasised that the reforms aim to create a fairer, more efficient, and investment-friendly economy. This process will be thorough, inclusive, and guided by national interest, he assured stakeholders.

Advocating for support, HM Edun highlighted the administration’s commitment to fostering a tax environment that encourages investment, job creation, and sustained economic growth. He stressed that the goal of the reforms is to tax prosperity while enabling struggling businesses to reinvest and grow before being taxed.

The Minister also pointed to improvements in Nigeria’s macroeconomic outlook, citing rising foreign reserves, stabilised inflation, and a narrowing budget deficit as signs of progress resulting from ongoing reforms.

The hearing provides a platform for stakeholders to share their perspectives on shaping a tax system that supports inclusive growth and benefits all Nigerians.

The passage of these tax reform bills will mark a significant milestone in Nigeria’s journey towards a more efficient, effective, and investment-friendly tax system.

The Ministry of Finance remains committed to working with stakeholders to ensure that these reforms benefit all Nigerians and drive sustained economic growth.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
February 24, 2025

In a bid to strengthen bilateral relations and
explore economic opportunities for the enhancement of Agriculture and Food Security in the country, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has met with the Belgian Ambassador, H.E Pieter Leenknegt

The meeting, which held in his office in Abuja, focused on enhancing economic cooperation, with particular emphasis on agriculture and food security.

During the diplomatic talk, the Minister highlighted Nigeria’s improving economic outlook, noting declining inflation, stabilizing prices, and increased savings in the federation account.

HM Edun also reiterated President Bola Ahmed Tinubu’s commitment to key macroeconomic reforms, acknowledging however, the initial impact on the cost of living. He assured that the measures are already yielding positive results.

The Minister emphasized the government’s focus on supporting farmers through favourable policies to boost agricultural productivity.

Speaking earlier, Ambassador Leenknegt expressed Belgium’s interest in deepening economic relations, with both parties pledging continued collaboration for mutual benefit.

The meeting marks a significant step towards strengthening economic ties between Nigeria and Belgium.

As the two countries continue to explore opportunities for cooperation, we look forward to a brighter future for both nations.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
February 24, 2025

The Information and Public Relations Unit is thrilled to share with the Management and Staff about the remarkable achievement by our Ministry!

The Federal Ministry of Information and National Orientation has released its report on MDAs’ Press Releases for Year 2024, and the Unit is delighted to announce that we have secured the second position out of 64 MDAs, with an impressive total of 126 press releases for the year, next to State House coming first with a total of 183 Press Releases.

This outstanding performance is a testament to our Ministry’s commitment to transparency, accountability, and effective communication. As Barack Obama once said, Transparency is the foundation of accountability. Our tireless efforts to keep the public informed about our initiatives, policies, and achievements have paid off, and we should be proud of this accomplishment.

We, however, owe a great debt of gratitude to the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, OFR for his unwavering support and leadership as well as the Honourable Minister of State Finance Dr Doris Uzoka-Anite CFA
As Warren Bennis once said, Leadership is the capacity to translate vision into reality.

The Ministers’ guidance and vision have been instrumental in driving our Ministry’s success.

Special acknowledgement must also be made to the Permanent Secretary Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya mni, whose encouragement and support were instrumental in driving the Ministry’s Information Unit to achieve this remarkable feat. As James Humes aptly put it, The art of communication is the language of leadership. Your leadership and expertise have been invaluable to our team, and we appreciate your commitment to excellence.

We also want to humbly acknowledge the presence of the Permanent Secretary Special Duties Mr Raymond Omenka Omachi, whose expertise we are optimistic will be much helpful to the realization of the Unit’s mandate

As we celebrate this achievement, we are reminded that Excellence is not a destination; it is a continuous journey that never ends, says – Brian Tracy.

We want to assure
that by the grace of God, we will continue to strive for excellence in all aspects of our work, maintaining the high standards that have earned us this recognition.

We assure you further that by His grace, we will not rest on our oars. We will continue to communicate effectively, knowing that transparency builds trust and trust builds loyalty. We are committed to sustaining the tempo and improving our communication strategies to keep the public informed and engaged.

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

Please find the report attached as published by the Federal Ministry of Information and National Orientation👇👇

Download Report

In a major step toward strengthening economic cooperation, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has hosted a high-level delegation from the Saudi Fund for Development (SFD), led by its CEO, Mr. Sultan Al-Marshad.

The meeting, which took place in his office in Abuja, also featured the presence of Saudi Arabia’s Ambassador to Nigeria, His Excellency Faisal Alghamdi, Nigeria’s Minister of Trade and Investment, Dr. Jumoke Oduwole, and the Minister of State for Finance, Dr. Doris Uzoka-Anite.

The discussions focused on key areas of economic collaboration, including industrial development, renewable energy, and infrastructure investments aimed at driving economic growth, job creation, and poverty reduction.

We have laid a strong foundation for collaboration, and over the next six months, we expect to make significant progress on our first joint infrastructure project, HM Edun stated.

He praised Saudi Arabia’s impressive economic achievements under its Vision 2030 initiative, particularly in the tourism and infrastructure sectors.

The Minister also reaffirmed Nigeria’s commitment to similar ambitious reforms under the leadership of President Bola Ahmed Tinubu, aimed at creating a stable investment climate conducive to both domestic and foreign investments.

He stated that the visit marks an important milestone in efforts to foster sustainable development between the two nations. We are confident that through strategic planning and visionary leadership, we will achieve mutual prosperity, HM Edun said.

Mr. Sultan Al-Marshad reiterated Saudi Arabia’s dedication to fostering economic collaboration, confirming that the SFD is prepared to finance major infrastructure projects in Nigeria. He also proposed the appointment of a designated Nigerian counterpart to streamline project prioritization and communication for efficient execution.

The meeting highlights a renewed commitment by both Nigeria and Saudi Arabia to advance sustainable development and economic growth through strategic partnerships and shared priorities.

It is imperative to note that this meeting marks the beginning of a new era of economic cooperation between Nigeria and Saudi Arabia, especially as both countries are committed to working together to drive economic growth, reduce poverty, and create jobs.

With this commitment, Nigerians are hopeful to see the tangible results of this partnership in the months and years to come.

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

1.N13.7TN FEDERATION ACCOUNT REVENUE WITHHELD BY NNPCL – FAAC REPORT
The punch, page 19, Leade5rship, page 19

The papers reported that, the Nigerian National Petroleum Company Limited has withheld a staggering N13.763tn in revenue from the Federal Government, exacerbating struggles to fund the national budget.
This is according to documents obtained from the Federal Accounts Allocation Committee following its January 2025 meeting on Wednesday.
This amount covering a period between 2012 and 2024 has significantly impacted the Federation Account, the central pool of funds from which the government allocates resources to federal, state, and local governments across the country.
The document domiciled with the Federation Accounts department revealed the growing financial gap between what the NNPCL should have remitted and the amount deposited into the Federation Account.
2.INVESTORS STAKE N2.41TN IN TREASURY BILLS AUCTION
The punch, page 19

The paper reports that, Nigeria’s latest treasury bills auction, conducted on February 19, 2025, saw total subscriptions hit N2.41tn, reflecting sustained investor interest across the three tenors on offer.
However, this marked a decline from the N3.22tn recorded in the previous auction held on February 5, 2025. This is according to the auction results seen by The PUNCH on Thursday.
The Central Bank of Nigeria increased allotments, particularly for the 364-day tenor, while stop rates edged lower, signalling a shift in investor sentiment and yield expectations.
The auction results showed a marked increase in demand for shorter-term treasury bills, with the 91-day and 182-day instruments witnessing significant jumps in subscriptions compared to the preceding auction.

3.EMIRATES AIRLINES INVESTS $200M TO BOOST PHARMACEUTICAL CARGO
The punch,page 19

The paper reports, Emirates SkyCargo, a subsidiary of Emirates group, says it has invested $200m on equipment and faculties to ensure pharmaceutical cargo gets premium priority and also gets to their destinations as made without any form of interruption or damage.
This was made known by the Divisional Vice President of Emirates Skycargo, Badr Abbas, on the second day of the Air Cargo and Transport Logistics Africa conference where over 4,000 aviation stakeholders from 150 countries converged to discuss cargo in the aviation industry.
Speaking at the event in Nairobi, Kenya’s Capital, Abbas stated that considering the importance of pharmaceutical cargo because it deals with human health, the airline always places top priorities on cargo of such nature and always ensures it is delivered as received.
To prove the airlines’ seriousness on health-related cargo, the airline boss said Emirates had invested in 15,000 square meters of GDP-certified facilities in Dubai, a facility he adjudged as the largest and most advanced globally.

4.NAIRA RISES TO 1,494.03/$ AT OFFICIAL MARKET
The punch, page 19
The paper reports that, the naira strengthened to 1,494.03/$ at the official window on Thursday according to data from FMDQ Securities Exchange Limited.
Similarly, it appreciated at the parallel market to 1,510.00/$, further reducing the spread between the markets to 15.5/$.
The gap between the official foreign exchange and the parallel market rates is closing, following the various policies of the Central Bank of Nigeria.
According to CardinalStone Research’s daily market report, the naira rate appreciated by 1.04 per cent to 1,494.03/$ on the official window, while the parallel market rate also appreciated by 1.66 per cent to 1,510.00/$.

5.BINANCE ACKNOWLEDGES $81.5BN NIGERIAN LAWSUIT, PROMISES UPDATES
The punch, page 19

The paper reports that, Binance has acknowledged the Nigerian government’s lawsuit seeking $81.5bn in damages and unpaid taxes, stating that it is aware of the legal action and will provide updates as necessary.
In response to an email inquiry from The PUNCH, a Binance spokesperson said, “Noting that we have seen your email. We will reach out to you should there be any updates on this.”
The Federal Inland Revenue Service filed the case at the Federal High Court in Abuja on Wednesday under case number FHC/ABJ/CS/1444/2024, naming Binance and two of its executives, Tigran Gambaryan and Nadeem Anjarwalla, as defendants.
The lawsuit alleges that the cryptocurrency exchange violated tax laws, failed to register for tax compliance, and contributed to economic distortions.

6.BEARISH SENTIMENT RESUMES AS NGX DROPS BY N26BN
The punch, page 23

The paper reported that, Bearish sentiment resurfaced in the Nigerian stock market on Thursday as investors lost N26bn, dragging the market capitalisation of the Nigerian Exchange to N67.7tn. The All-Share Index dipped by 41.01 points, or 0.04 per cent to close at 108,568.50, reflecting a one-week loss of 0.55 per cent, a four-week gain of 5.62 per cent, and a year-to-date growth of 5.48 per cent.
Despite the decline, market activity improved as investors traded 421.26 million shares worth N8.42bn in 13,269 deals. This represents a 23 per cent increase in volume, a two per cent drop in turnover, and a two per cent improvement in deals compared to the previous trading session.
Abbey Mortgage Bank led the gainers’ chart with a 10 per cent increase to close at N3.41 per share, followed by University Press, which gained 9.78 per cent to close at N5.05. Sovereign Trust Insurance rose by 9.57 per cent to N1.26, while Regency Alliance Insurance and The Initiates Plc appreciated by 7.58 per cent and 7.23 per cent to close at N0.71 and N4.30, respectively.

7.NDIC CHARGES EXTERNAL SOLICITORS ON DEBT RECOVERY
The punch, page 21, This Day, page 44, Daily Sun, page 25, Leadership, page 19,

The papers reported that, the Nigeria Deposit Insurance Corporation has charged its external solicitors to be diligent in aiding the corporation to achieve its mandate of debt recovery and asset realisation.
This was disclosed by the Managing Director/Chief Executive, NDIC, Bello Hassan, on Thursday in Lagos at the 2024 Sensitisation Seminar for External Solicitors of NDIC under the theme, ‘Consolidating the Collaborative Efforts in Mastering Deposit Insurance Scheme & Bank Resolution.’
The NDIC is mandated to supervise banks to protect depositors’ funds, foster monetary stability, and ensure that failing and failed institutions are resolved in a timely and efficient manner.
Speaking at the event, Hassan, who was represented by the head of the legal department, Henry Fomah, added that NDIC had appointed new external solicitors following the failure of Heritage Bank in June 2024.

8.STAKEHOLDERS AWAIT FG ON PROPOSED MSMES CENSUS
The punch, page 25

The paper reports that, stakeholders have disclosed that the Federal Government has begun preliminary consultations with business membership organisations as they await an inaugural meeting to discuss the planned Micro, Small, and Medium Enterprises census.
The PUNCH learnt from separate phone interviews with the National Vice President of the National Association of Small-Scale Industrialists, Segun Kuti-George, and the President of the Association of Small Business Owners of Nigeria, Dr Femi Egbesola, that the Federal Ministry of Industry, Trade, and Investment was in the process of forming a preliminary committee.
NASSI National Vice President Kuti-George said, “They (FMITI) are forming a committee on the (MSMEs census) involving all the business membership organisations. The committee is not fully formed, but they are compiling the list. It is about 80 per cent formed.”
Kuti-George added that he was not aware of a prospective meeting date but was optimistic that major stakeholders were almost fully reached out to, stating, “By 80 per cent formed, I meant they have notified all the key business membership organisations, and that is how the information got to us also.

9.MONEY SUPPLY RISES 18%  TO N110.97TRN AS NIGERIANS RAMP UP SAVINGS

Vanguard, page 19

The paper reports that, Nigeria’s      Money Supply (M2 )  rose by 18.3 percent year-on-year, YoY, to N110.97 trillion in January 2025, from N93.77 trillion in the corresponding period of 2024 following increased savings in investment instruments by Nigerians.
The CBN disclosed this in its  Money and Credit Statistics data released yesterday which showed that the increase in money supply was driven by a 21 per cent surge in volume of money in investment instruments (Quasi Money) such as savings accounts,  treasury bills, money market instruments and foreign currency deposits.
According to the      CBN,  Quasi Money  grew by 21 percent YoY to N74.07 trillion from N61.2 trillion in January 2024. Similarly, Demand Deposits increased by 13.6 percent YoY to N32.15 trillion in January 2025 from N28.3 trillion in January 2024.

10.NAIRA APPRECIATES TO N1,540/4 IN PARALLEL MARKET
Vaguard, page 25

The Naira yesterday appreciates to N540 per dollar in the parallel market from N1,550 per dollar on wednsday.
But the Naira was stable at N1,509.53 per dollar in the Nigerian Foreign Exchange Market (NFEM) data published by FMDQ showed.
Consequently, the margin between the parallel market and NFEM rate narrowed to N30.47 per dollar from N40.47 per dollar Wednesday
11.CITING POSITIVE MACROECONOMIC DEVELOPMENTS, CBN RETAINS MPR AT 27.50%, OTHER MONETARY TOOLS UNCHANGED

This Day, page 1& 17, Daily Sun, page 25, Leadership, page 18,Vanguard, page 19, The Nation, page 1&7, Daily Trust, page 19

The papers reported that, the Central Bank of Nigeria (CBN) yesterday resolved to retain the Monetary Policy Rate (MPR), the benchmark interest, at 27.50 per cent, with the asymmetric corridor of +500/-100 basis points around the MPR.
The apparent halt in the bank’s tightening regime came against the backdrop of recent stability in the Foreign Exchange (FX) market with the resultant appreciation of the exchange rate and gradual moderation in the price of Premium Motor Spirit (PMS).
The central bank also left all monetary policy parameters unchanged, including the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) at 50 per cent, and that of Merchant Banks at 16 per cent as well as the Liquidity Ratio (LR) at 30 per cent.
Addressing journalists at the end of the two- day meeting of the Monetary Policy Committee (MPC) in Abuja, CBN Governor, Mr. Olayemi Cardoso, said the committee was unanimous in its decision to hold rates at current levels, having expressed satisfaction with recent macroeconomic developments, which were expected to positively impact price dynamics in the near to medium term.

12.STOCK MARKET REVERSE GAINS AS CBN RETAINS MPR AT 27.5%
This Day, page 37, Leadership, page 18

The papers reported that, the Nigerian equities market yesterday bowed to investors’ profit-taking  with a decline of 0.04 per cent, as the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) in its first meeting in 2025 retained benchmark rates.
At the end of the 299th MPC meeting held on February 19 and 20, 2025, the committee voted to hold the MPR at 27.5 per cent; retain the asymmetric corridor at +500/-100 around the MPR; retain the CRR of Deposit Money banks at 50 per cent; retain the CRR of Merchant Banks at 16 per cent; and hold the liquidity ratio constant at 30.00 per cent.
The Nigerian Exchange Limited All-Share Index (NGX ASI) fell by 41.01 points, 0r 0.04 per cent to close at 108,568.50 basis points with the Month-to-Date and Year-to-Date returns settled at 3.9per cent and +5.5per ccent, respectively.
Accordingly, investors lost N25 billion in value as market capitalisation declined to N67.659 trillion.

13.CBN ADOPTS CAUTIOUS APPROACH TO REBASED INFLATION, UPHOLDS PARAMETERS
The Guardian, page 3

The paper reports that, despite the newly rebased economy that brought inflation down from 34.8 per cent to 24.48 per cent in December last year, the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has restored all the rate parameters.
Announcing the decision after the two-day 299th MPC meeting in Abuja, yesterday, CBN Governor, Yemi Cardoso, stated that the bank was still analysing the new rebased parameters for inflation calculation by the National Bureau of Statistics (NBS).
Even with the favourable new figure, Cardoso refuted the insinuation that inflation is declining in the country.

14.FEDERAL GOVERNMENT SEEKS CHINA’S COOPERATION IN ECONOMIC DIVERSIFICATION
The Guardian, page 4

The paper reports that, Federal Government is seeking the assistance of the People’s Republic of China in the diversification of the nation’s economy, especially relating to industrialisation.
The Minister of State for Foreign Affairs, Bianca Odumegwu-Ojukwu, disclosed this in her office at the Tafawa Balewa House, Abuja, when the Chinese Ambassador to Nigeria, Yu Dunhai, paid her a courtesy visit.
She told the envoy that Nigeria had had a robust relationship with China spanning over five decades, and noted that the Renewed Hope Agenda of President Bola Ahmed Tinubu had prioritised the diversification and strengthening of the nation’s economy.

15.TAX EXPERTS STRESS REGULATORY ENFORCEMENT TO ACHIEVE ECONOMIC STABILITY
The Guardian, page, 20,Daily Trust, page 19

The papers reported that, for a successful implementation of the Federal Government’s economic stabilisation programme, tax experts said the proposed reforms would depend on the clarity of legislation, consistent regulatory enforcement and effective stakeholder engagement.
Ensuring these, they said, would pave the way for successful implementation as the agenda combined with existing tax structures under the Petroleum Industry Act (PIA), Petroleum Profits (PPTA) and the Deep Offshore Inland Basing (DOIBPSC) aimed to strike a balance between revenue generation for the government and investment incentives for operators.
They said this at the fourth edition of the Economic Stabilisation Bill organised by the Chartered Institute of Taxation of Nigeria (CITN).

16.NES SEEKS COLLABORATION WITH FG FOR WORKABLE ECONOMIC REFORMS
Leadership, page 15

The paper reports that, on thursday, the Nigerian Economic Society (NES) urged policymakers in President Bola Ahmed Tinubu’s led federal government to collaborate more with it to find workable economic reforms to address the plethora of economic crises currently bedevilling the nation’s economy.
NES specifically mentioned the continuous fall in the value of the nation’s currency in the International market. NES mainly blamed the continued economic turbulence on the federal government’s preference for listening to foreign experts’ advice when making economic decisions and reforms rather than relying on the recommendations of local financial experts.

17.2.5MBPD CRUDE OUTPUT: FEDERAL GOV’T TARGETS ACTIVATING 50 WELLS BY MARCH
Leadership, page 18

The paper reports that, the Federal government is set to activate 50 oil wells by March this year as part of efforts to achieve a crude output of 2.5 million barrels per day (bpd) by the end of 2025.
The chief executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, announced this goal while speaking in a panel session at the Heirs Energies Leadership Forum in Abuja, on Thursday.
He highlighted that Nigeria’s current production has improved, reaching approximately 1.75 million bpd, and emphasised the need to bridge the gap to meet the target of 2.5 million bpd by activating additional wells and improving operational efficiency.
18.DON’T SUSPEND 4% FOB CHARGE, CANCEL IT, DIRECTORS TELL CUSTOMS
Daily Trust, page 20

The paper reports that, the Chartered Institute of Directors (CIoD) Nigeria yesterday added its voice to the recently suspended 4% charge on the Free on Board (FOB) value of imports by the Nigeria Customs Service (NCS), calling for policy reforms to safeguard Nigeria’s economic growth and competitiveness.The NCS had introduced the levy in accordance with the provisions of the Nigeria Customs Service Act (NCSA) 2023.But it later suspended the implementation of the charge following public outcry from importers, manufacturers and other stakeholders.
However, Director-General/CEO of CIoD, Bamidele Alimi in a statement said, “Though it has been temporarily suspended, according to the NCS, for further engagements and consultation with stakeholders, if we go by the trend of public policy in Nigeria, government is usually somehow rigid and unwilling to review its stands. So we are not so sure that anything would change.”

Francis Lahnim Kusa
ACIO& PR
For: Director, Information & PR
FEBRUARY 21, 2025

The Federal Government has called on workers to always exhibit the highest standards of accountability, loyalty, and discipline in the conduct of government businesses.

The Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya made the call today in her office in Abuja when she presided over the Ministry’s Senior Management Meeting (SMM).

Mrs. Jafiya expressed concern about staff insubordination and other acts of indiscipline and urged all staff members to adhere strictly to the Public Service Rules as well as other extant regulations in the cause of their duties. She emphasized that adherence to extant rules and regulations is crucial for the effective and efficient delivery of the Ministry’s mandate.

Mrs. Jafiya also observed that recent developments have shown that some staff operate without adhering to the civil service hierarchy, which she noted is unacceptable. The Permanent Secretary reminded staff that the Public Service is an institution of government that is guided by extant rules which every Public Servant is expected to abide by in the cause of their duties.

To address this, Mrs Jafiya noted the Ministry will be strengthening its Performance Management System (PMS) to evaluate staff performance and promote a culture of excellence. The PMS will also be used to identify and address instances of indiscipline and non-compliance with extant rules and regulations.

Failure to comply with the Public Service Rules and other extant regulations she explained,
will result in appropriate disciplinary actions, including but not limited to queries, warnings, and in severe cases, dismissal from service.

The Permanent Secretary commended the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun and the Honourable Minister of State Finance, Dr. Doris Uzoka-Anite for their sterling leadership. She called on the Senior Management Staff to ensure the Ministry remains Nigeria’s number one Service Delivery Ministry through proper management of the nation’s finances in an open, transparent, accountable and efficient manner that delivers on the country’s development priorities, while also ensuring the provision of enabling environment in order to achieve the policy objectives of government.

In his remarks, the Permanent Secretary, Special Duties, Mr. Raymond Omenka Omachi highlighted the importance of the Performance Management System in evaluating staff performance and promoting a culture of excellence within the Ministry.

He also emphasized that the Ministry will continue to provide training and development opportunities to enhance staff capacity and promote a culture of discipline and accountability

Mr Raymond Omenka Omachi assured that the Ministry of Finance will ensure total commitment to upholding the highest standards of discipline, transparency, and accountability in the conduct of government businesses. We urge all staff to reciprocate this commitment and work together to promote a culture of excellence and service delivery, the Permanent Secretary emphasized

Mr Raymond Omenka Omachi stated that with our collective efforts, we can achieve our mandate and contribute to the overall development of our great nation.

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

In a significant move to bolster Nigeria’s economic reforms and revenue generation, the Federal Government has inaugurated the newly appointed Fifty (50) Tax Appeal Commissioners

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, while inaugurating the Tax Appeal Commissioners today at the Ministry of Finance Auditorium, Abuja, highlighted the crucial role of the Tax Appeal Commissioners in supporting Nigeria’s economic reforms and enhancing revenue generation.

He emphasised the importance of the Tax Appeal Tribunal (TAT) in ensuring fair and efficient adjudication of tax disputes, which is essential for attracting investment and fostering a business-friendly environment

HM Edun pointed out that reducing tax evasion is vital for maintaining trust in Nigeria’s tax system and funding national development.

While tax avoidance remains legal, tax evasion must be curtailed to ensure the integrity of Nigeria’s tax system, he noted.

Discussing Nigeria’s improving economic indicators, HM Edun highlighted stabilising inflation, declining food prices, and rising oil production. These improvements, he stated, demonstrate the progress of President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to place Nigeria on a sustainable path of growth, job creation, and poverty reduction.

Speaking earlier, the Honourable Minister of State Finance, Dr. Doris Uzoka-Anite stated that the Tribunal is a key mechanism in the tax system, balancing the interest of government in revenue generation and ensuring that taxpayers’ rights are protected.

She called on the members of the Tax Appeal Tribunal (TAT) to bring their wealth of experience to bear in order to ensure the realization of the policy objectives of government.

Responding, the Tax Appeal Tribunal Commissioner/Chairman Mr Aderibigbe Adedeji assured the Honourable Minister that members would bring their wealth of experience to bear in discharging their duties, while also thanking President Bola Ahmed Tinubu for the opportunity given to them to serve the nation in that capacity.

The inauguration comes as part of the Federal Government’s broader tax reforms designed to increase revenue for critical sectors, including infrastructure, healthcare, and education.

The formal inauguration, conducted under the powers granted by the Federal Inland Revenue Service Establishment Act 2007, reinforces the government’s commitment to strengthening institutions that are essential for Nigeria’s economic transformation.

With the inauguration of the Tax Appeal Commissioners, Nigeria takes a significant step towards a more robust and efficient tax system, paving the way for increased revenue generation and sustainable economic growth

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