Posts in category: CatchUp

Nigeria has taken a significant leap towards strengthening its financial integrity as it intensifies efforts to exit the Financial Action Task Force (FATF) grey list by Q2 2025, a move that will bolster investor confidence and unlock new economic opportunities.

The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, stated this today in her office in Abuja when she met with the relevant Ministries, Departments, and Agencies (MDAs) of the Federal Government to discuss the country’s efforts towards exiting the grey list.

The Minister emphasized the Government’s commitment to ensuring Nigeria’s removal from the grey list, saying we are working tirelessly to address the remaining deficiencies in our AML/CFT regime, and we are confident that our efforts will yield positive results

Dr. Uzoka-Anite reiterated that the Government has, to this end, directed all relevant agencies to take immediate and decisive action to meet the FATF’s requirements. We recognize the importance of exiting the grey list, not only for our national interest but also for the global community’s confidence in our financial systems. All hands must therefore be on deck to ensure the realization of these objectives, the Minister added.

She explained that Nigeria’s efforts to strengthen its AML/CFT regime are aimed at demonstrating the country’s dedication to upholding international standards. We are committed to implementing the necessary reforms to safeguard Nigeria’s financial integrity and foster global confidence in our economy, Dr. Uzoka-Anite said.

The Minister assured that the Government is committed to upholding the highest standards of transparency and cooperation in its efforts to exit the grey list. We are confident that our collective efforts will yield positive results and further strengthen Nigeria’s position in the global economy, in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration

As Nigeria continues on its path towards compliance, the successful removal from the grey list will not only bolster investor confidence and unlock new economic opportunities but also demonstrate the country’s dedication to upholding international standards and promoting a safer, more transparent global financial system.

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

In a significant step towards strengthening Nigeria’s economic ties with the global community, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today met with the First Deputy Managing Director of the International Monetary Fund (IMF), Gita Gopinath, in Abuja.

The high-level discussions focused on economic reforms, private sector investment, and Nigeria’s engagement in global financial affairs.

HM Edun outlined Nigeria’s efforts to enhance social investment programmes, noting that the government is transitioning to a biometric-based, transparent system to improve efficiency and accountability.

He stated that the government is also advancing tax reforms, revenue assurance mechanisms, and digitalisation to strengthen domestic resource mobilisation. Additionally, crude oil production has increased from 1.2 million to 1.7–1.8 million barrels per day, significantly boosting national revenue.

Highlighting the role of private sector investment, the Minister emphasised policy shifts aimed at expanding renewable energy, improving the investment climate for solar, and promoting service exports.

HM Edun also addressed electricity sector reforms, advocating for expanded metering to enhance efficiency.

On the international front, discussions focused on Nigeria’s participation in global financial policy and efforts to secure fairer and improved credit ratings for African economies. Edun stressed that enhancing fiscal data transparency could strengthen Nigeria’s credit profile, attract investors, and reduce borrowing costs.

Speaking earlier, the First Deputy Managing Director of the International Monetary Fund (IMF), Gita Gopinath acknowledged the economic challenges facing Nigeria and underscored the importance of targeted social interventions.

We discussed Nigeria’s outlook and efforts to address the high cost of living, including the need to accelerate social support, she stated, reaffirming the IMF’s commitment to supporting sustainable economic policies.

Building on the productive discussions held during the meeting, Nigeria reaffirms its commitment to pursuing economic stability, investment-friendly policies, and deeper regional trade integration, paving the way for sustainable growth and prosperity.

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

In a major push for regional economic integration and stability, the Economic Community of West African States (ECOWAS), has convened the 11th ECOWAS Convergence Council in Abuja, bringing together top financial leaders including Ministers of Finance and Central Bank Governors to further discuss plans for the highly anticipated Eco currency launch by 2027. This pivotal moment marks a significant step towards a more unified and prosperous West Africa.

The Economic Community of West African States (ECOWAS) is a regional economic union of 16 West African countries, aiming to promote economic integration, cooperation, and development in the region. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while chairing the session today, reaffirmed Nigeria’s commitment to regional economic cooperation.

HM Edun emphasised the need for monetary and fiscal discipline, noting that security challenges, inflation, and global economic disruptions have slowed progress toward monetary convergence. He highlighted Nigeria’s economic reforms, including foreign exchange market reforms, tax policy improvements, and fuel subsidy removal, which have helped boost GDP growth to 3.4% in 2024 while also improving fiscal sustainability.

Beyond domestic policies, the Minister stressed the importance of stronger regional coordination and ECOWAS’ role in global financial decision-making. He pointed to ongoing engagements with South Africa’s G20 presidency as an opportunity to align West Africa’s economic priorities with broader African goals.

This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity, he concluded.

As the world watches, West Africa is poised to make history with the launch of the Eco currency. This monumental achievement will not only foster greater economic integration and cooperation among ECOWAS member states but also send a powerful message about the region’s commitment to global economic stability and prosperity.

With the successful implementation of the Eco currency, West Africa will cement its position as a major player in the global economy, driving growth, innovation, and opportunities for generations to come.

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

As the world celebrates International Women’s Day, the Federal Government has called on Nigerian women to explore investment opportunities in the capital market, emphasizing its potential as a strategic pathway to wealth creation.

The Honourable Minister of State for Finance, Dr Doris Uzoka-Anite, made the call today in Abuja during the official launch of the Securities and Exchange Commission (SEC) Podcast

She stressed the importance of women’s participation in the capital market, saying, Opening opportunities for women in the capital market would create a pathway to wealth creation. We need to come up with more policies, reforms, or frameworks that encourage more women to participate in the financial sector.

The Minister also highlighted the unique challenges women face, balancing professional and familial responsibilities. Women are actually very good with investing; we know what to do with money. We know how to manage money in the house, and it will go round the whole family. If a woman learns how to make that money multiply and how to save it in a way that it will continue to add value and meet her needs and her family needs, I think she will love that.

Dr. Uzoka-Anite emphasized the need for a multi-pronged approach to assisting women in the capital market, involving individual empowerment and institutional support. Assisting women in the capital market is a multi-pronged approach; the individuals need to do more to be heard. The institutional approach, where we encourage the institutions to give women a chance, to treat women based on their competencies, capacities, and encourage them.

She commended the SEC for launching the podcast, describing it as very innovative and highly needed at this time.

The Minister expressed optimism that the podcast’s objectives would be achieved, particularly in encouraging more women to participate in the capital market.

Speaking earlier, the Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama explained that the podcast aims to disseminate information across Nigeria, fostering understanding of the capital market and its opportunities. We want people in the most remote parts of this country to be aware of the capital market and how they can participate to create wealth, he said

Dr. Uzoka-Anite’s call to action marks a significant milestone in Nigeria’s journey towards financial inclusion and women’s economic empowerment. By leveraging the capital market, Nigerian women can unlock new opportunities for wealth creation, economic growth, and prosperity.

As the country strives to achieve its $1 trillion economy target, the active participation of women in the capital market will play a vital role in driving sustainable development and economic transformation.

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

In a significant move to bolster Nigeria’s position in the global economy, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has
reaffirmed the country’s commitment to global economic stability, sustainable development, and financial resilience.

At a meeting with global international financial leaders at the G20 Finance Ministers and Central Bank Governors Meeting held in Cape Town South Africa, the Minister engaged in dialogue with the global financial experts contributing to discussions on strengthening macroeconomic cooperation, mobilizing investments for sustainable growth, and enhancing financial support for developing economies.

His participation reflected Nigeria’s proactive role in shaping global economic policies that foster inclusive prosperity.

As Nigeria continues to play a proactive role in shaping global economic policies, HM Edun’s participation at the G20 Summit underscores the country’s commitment to fostering inclusive prosperity and sustainable development.

By championing global economic stability and sustainable development, Nigeria is poised to leverage international cooperation and expertise to drive economic growth and stability in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
February 28, 2025.

The Federation Account Allocation Committee (FAAC), at its February 2025 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.703 Trillion to the three tiers of government as Federation Allocation for the month of January 2025 from a gross total of N2.641Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT) and Electronic Money Transfer Levy (EMTL), the Federal Government received N552.591 Billion, the States received N590.614 Billion, the Local Government Councils got N434..567 Billion, while the Oil Producing States received N125.284 Billion as Derivation, (13% of Mineral Revenue).

The sum of N107.786 Billion was given for the cost of collection, while N830.663 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 January 2025, was N771.886 Billion as against N849.561Billion distributed in the preceding month, resulting in an increase of N122.325 Billion.

From that amount, the sum of N30.875 Billion was allocated for the cost of collection and the sum of N22.230 Billion given for Transfers, Intervention and Refunds. The remaining sum of N718.781 Billion was distributed to the three tiers of government, of which the Federal Government got N107.817 Billion, the States received N359.391 Billion and Local Government Councils got N251.573 Billion.

Accordingly, the Gross Statutory Revenue of N1.848 Trillion received for the month was higher than the sum of N1.226 Trillion received in the previous month by N622.125 Billion. From the stated amount, the sum of N76.055 Billion was allocated for the cost of collection and a total sum of N1.022 Trillion for Transfers, Intervention and Refunds.

The remaining balance of  N749.727 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N343.612 Billion, States received N174.285 Billion, the sum of N134.366 Billion was allocated to LGCs and N97.464 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N21.404 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N3.082 Billion, States got N7.192 Billion, Local Government Councils received N10.274 Billion, while N0.856 Billion was allocated for Cost of Collection.

The Communique also mentioned an Augmentation of the sum of N214.000 Billion which was distributed to the three tiers of Government as follows: Federal government got N98.080 Billion, the State received N49.747 Billion, the LGCs got N38.353 Billion, while the Oil producing States received N27.820 Billion.

Value Added Tax(VAT), Petroleum Profit Tax (PPT), Companies Income Tax (CIT), Excise Duty, Import Duty and CET Levies increased significantly, while Electronic Money Transfer Levy (EMTL) and Oil and Gas Royalty decreased considerably.

According to the Communique, the total revenue distributable for the current month of January 2025, was drawn from Statutory Revenue of N749.727 Billion, Value Added Tax (VAT) of N718.781 Billion, N20.548 Billion from Electronic Money Transfer Levy (EMTL), and an Augmentation of N214.000 Billion bringing the total distributable amount for the month to N1.703 Trillion.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
February 27, 2025.

The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite has reaffirmed Nigeria’s commitment to protecting education, emphasizing that education is an investment, not expenditure. The Minister made this statement while receiving Michela Ranieri, Global Consultant for the Safe Schools Implementation Network, who paid her a courtesy visit in her office in Abuja.

Education is an investment, not expenditure. This has always been my firm belief as we work to secure the future of Nigeria’s children, Dr. Uzoka-Anite stated.

She informed that Nigeria’s Safe Schools Initiative has gained global recognition for its innovative approach to ensuring safe learning environments. The country’s National Safe Schools Response Coordination Centre is the first of its kind worldwide, demonstrating Nigeria’s leadership in implementing the Safe Schools Declaration.

Since 2017, Nigeria has prioritized financing for this initiative, developing sustainable financing mechanisms to safeguard education. We are committed to ensuring the safety of our students and educational institutions across Nigeria, Dr. Uzoka-Anite stated further, adding that our consistent funding releases have enabled the establishment of the National Safe School Centre, and we have implemented safe school protocols across all security agencies.

The Minister informed that Nigeria now stands proudly alongside Spain, Argentina, and Norway as core planning countries for the Safe Schools Declaration. In May, we will showcase our achievements at the Declaration’s 10th anniversary, she said.

Dr. Uzoka-Anite assured that as we continue to stabilize our economy, we remain committed to protecting our most valuable assets—our children and their education. She emphasized that when Nigeria invests in keeping schools safe, it invests in its future.

Michela Ranieri, representing the Global Coalition to Protect Education from Attack (GCPEA), commended Nigeria’s progress, saying, Nigeria’s implementation model is the first of its kind globally and is yielding positive results that other countries could emulate.

The Permanent Secretary, Special Duties, Mr. Raymond Omenka Omachi assured that the Ministry will continue to create an enabling environment for the successful implementation of the various policy objectives of the Federal Government.

The Safe Schools Initiative in Nigeria is designed to protect educational institutions across all regions of the country, demonstrating the government’s commitment to creating a safe learning environment for all students.

As Nigeria continues to prioritize safe education, the government remains committed to creating a secure and supportive learning environment for all children.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
February 26, 2025

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