Posts in category: CatchUp

The Federation Account Allocation Committee (FAAC), at its July 2024 meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1,354.371 Trillion to the three tiers of government as Federation Allocation for the month of June, 2024 from a gross total of N2,483.890 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), and an Augmentation of N200 Billion, the Federal Government received N459.776 Billion, the States received N461.979 Billion, the Local Government Councils got N337.019 Billion, while the Oil Producing States received N95.598 Billion as Derivation, (13% of Mineral Revenue).

The sum of N92.112 Billion was given for the cost of collection, while N1037.407 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 June 2024, was N562.685 Billion as against N497.665 Billion distributed in the preceding month, resulting in an increase of N65.020 Billion.

From that amount, the sum of N22.507 Billion was allocated for the cost of collection and the sum of N16.205 Billion given for Transfers, Intervention and Refunds. The remaining sum of N523.973 Billion was distributed to the three tiers of government, of which the Federal Government got N78.596 Billion, the States received N261.987 Billion and Local Government Councils got N183.391 Billion.

Accordingly, the Gross Statutory Revenue of N1,232.667 Trillion received for the month. From the stated amount, the sum of N68.951 Billion was allocated for the cost of collection and a total sum of N1,021.202 Trillion for Transfers, Intervention and Refunds.

The remaining balance of  N142.514 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N48.952 Billion, States received N24.829 Billion, the sum of N19.142 Billion was allocated to LGCs and N49.591 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N16.346 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.354 Billion, States got N7.846 Billion, Local Government Councils received N5.492 Billion, while N0.654 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N472.192 Billion from Exchange Difference, which was shared as follows: Federal Government received N224.514 Billion, States got N113.877 Billion, the sum of N87.794 Billion was allocated to Local Government Councils, N46.007 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed an Augmentation of N200 Billion which was shared as follows: Federal Government got N105.360 Billion, the States received the sum of N53.440 Billion, while the sum of N41.200 Billion was allocated to Local Government Councils.

Companies Income Tax (CIT) and Value Added Tax (VAT) increased significantly, while Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased marginally. Petroleum Profit Tax (PPT), Royalty Crude, Rentals and Customs External Tarrif levies (CET) recorded considerably decreases.

According to the Communique, the total revenue distributable for the current month of June 2024, was drawn from Statutory Revenue of N142.514 Billion, Value Added Tax (VAT) of N523.973 Billion, N15.692 Billion from Electronic Money Transfer Levy (EMTL), N472.192 Billion from Exchange Difference and Augmentation of N200 Billion, bringing the total distributable amount for the month to N1,354.371 Trillion.

The balance in the Excess Crude Account (ECA) as at July 2024 stands at $473,754.57.

Signed:
Mohammed Manga FCIA
Director, Information and Public Relations
July 16, 2024.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has advocated for social protection policies alongside economic reforms to address the elevated cost of living in the country.

In his remarks at the 3rd edition of the Social Protection Cross Learning Summit held in Abuja, Friday, the Minister observed that the high-level meeting, organised under the leadership of the Vice President, Kashim Shettima within the framework of the partnership between himself and the Social Protection Development Partners Group, provided a platform for stakeholders to deliberate on addressing pressing issues for effective delivery of social protection towards human capital development.

Key issues highlighted at the submmit include:

Social Protection Programmes and Economic Reforms

A key element of support for the poor and vulnerable is the social intervention programme, which includes a $1.2 billion allocation for direct payments to households, with $800 million from the World Bank and $400 million from Federal Government’s resources.

Direct Cash Transfers and Integrity

The Honourable Minister emphasized the importance of direct transfers to bank accounts or mobile wallets, rather than cash handouts, to ensure the integrity of the payments. The goal is to have a biometrically and uniquely identified system for digital payments to establish trust and enable repeated payments throughout the country as needed.

Ongoing and Planned Social Protection Programmes

In addition to the payments for 15 million households, the Honourable Minister referred to other interventions providing 50,000 Naira to 100,000 identified families in each of the 36 States. He highlighted the increasing ability to build upon and repeat programmes with integrity and rigour, especially given the elevated cost of living in Nigeria at this time.

Summit Objectives and Expected Outcomes

The Summit aimed to explore three critical areas: increasing coverage and educational/health outcomes for children, options for financing social protection (including grants from development partners and budgetary allocations), and coordination for quality, speed, and scale in delivering interventions to the public as well as vulnerable populations.

Expected outcomes as projected by the Honourable Minister include enhancing understanding of social protection’s role in human capital development and economic stability, developing actionable recommendations, and detailing commitments, milestones, delivery mechanisms, and financing solutions.

HM Edun expressed appreciation and thanks to the development partners, particularly the EU, for their technical and financial support in making the Social Protection Cross Learning Summit a success.

He commended the partners’ resolve to foster social protection systems that contribute to the welfare of Nigerians and help the most vulnerable populations, which he said, is a top priority of President Bola Ahmed Tinubu’s Renewed Hope Agenda

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
July 15, 2024

The Federal Government has inaugurated the new Board Members of the Securities and Exchange Commission (SEC) with a charge to explore innovative mechanisms and improve on digital currency transactions in regulating Financial market aimed at attracting investors both within and outside the country

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while inaugurating the Board in his office in Abuja today, stated that one of the key objectives of the President Bola Ahmed Tinubu’s Administration was ensuring the realization of fiscal policy geared towards Financial market regulations with a view to enhancing economic growth and development of Nigeria.

The Minister emphasized the importance of facilitating financial development, improving the operational financial market, and mitigating challenges through the deployment of technology and innovation.

Let me remind you and charge you also that, SEC, being the Apex Financial market and key regulators in foreign exchange financial market, Capital market and cooperative operators, need to be innovative as well as improve on technology to mitigate the financial market challenges in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration

The Minister called on the Board to beam their search light on Crypto areas, which he said are fast moving, in order to protect the investment public and the general public, Let me
urge you again to focus on crypto areas and develop a master plan for proper implementation by ensuring that they are regulated according to the guidelines

While congratulating them on their appointment, HM Edun informed that the members of the Board were carefully selected based on their track record

He expressed optimism that with the pedigree of the members of the Board, the Commission was sure to witness the desired transformation.

The Minister therefore called on them to ensure that they bring in their wealth of experience to bear in the realization of the policy objectives of the present administration

Responding, the Chairman of the newly constituted
Board of the Commission, Mr Mairiga Aliyu Katuka, thanked President Bola Ahmed Tinubu for finding them worthy to assume the office of trust and responsibility.

He underscored his predicessor’s efforts that culminated in the remarkable achievements which repositioned the Commission as a regulating agency and promised to build a stronger and more resilient Financial ecosystem, in line with the Commission’s mandate as well as the Renewed Hope Agenda of the present administration

Mr. Katuka assured that members of the Board will harness their individual expertise and innovative ideas as well as their wealth of experience to bear in ensuring the realization of the policy objectives of government.

The new Board Chairman emphasized that the Board would pursue a comprehensive agenda aimed at advancing the interest of the investors, safeguarding market integrity, promoting capital formation and enhancing regulatory oversight.

He assured further that the Board will continue to collaborate with relevant stakeholders so as to ensure open communication and mutual cooperation in order to achieve the goals set for it

While assuring President Bola Ahmed Tinubu that the Board will not disappoint the confidence reposed on them, Mr Katuka
expressed optimism that the future of Nigerian Security market is sure to chart a new course towards a more prosperous and resilient financial ecosystem, especially with the reforms and policies put in place by the present administration which includes robust inflation management, macro-economic innovations and improved private sector development.

Earlier in her opening remarks, the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya commended the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun for his unwavering and sterling leadership that is enabling the Ministry and its Agencies to deliver on their mandate.

She thanked President Bola Ahmed Tinubu for approving the appointment of the members of the Board, whom she said are people with proven integrity and track record that will ensure the realization of the mandate of the Commission.

Mrs Jafiya called on the Board Members to leave no stone unturned in repositioning the operations of the Commission in order to deliver on its mandate.

Delivery a closing remarks at the occasion, the Permanent Secretary Special Duties, Federal Ministry of Finance, Mr Okokon Ekanem Udo thanked President Bola Ahmed Tinubu for constituting the new Board at this crucial time that the country’s financial ecosystem is in dire need of growth and development.

Mr Okokon also thanked the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun for ensuring the Ministry’s resoluteness in implementing government policies and programmes that positively impact on the lives of the citizenry. He appealed to Nigerians to continue to support the Federal Government in its determination to reposition the economy for the future of our nation.

Members of the Commission inaugurated by the Honourable Minister include:

1. Mairiga Katuka – Chairman
2. Dr.Emomotimi Agama -DG (SEC)
3. Bola Ajomale –
Executive Commissioner Operations

4. Ms. Frana Chukwuogor – Executive Commissioner Legal and Enforcement
5. Mrs Samiya Hassan Usman – Executive Commissioner Corporate Services
6. Mr Lekan Bello – Non Ececutive Commissioner and
7. Garba Kurfi – Non Executive Commissioner

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

With a renewed sense of purpose and commitment to fostering economic growth and development within the West African Sub-Region, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun on Thursday hosted a virtual high-level committee meeting at the Finance Headquarters, Abuja to discuss the practical arrangements for the introduction of the ECOWAS single currency, known as the ECO.

The meeting brought together key stakeholders, including the Central Bank of Nigeria, the Honourable Minister of Finance of Cape Verde, Mr. Olavo Correia, the Honourable Minister of Finance and Economic Affairs of Cote d’Ivoire, Mr. Adama Coulibaly, and the Ghanaian Honourable Minister of Finance, Mr. Mohammed Amin Adam, as well as other distinguished representatives

The ECO aims to promote economic integration, facilitate trade, and enhance monetary stability among the fifteen member states of the Economic Community of West African States (ECOWAS).

The session marked a significant step towards the realization of this goal, as participants discussed preparations for the introduction of the single currency.

HM Edun emphasized the importance of the ECO in fostering economic growth and development in the region and reiterated Nigeria’s commitment to the successful implementation of the single currency.

The meeting concluded with a renewed sense of purpose for the introduction of the ECO, which is expected to have a positive impact on the region’s economic prospects.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
July 5, 2024

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun on Wednesday attended the Budget Performance Meeting at the National Assembly, chaired by Senator Solomon Olamilekan Adeola, where he discussed the Federal Government’s financial reforms and budget performance.

During the session, HM Edun shared updates on Government’s initiatives to enhance revenue generation,
ongoing financial reforms and budget performance

Key highlights include:

– Introduction of innovative revenue models, such as a single window source for generating revenue
– Ongoing significant reforms within the financial sector to ensure efficiency and transparency

These reforms aim to boost economic growth, improve government finances, and ensure a sustainable future for Nigeria.

The Federal Government is committed to working with the National Assembly to ensure the successful implementation of these reforms, the Minister said.

He emphasized the importance of collaboration between the Executive and the Legislative Arms of Government in achieving economic prosperity for the country

The meeting demonstrated the Government’s commitment to transparency and accountability in managing the nation’s finances.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
July 5, 2024

FEDERAL MINISTRY OF FINANCE HEADQUATERS, ABUJA.

PRESS RELEASE:

NIGERIA-BENIN HOLDS STRATEGIC HIGH-LEVEL MEETING TO BOOST TRADE RELATIONS.
Nigeria has strengthened its diplomatic and economic relations with the Republic of Benin. This was stated in a postmortem meeting by the Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, after the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, returned from leading Nigeria’s delegation to the Benin Republic for a high-level meeting on boosting bilateral trade relations.

In Benin Republic, the host President, His Excellency Patrice Talon granted a brief audience to the Nigerian delegation where he urged the Ministers to give the bilateral meeting the desired impetus already established by himself and his Nigerian counterpart, His Excellency President Ahmed Bola Tinubu, GCFR.

During the High-Level Meeting, the Beninise government made presentations on enhancing the bilateral trade between Nigeria and the Benin Republic and their position regarding implementing measures in other areas relating to trade harmonization. Some of the key issues in the proposal were the strategies for strengthening the Customs Union between the two countries, establishing a relationship of trust through collaboration, joint training, and personnel exchanges between the respective Central Banks, and, most importantly, deepening the legal framework applicable to facilitate debt recovery. To achieve these frameworks, the Beninese Side proposed the creation of a permanent joint technical committee with extended powers that will seek the implementation of ministerial consultations on the enforcement of the bilateral agreement, political anchoring and establishment of a clear and transparent governance structure among other channels of implementation.

After the presentation, the host Minister of Finance and the Economy, Mr. Romuald Wadagni, reiterated the significance of embodying the firm resolve of the two countries’ Presidents in ensuring the strengthening of trade relations. He added that setting up a technical committee would serve as a one-stop shop for handling joint issues related to Nigeria and the Republic of Benin.

In his response, Mr. Edun appreciated the Beninese Government for the audience and hosting of the meeting. He equally appreciated President Patrice Talon’s moral support and enthusiasm and added that the political will be shown so far was beyond question. He further underscored that the task at hand was to seek efficient means of implementing the ideas of the leaders of both countries. The Minister, therefore, proposed that the two Finance Ministers of Nigeria and Benin head the proposed permanent committee.
The Nigerian delegation consisted of the Charge d’ Affaires a.i, Nigerian Embassy in Cotonou, Ambassador Saidu N. Tiggi, and the Comptroller of Customs, Seme Command. On the Beninese Side were the host Minister of Foreign Affairs, Ambassador Shegun Adjadi Bakari, the Minister of Trade and Commerce, Ms. Assouman Shadiya, the Minister of Justice and Legislation, and the Beninese Director General of Customs.

Nigeria continues to strengthen its cultural, trade, and economic relations with the Republic of Benin, especially in customs border patrols, financial integration of payment systems between the two countries and the harmonization of regulations along the borders.

Helen Oby Chukwu
Head: Press and Public Relations
Monday, March 18, 2024

YOUR INVALUABLE INPUTS WILL CONTRIBUTE TO THE ECONOMIC GROWTH OF OUR NATION’ – FINANCE MINISTER.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun , said “The main objective of this gathering is to ensure that our minimum wage reflects the evolving economic landscape, adequately addresses the wellbeing of our workforce, and of course the ability to pay in a sustainable manner.”, He went on to say, “Stakeholder input is invaluable in shaping policies that will not only impact the livelihoods of our citizens but also contribute to the overall economic growth and social well-being of our nation.”.

The Minister stated this at the Tripartite Committee on National Minimum Wage Public Hearing for South-West Zone held today at Ikeja, Lagos State, where he stated that the Public Hearing of the Tripartite Committee on National Minimum Wage is being held simultaneously across the federation.

The Minister stated that, according to the provisions of the extant Act, the National Minimum Wage is to be reviewed every five years, and that the current minimum wage came into effect in April 2019, hence is due for review.

He added that, “As we gathered here today, we must recognise the significance of this assignment and its multiplier effect on the lives of millions of hardworking citizens and our great country”.

“It is also our aim to engage with stakeholders from various sectors to gain insights, perspective and recommendations”, adding that “this inclusive approach underscores our commitment to transparency, fairness and democratic ideals”.

He emphasised that “The diversity of opinions present here today, which represent public and private sector workers, employers, trade unions, civil society and the broader public, will be a testament of the richness of our national dialogue.”

HM Edun explained that the “The committee is keenly interested in receiving well-researched position papers that will aid us in making informed decisions”, encouraging the participants to express their views openly, share their experiences and provide constructive suggestions.

While wishing the participants a fruitful and collaborative discussion, he commended the Governor and people of Lagos State for hosting the event, as well as all participants present to contribute to the process. The Minister urged them to work together in harmony to ensure that the outcomes of this review reflect on our well thought out aspirations for the good of Nigeria and its citizens.

Earlier, the Governor of Lagos State, Babajide Sanwo-Olu ably represented by the Lagos State Head of Service, Olabode Abiru in his address said “this Public Hearing serves as a platform for meaningful dialogue and collaboration and I am confident in our collective dialogue”.

Abiru went on to say, “as we deliberate on this issue, I assure you that we are committed to collaborating with other States and the Federal Government to arrive at a fair career wage structure that takes into account the diverse economic conditions across the nation”.

Osun State Governor, Senator Adeleke Ademola in his address reiterated his State’s commitment to a working living wage for workers, adding that, “workers deserve a good approved wage and salaries”.

In the same vain, the Nigeria Labour Congress (NLC) in the South-West Zone ably represented by the Chairperson of the Lagos State chapter, Comrade Agnes Funmi Sessi, demanded the sum of N794,000 for workers in the Zone, noting that “the demand was jointly agreed on by all the members of the union from the South-West geo-political Zone”. In her words, “workers must be well motivated and must be well paid”.

Meanwhile, the Nigeria Labour Congress at the Public Hearing pegged their proposed National Minimum Wage at N504,000, stating that, “it is as a result of the ongoing inflation, which is affecting the cost of living, adding that, “our demand is based on the cost of living index”.

The Public Hearing was well attended by a cross-section of organised Labour, representatives of State Governments, Ministries, Civil society organisations, the organised private sector and many others.

Signed:

Chukwu Helen Oby

Head: Press and Public Relations Unit

March 7, 2024

FG PARTNERS CBN IN THE GAS EXPORTS VALUE CHAIN

The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun has reiterated the Ministry’s commitment to partners with the Central Bank of Nigeria (CBN) in the Crude -Oil and Gas export in order to mitigate the present economic realities on key Government policies of boosting domestic production, diversifying the export base of the Economy to positively impact on the sector as well as contribute to the current export growth status.

Edun made the disclosure during a one -Day Sensitization Seminar on the Nigerian Oil and Gas Exports, with the theme, “Unlocking the Potentials of the Nigeria Gas Exports” A Gateway to Sustainable Economic Development today, in Kano, Kano State.

The Minister, who was represented by Deputy Director, Trade Relations, Idris Giwa said,” increasing our Gas export as the nation can no longer rely solely on oil revenue for our foreign exchange earnings”

He hinted that the workshop serves as a platform to deepen the understanding of the evolving regulatory framework, share best practices, and foster collaboration among stakeholders.

According to him, presently the Federal Ministry of Finance, is in collaboration with the CBN and the Ministry of Mines and Steel Development and have reached an advance stage in developing a distinct Miniral Export Guidelines aimed at complementing the determination of Mineral’s quantity, quality and value for export purposes.

The draft Minimal Export Guidelines has been subjected to several reviews, where stakeholders buy- in and endorsements were obtained and incorporated.

He reiterated that the Ministry would continue to work tirelessly to finalize the draft document in line with existing laws and policies of Government for public use”.

According to the Minister, the completion of the Miniral Export Guidelines would necessitate the review of the Crude -Oil and Gas Export Guidelines to streamline the export process in a manner that would accommodate the peculiarity of the sector.

He stressed that the review would trigger a more self- reliant and sustaining environment performance of the Gas sector.

Edun solicited the co-operation of all Stakeholders to play by the rules in order to achieve the much-desired efficiency and effectiveness in trading across borders.

Earlier in his welcome address the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya mni, represented by the Deputy Director, Trade Relations II, Mrs. Rukayatu Abdullahi Ahmed mentioned that,” if the operations in the Crude -Oil sector is properly coordinated and regulated, loopholes, leakages and cases of non- payment of NESS fees due to Government would be plugged, thereby boosting Government revenue base and the challenge of ascertaining the actual quantity, quality, and price competiveness of Gas export would be put to rest.

She said Nigeria holds a prominent portion on the global energy market, especially,in the natural Gas sector with abandoned untapped reserves, noting that, with favourable government policies, this sector offers a compelling investment landscape. She added that it will help individuals to harness the limitless opportunities available in the Gas industry to thrive.

The Permanent Secretary implored all to take advantage of platform to come up with constructive ideas to address the challenges, share experience and explore innovative solutions for a successful Oil and Gas industry.

In her vote of thanks, the Assistant Director Export 1, Mrs.Zainap Yusuf, applauded the Honourable Minister of Finance and the Coordinating Minister of the Economy, Wale Edun the Permanent Secretary ,Mrs. Lydia Shehu Jafiya mni, for their unwavering support towards implementing Government policies, particularly the approval of this Sensitization Seminar, promising that they will reciprocate the kind gesture in the task ahead.

The occasion was also attended by the Comptroller -General of the Nigeria Custom Service Mr. Bashir Adewale Adeniyi, represented by the,Deputy Comptroller of Custom, Oguche Chibuzo,  the Director-General, Standard Organisation of Nigeria (SON), Dr  Ifeanyi Chukwunonso Okeke, represented by Dr. Ado Ibrahim, Tafudeen Yakubu, representing the Managing Director, Nexim Bank , Kashim Ibrahim, representing the Director -General, NAFDAC,  amongst others.

Signed:

Chukwu, Helen Oby

Head:  Press & PR Unit

March 7, 2024.