Posts in category: News

The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that Nigeria was deliberately shifting from expensive external borrowing to a growth model anchored on private capital and domestic reforms.

The Minister stated this at the opening session of the G-24 Technical Group Meeting with the theme: “Mobilizing Finance to promote sustainable, Inclusive, and Job – Rich Economic Transformation” held today in Abuja.

Edun, while delivering a keynote address on the global economy and the need for stronger South-South cooperation said “Nigeria is deliberately shifting away from a model overly reliant on expensive external borrowing toward a more resilient growth framework powered by domestic reforms, private capital, and diversified financing instruments,”

He explained that the new approach was in line with evolving global development finance priorities that emphasis innovative financing, blended instruments and expanded concessional windows, adding that Nigeria is targeting an average medium-term growth of seven per cent, which would require raising the investment-to-GDP ratio to at least 30 per cent.

“With the current public sector’s financing capacity at roughly 5 per cent of GDP, the strategy emphasizes attracting private capital through structured PPPs, optimizing public assets, and creating bankable, de-risked investment opportunities,” he said.

The Minister noted that Nigeria’s reform programme under President Bola Tinubu’s administration was anchored on a three-phase agenda of market correction, stabilization and growth acceleration, reiterating that over the past two years, the administration had implemented “bold, politically difficult but necessary reforms aimed at restoring macroeconomic stability,” adding that the measures had laid the groundwork for a more competitive and resilient economy.

He noted that early outcomes of the reforms were becoming evident, with investor sentiment gradually recovering and significant capital commitments returning to the country. He added that “The reform path has attracted global recognition, and investor sentiment is steadily recovering. This renewed confidence according to him is reflected in the return of significant capital commitments to Nigeria,”

Edun described the current global environment as one defined by fragmentation, geopolitical rivalry and weakening multilateral institutions, warning that deepening geoeconomic confrontation could reduce global output by two percentage points and shrink global trade by 2.3 per cent, emphasizing that emerging markets and developing economies were particularly vulnerable, noting that over a quarter of them had already lost access to international capital markets, while more than half of low-income countries were in or approaching debt distress.

He hinted that “Through broad-based tax reforms, implementation of a modernized tax law, and improvements in compliance and automation, including the National Single Window initiative, Nigeria is set to raise its tax-to-GDP ratio to 18 per cent in the medium term.

Edun stressed that the era of waiting for external capital flows to drive development was over, urging countries in the Global South to strengthen collaboration, emphasizing that “The era of waiting for trickle-down prosperity from the North has passed. The future belongs to regions that collaborate, innovate, and integrate with purpose,”.

The Minister called on members of the G-24 to advocate reforms of the global financial architecture, including strengthening the IMF’s global financial safety net, expanding concessional lending by multilateral development banks and prioritizing local currency financing.

According to him, such reforms are critical to support countries that have lost access to international capital markets and to close the widening Sustainable Development Goals financing gap.

He urged G-24 members to use the meeting to harmonize their positions and present a unified voice in shaping a more inclusive and resilient global financial system.

The Central Bank of Nigeria (CBN) Governor Olayemi Cardoso during his keynote speech emphasized on the critical challenges facing the global economy and how emerging economies can leverage policy coordination, mutual trade and investment to build resilience.

He also explained the need for urgent reforms in digital cross-border payment systems and how it can be harnessed to promote and drive inclusive growth and strengthen global financial stability, highlighting Nigeria’s efforts to modernize its regulatory and supervisory frameworks, including strengthening oversight of payment infrastructure providers and enhancing anti-money laundering measures.

Cardoso also stressed the importance of transparency, credibility, and cooperation among African nations to build resilient financial systems.

Earlier, in her opening remarks, Director and Head of Secretariat of the G-24, Dr Iyabo Masha, said the global economy was experiencing “measured resilience but constrained ambition,” warning that emerging market and developing economies must move beyond recovery to restore sustainable growth paths.

She said that although inflation had moderated in some economies and supply disruptions had eased, “resilience is not the same as robustness,” noting that global conditions remained fragile.

Masha said global merchandise trade growth for 2026 was projected at just 0.5 per cent, reflecting the cumulative impact of tariffs and policy uncertainty, a development she said would weaken external demand and slow technology diffusion, adding that policy space for emerging and developing economies was tightening as debt service obligations absorbed a growing share of revenues, with external public debt service reaching $487bn in 2023.

According to her, near-term risks include renewed inflation or supply shocks, abrupt tightening of global financial conditions, deepening trade fragmentation, prolonged debt distress and erosion of human capital.

She urged policymakers to strengthen fiscal and monetary frameworks, expand domestic resource mobilisation, prioritise climate adaptation and human capital development, and deepen regional trade and investment partnerships.

Signed
Amadi Uloma Nneka
Assistant Director (Information and Public Relations)
www.finance.gov.ng

The Honourable Minister of State for Finance, Dr Doris Uzoka-Anite, has reaffirmed the Federal Government’s commitment to a new Investment Budgeting approach that prioritises implementation discipline, measurable performance outcomes, and market-led governance structures to unlock Nigeria’s target of building a 1 trillion dollar economy.

Speaking during a strategic engagement with the Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Dr Tayo Aduloju, Dr Uzoka-Anite emphasised that Nigeria must shift away from models that transfer critical infrastructure assets to operators without the technical capacity, capital depth, or incentive structure required to deliver results.

“Implementation is key. Government’s role is to lead the framework, design the policy, support and catalyse the private sector, and put money behind it. But performance must be measurable. There must be clear metrics to measure output, jobs and income generation, and there must be consequences. If performance is not delivered, we must be able to withdraw support or claw back what has been provided,” she said.

The Minister noted that past outcomes in certain sectors underline the urgency of a new performance regime. She cited persistent inefficiencies and weak investment incentives as examples of what happens when governance and accountability are misaligned with service delivery.

Dr Uzoka-Anite disclosed that the Ministry is engaging with the Ministry of Finance Incorporated (MOFI) to review government’s equity positions in certain strategic assets, strengthen oversight, and ensure that shareholding translates into enforceable performance. She explained that the Investment Budgeting framework is designed around a KPI-based accountability system that links government support to transparent performance targets and measurable national outcomes.

In response, Dr Aduloju welcomed the direction of reform and underscored the need for a competitive governance layer to ensure optimal performance of national assets. Drawing on international best practice, he referenced the use of competitive asset councils in the Middle East that evaluate projects against national performance benchmarks and enforce strict entry and exit rules based on delivery.

Dr Uzoka-Anite agreed that Nigeria can adapt such governance mechanisms. She outlined a pathway that combines stronger market discipline with the state retaining a minority equity position, while enabling technically competent private investors to drive performance under competitive pressure and global standards.

To support capital mobilisation at scale, the Minister also revealed plans to deploy new investment strategies that strengthen Nigeria’s financial base and channel long-term funding into priority sectors. She clarified that the approach is centred on investment, not grants, and will be structured to crowd in institutional capital.

As part of this effort, Dr Uzoka-Anite announced plans to launch a multi-sector umbrella fund with multiple sub-funds targeted at key sectors of the economy. The platform is expected to broaden participation for risk-averse institutional investors, including pension funds, by enabling indirect exposure through professionally managed vehicles with robust governance and risk management.

The engagement reflects the Federal Government’s continuing consultations with private sector leaders to refine an Investment Budgeting framework that delivers measurable national outcomes, accelerates productivity, and deepens investment into real-economy growth.

Signed
Office of the Honourable Minister of State for Finance
February 19, 2026
www.finance.gov.ng

In its avowed determination to accelerate Nigeria’s economic growth and development, the Federal Government has introduced investment budgeting as a key component of the 2026 Budget. This innovative approach marks a decisive shift in how public finance is structured to drive long-term growth and development.

Speaking at the National Economic Council in Abuja on Monday, and during the 2026 Budget defence sessions, the Honourable Minister of State for Finance Dr. Doris Uzoka-Anite disclosed that President Bola Ahmed Tinubu mandated the inclusion of Investment Budgeting as a foundational pillar of the 2026 Budget design. This directive, she said, positions the budget not only as a fiscal document but as a growth execution tool aligned with the Renewed Hope National Development Plan 2026 to 2030.

The Minster explained that the introduction of Investment Budgeting reflects the President’s broader economic strategy to move Nigeria beyond stabilisation and into a sustained phase of accelerated, inclusive growth. It recognises that achieving Nigeria’s ambition of a one trillion dollar economy requires more than recurrent spending and traditional capital allocations. It requires deliberate, structured investment that mobilises private capital at scale.

She explained further that investment budgeting introduces a third pillar to public finance management, alongside revenue and expenditure. While recurrent expenditure sustains government operations and capital expenditure builds public assets, investment budgeting is designed to deliberately crowd in private capital, de-risk priority sectors, and generate long-term economic returns through productive assets

Under this framework, the said, government resources are deployed strategically to unlock investment in infrastructure, agriculture, manufacturing, energy, housing, digital infrastructure, transport, and logistics. Rather than government acting as the sole financier of development, the state becomes the catalyst, using limited public funds to mobilise significantly larger pools of domestic and international private capital.

Dr. Uzoka-Anite emphasised that this approach is essential given Nigeria’s fiscal realities. Public revenues remain constrained, debt service obligations limit fiscal space, and the country’s infrastructure financing needs far exceed what the public balance sheet alone can support. At current levels of public infrastructure spending, Nigeria would require more than a century to close its infrastructure gap. Investment Budgeting addresses this constraint directly by making private capital mobilisation a core feature of budget design, Uzoka-Anite stated.

The framework also aligns closely with the Domestic Growth Acceleration Strategy and the Renewed Hope National Development Plan, both of which seek to translate macroeconomic stabilisation into broad-based production, job creation, exports, and sustainable revenue growth. By embedding Investment Budgeting into the 2026 Budget, the Tinubu Administration has institutionalised a mechanism that shifts Nigeria from incidental growth to intentional growth.

In practical terms, Investment Budgeting focuses exclusively on growth-generating, income-producing assets. It integrates private sector participation from the project design stage, leverages innovative financing tools such as public private partnerships and blended finance, spreads costs over the life of assets, and creates dedicated revenue streams to support debt service and investor returns.

This reform represents another landmark intervention under President Tinubu’s leadership, following difficult but necessary stabilisation measures including fuel subsidy removal and foreign exchange reforms. With macroeconomic credibility gradually restored, Investment Budgeting provides the bridge from reform to results.

As articulated by Dr. Uzoka-Anite at the National Economic Council, Investment Budgeting is not optional. It is essential to achieving the scale of growth required to lift incomes, create jobs, and deliver lasting prosperity to Nigerians under the Renewed Hope Agenda.

With this bold move, Nigeria is poised to unlock new growth avenues, create jobs, and improve living standards, underscoring President Tinubu’s commitment to transforming Nigeria’s economy and delivering prosperity for all Nigerians.

Signed
Office of the Honourable Minister of State for Finance
February 10, 2026
www.finance.gov.ng

Last week His Excellency President Bola Ahmed Tinubu, GCFR, signed an Executive Order aimed at realigning oil and gas revenue flows with constitutional requirements. The Order seeks to strengthen fiscal transparency, clarify regulatory mandates, and enhance revenues accruing to the Federation from the oil and gas sector.

The Executive Order reinforces the provisions of the 1999 Constitution of the Federal Republic of Nigeria, which vest ownership of mineral resources in the Federation and require that all revenues derived from those resources be paid into the Federation Account for appropriation in accordance with established constitutional and statutory rules.

In line with these principles, the Order addresses certain fiscal and structural arrangements introduced under the Petroleum Industry Act (PIA) 2021 that have resulted in off-budget allocations and deductions from Federation revenues.

Specifically, the Executive Order:

– Suspends the collection of management fees and frontier exploration fees by the Nigerian National Petroleum Company Limited (NNPCL);
– Directs that taxes, royalties, and profit oil under Production Sharing Contracts be remitted directly by contractors to the appropriate fiscal authorities;
– Suspends the payment of gas flare penalties into the Midstream Gas Infrastructure Fund;
– Clarifies the delineation of responsibilities between the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), providing greater regulatory certainty for operators and investors; and
– Establishes an inter-agency implementation committee, chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, to ensure coordinated and seamless execution.

The Order has become both necessary and urgent considering the sustained decline in oil and gas revenue inflows into the Federation Account, despite improvements in production levels and favourable market conditions. This shortfall has constrained the government’s capacity to meet budgetary obligations and to finance critical public investments in education, healthcare, and infrastructure.

These challenges are unfolding at a time when Nigeria’s rapidly growing and youthful population is generating increased demand for jobs, quality education, accessible healthcare, and infrastructure that supports inclusive economic opportunity.

At the same time, global energy markets are becoming more competitive and capital increasingly selective. In such an environment, Nigeria cannot afford inefficiencies in the management of its most strategic economic asset.

The fundamental purpose of the nation’s oil and gas sector, including the national oil company, is to convert hydrocarbon resources into sustainable revenues, investment, and economic activity that benefit the broader economy. Achieving this objective requires revenue flows that are transparent, constitutionally compliant, and fully accounted for.

This Executive Order takes immediate effect and serves as an interim corrective measure pending legislative amendments to entrench these reforms in statute. Collectively, these measures represent another significant step toward strengthening fiscal discipline, safeguarding revenue integrity, and ensuring that Nigeria’s natural resources deliver tangible value to citizens, investors, and the economy.

Signed
Amadi Uloma Nneka
Assistant Director, Information and Public Relations
www.finance.gov.ng

Imagine a Nigeria where power is reliable, roads are smooth, and ports are bustling with efficiency – a Nigeria where economic opportunities abound and citizens thrive. This vision can be a reality with robust infrastructure development, the bedrock upon which the country’s economic growth and development are built.

Infrastructure development encompasses the construction and maintenance of physical structures such as roads, bridges, power supply, and transportation systems that facilitate economic activity and improve the quality of life for citizens. In Nigeria, infrastructure development plays a vital role in driving economic growth and development, but the country’s infrastructure deficit is a significant challenge that hampers economic progress. The estimated $100 billion infrastructure deficit in Nigeria underscores the need for urgent action to address this challenge.

The Federal Government has shown commitment to addressing this deficit. The 2025 Federal Budget allocated ₦4.06 trillion ($2.7 billion) for infrastructure, representing 7.4% of total spending. The National Integrated Infrastructure Master Plan (NIIMP) aims to increase infrastructure stock to 70% of GDP by 2043. Pension funds invested ₦262.567 billion in infrastructure in 10M’25, a 48.1% year-on-year increase. As part-of-speech tagging, the government has initiated key projects, including the Lagos-Calabar Coastal Highway and Sokoto-Badagry Superhighway.

According to Dr. Justin Yifu Lin, a renowned economist, “Infrastructure development is a key driver of economic growth and development, and it requires a coordinated effort from government, private sector, and civil society to achieve sustainable development.” One potential solution to Nigeria’s infrastructure challenge is public-private partnerships (PPPs). PPPs can leverage funding, expertise, and resources from the private sector to drive infrastructure development.

“The quality of infrastructure is a key determinant of a country’s competitiveness,” says José Luis Guajardo, Director of Infrastructure at the World Economic Forum. “Nigeria’s focus on PPPs and infrastructure investment is a step in the right direction.”

“Nigeria’s vast natural resources, cultural diversity, and teeming population are assets that can drive economic growth,” says Ngozi Okonjo-Iweala, former Finance Minister of Nigeria. “Investing in infrastructure is key to unlocking these potentials.”

The benefits of PPPs in infrastructure development are numerous. For instance, PPPs can enhance efficiency and innovation, provide access to capital, and mitigate financial and operational risks associated with complex infrastructure projects. By collaborating with the government on infrastructure projects, private sector stakeholders can gain new business opportunities, improve their brand reputation, and develop new skills and expertise. This collaboration can also help private sector companies to demonstrate their commitment to social responsibility and improve their competitiveness in the market.

Several countries have made significant progress in addressing their infrastructure deficits and achieving sustainable development. South Korea’s investment in infrastructure has enabled the country to become a major player in the global technology industry. Rwanda’s investment in infrastructure has improved the country’s business environment and attracted foreign investment. Singapore’s investment in infrastructure has enabled the country to become one of the most competitive economies in the world. China’s investment in infrastructure has driven economic growth and development, and lifted millions of people out of poverty.

Investment in infrastructure can have numerous benefits for Nigeria’s economy and citizens. For instance, every dollar invested in infrastructure generates about 3-4 times more jobs than the same amount invested in other sectors, according to the International Labour Organization (ILO). Infrastructure development can also improve access to essential services like transportation, healthcare, and education, enhancing the overall quality of life for citizens. Nigeria’s tourism potential, with attractions like the ancient city of Kano, the Rock of Zuma, and the beautiful beaches of Lagos, can also be boosted with better infrastructure.

As Nigeria charts its path to sustainable economic growth, investing in infrastructure is not just an option – it’s an imperative. With a long-term vision, coordinated efforts, and a commitment to transparency, Nigeria can transform its infrastructure landscape, unlock economic potential, and improve the lives of millions. As Aart Kraay, a World Bank economist, noted, “Infrastructure development is critical to economic growth and development, and it requires a long-term vision and commitment to achieve sustainable development.”

To achieve this vision, stakeholders must prioritize infrastructure development, foster collaboration between government and private sector, ensure transparency in project implementation, and establish an infrastructure development fund to mobilize resources and ensure timely completion of projects.

Mohammed Manga (Information and Public Relations Analyst)
February 14, 2026

The Federal Government has reaffirmed its commitment to implementing the 2026 Budget, a budget of consolidation aimed at driving economic growth, improving security, and enhancing the welfare of Nigerians.

The Honourable Minister of State for Finance Dr Doris Uzoka-Anite, gave the assurance on Monday when she presented the budget to the Senate, highlighting key reforms and priorities.

She stated that the 2026 budget focuses on strengthening macroeconomic stability, accelerating infrastructure delivery, improving security, and ensuring fiscal discipline through tax reforms and effective implementation.

The Minister explained that prudent fiscal management and revenue mobilisation will be prioritised, alongside tax reforms, to broaden the tax base and enhance compliance. Dr Uzoka-Anite explained further that strategic investments in security, infrastructure, and education will also be pursued, leveraging public-private partnerships and development finance to accelerate growth.

The 2026 Budget represents a decisive shift from stabilisation to growth, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda. The Minister reaffirmed the government’s commitment to implementation, monitoring, and delivering tangible benefits to Nigerians, ensuring that the budget translates into improved security, infrastructure, and economic opportunities for all.

Signed
Office of the Honourable Minister of State for Finance
February 10, 2026

This week in his office in Abuja, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, led strategic engagement with global energy and finance partners to advance Nigeria’s leadership under Mission 300, the continental effort to expand electricity access and drive economic growth.

The discussions focused on accelerating delivery and mobilising investment to strengthen Nigeria’s power sector, recognising reliable electricity as essential to productivity, industrial expansion, digital inclusion, and job creation.

HM Edun reaffirmed that Mission 300 is central to Nigeria’s economic strategy, highlighting the country’s early adoption of the Compact, the establishment of a joint Finance and Power delivery unit, and growing momentum in distributed renewable energy, supported by innovative financing and private sector partnerships. Anna Bjerde, Managing Director of Operations at the World Bank Group, commended Nigeria’s reform progress, describing the country as a potential game changer for Mission 300 due to its scale and leadership, and noting that ongoing programmes are already expanding electricity access.

The Honourable Minister of Power, Adebayo Adelabu, underscored alignment with President Bola Ahmed Tinubu’s economic mandate, citing advances in sector reform, metering, transmission restructuring, and regional power integration.

All parties agreed to accelerate implementation, attract capital at scale, and ensure Mission 300 delivers measurable economic impact for Nigerians.

Signed
Mohammed Manga, fcai, amnipr
Director, Information and Public Relations
February 6, 2026

www.finance.gov.ng

President Bola Ahmed Tinubu today received Nigeria’s newly appointed Tax Ombudsman, John Nwabueze, at the State House, Abuja, as his administration advances far reaching reforms to strengthen tax administration and revenue governance.

The establishment of the Office of the Tax Ombudsman is a key pillar of President Tinubu’s economic reform agenda, designed to improve transparency, enhance dispute resolution, reduce multiple taxation, and protect citizens and businesses from undue fiscal burdens.

The Office will serve as an independent channel for addressing complaints across taxes, levies, customs duties and regulatory charges, supporting a fairer and more predictable business environment.

Also in attendance were the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and the Chief of Staff to the President, Femi Gbajabiamila. This reform strengthens public sector accountability, boosts investor confidence, and reinforces Nigeria’s competitiveness, laying firm foundations for inclusive growth and long term economic stability.

Signed
Mohammed Manga, fcai, amnipr
Director, Information and Public Relations
February 5, 2026

www.finance.gov.ng

A landmark healthcare investment deal takes centre stage as Nigeria pushes for economic diversification and growth when the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, attended the signing of a landmark agreement in Abuja, between the Nigeria Sovereign Investment Authority (NSIA), the International Finance Corporation (IFC), and MedServe, aimed at expanding access to diagnostics, oncology, and cardiology services nationwide.

The Minister reaffirmed President Bola Ahmed Tinubu’s commitment to strengthening healthcare through increased investment and effective public private partnerships, noting that recent budget gains reflect a clear focus on building resilient social infrastructure. He highlighted NSIA’s expanding oncology network as proof that world class healthcare assets can be built locally, creating jobs, attracting capital, and reducing Nigeria’s multibillion dollar medical tourism spend.

HM Edun underscored healthcare as both a public necessity and a growth sector, stressing that stronger domestic capacity boosts productivity, keeps capital within the economy, and supports long term human capital development. He also commended IFC’s role, describing the agreement as a scalable model that combines financing and technical expertise to unlock private investment and widen access to care, with additional support from the World Bank (WB).

The Minister called for replication of the NSIA MedServe model across other sectors, describing it as a template for inclusive growth, stronger public services, and long term economic resilience.

This partnership signals a bold step towards self-reliance in healthcare, unlocking jobs, and keeping Nigeria’s capital at home.

Signed
Mohammed Manga, fcai, amnipr
Director, Information and Public Relations
February 5, 2026

www.finance.gov.ng

Nigeria’s economic reform agenda receives global backing as key stakeholders affirm confidence in the country’s growth potential this week in Abuja when the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun held strategic talks with Anna Bjerde, Managing Director of Operations at the World Bank Group, alongside senior officials.

The meeting reaffirmed President Bola Ahmed Tinubu’s clear economic direction and rising global confidence in the country’s reform programme. The Minister highlighted strong momentum across key sectors, driven by decisive policy action and a renewed focus on growth, investment, and job creation. Discussions centred on expanding reliable electricity, strengthening agriculture, accelerating digital infrastructure, improving trade flows, and unlocking private sector investment, all central to building a more productive and competitive economy.

Nigeria also reaffirmed its leadership in energy reform and its ambition to serve as a regional economic hub, supported by Abuja’s role as host city to the Economic Community of West African States (ECOWAS). Ms. Bjerde welcomed Nigeria’s reform progress and commended the government’s clarity of purpose, noting increasing confidence from international markets and partners.

She reaffirmed support for Nigeria’s investment led growth agenda, with emphasis on infrastructure delivery and private sector participation. Both sides agreed on accelerating implementation, attracting capital at scale, and creating opportunities for Nigeria’s growing population.

This milestone underscores Nigeria’s commitment to sustainable economic growth and positions the nation as a key player in regional and global markets.

Signed
Mohammed Manga fcai, amnipr
Director, Information and Public Relations
February 5, 2026

www.finance.gov.ng