🗓️ July 7, 2023 — Appointed Chairman, Presidential Committee on Fiscal Policy & Tax Reforms
🗓️ August 8, 2023 — Formally inaugurated and delivered his inaugural address at the State House
🗓️ March 11, 2026 — Confirmed by the Senate as Minister of State for Finance, replacing Doris Uzoka-Anite
🗓️ March 16, 2026 — Sworn in as Minister of State for Finance by President Tinubu
🗓️ April 21, 2026 — Elevated to Minister of Finance & Coordinating Minister of the Economy, replacing Wale Edun
Oyedele spent 32 months as Committee Chairman before joining the cabinet, and just 36 days as Minister of State before being elevated to the substantive Finance Minister role.
Under his leadership, four tax reform bills were passed by the National Assembly in May 2025.
Incoming Coordinating Minister of the Economy, Taiwo Oyedele, chaired his first FAAC meeting in his new ministerial role, overseeing the allocation of ₦2.036 trillion in Federation Account revenue for March 2026.
This marks the second time this year that FAAC disbursements to the federal, state, and local governments have exceeded the ₦2 trillion threshold.
Key Figures from the Meeting:
Total distributable revenue: ₦2.036 trillion
Distributable statutory revenue: ₦1.320 trillion
Distributable VAT revenue: ₦515.391 billion
Augmentation: ₦200 billion
Gross revenue inflow for March: ₦2.364 trillion
Cost of collection: ₦81.084 billion
Transfers, refunds, and savings: ₦246.872 billion
Breakdown of the ₦2.036 Trillion Allocation:
Federal Government: ₦789.159 billion
State governments: ₦657.596 billion
Local government councils: ₦468.826 billion
Derivation (13% to oil-producing states): ₦120.759 billion
The distribution details were provided in a statement from the Office of the Accountant General of the Federation, signed by Bawa Mokwa, the Director of Press and Public Relations.
FAAC Shares N2.036Trillion March 2026 Revenue To FG, States, LGs, reflecting a N150Billion increase from the N1.89Trillion distributed for February, amid stronger statutory inflows.
Breakdown⤵️
FG — N789.16bn
States — N657.60bn
LGs — N468.83bn
Derivation (Oil-producing states) — N120.76bn
When will you start holding your Governors and Local Government Chairmen accountable?
The Federal Ministry of Finance convened a close-out meeting on the Personnel Audit and Skills Gap Analysis (PASGA) exercise with the Office of the Head of the Civil Service of the Federation and consultants to review findings, validate outcomes, and set the direction for implementation across the Ministry.
At the session, the Permanent Secretary, Special Duties, Mr. Mohammed Sanusi Danjuma, set a firm tone, describing the exercise as a structural intervention that will shape how human resources are deployed across the Ministry.
He stated that the PASGA process has moved beyond routine verification, providing a clear basis for examining workforce composition and aligning personnel with operational priorities.
According to him, the effectiveness of the Ministry depends on the deliberate placement of skills where they are most required, noting that the exercise offers a practical framework for achieving that objective.
Mr. Danjuma further emphasised that the process enables management to interrogate existing structures, identify gaps, and take informed decisions on workforce planning.
He acknowledged the role of the Office of the Head of the Civil Service of the Federation in driving the initiative, adding that the exercise strengthens the capacity of Ministries, Departments and Agencies to respond to evolving governance demands.
Providing details of the exercise within the Ministry, the Director, Human Resource Management, Mrs. Aderonke Jaiyesimi, stated that the process commenced in October 2025 and was implemented in close coordination with consultants.
She disclosed that 752 officers completed the personnel audit, while 504 officers undertook the skills gap assessment, reflecting substantial participation across the Ministry.
Of this number, 255 officers have received personnel audit certificates, while 242 have been issued skills assessment certificates, with outstanding cases currently undergoing resolution.
Mrs. Jaiyesimi explained that the exercise has improved the accuracy of personnel records and provided a clearer mapping of skills and competencies across departments and units.
She noted that the emerging gaps highlight areas requiring adjustment, particularly in aligning staff capabilities with institutional requirements under ongoing public service reforms.
In her presentation, the lead consultant from TWPC Tech, Dr. Mojisola Olegbegi, outlined the structure of the nationwide exercise, noting that the programme is being implemented by 16 consultants across MDAs.
She stated that the public service remains central to governance delivery and that the PASGA framework is designed to address critical skills gaps affecting performance.
While acknowledging the level of participation recorded by the Ministry, she encouraged sustained engagement with the process to ensure that identified gaps are addressed in a structured and measurable manner.
The meeting also provided a platform for questions, clarifications, and internal deliberations on the way forward, with a focus on translating findings into actionable outcomes.
The Ministry reaffirmed its commitment to applying the results of the exercise to strengthen workforce planning, improve institutional coherence, and support more effective service delivery.
Efe Ovuakporie
Deputy Director, Information and Public Relations
16th April 2026
Director, Human Resource Management, Mrs Aderonke Jaiyesimi delivering her welcome address
Permanent Secretary Special Duties, Mohammed Sanusi Danjuma delivering his Opening Remarks
The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun with some delegates during the Round Table session on Investing in Education for Resilient Economics at the 2026 Spring Meeting today in Washington DC.
Today’s meeting of the Intergovernmental Group of Twenty-Four (G24) on International Monetary Affairs and Development convenes at a critical moment for the global economy, as emerging markets and developing economies continue to face multiple and overlapping shocks, including geopolitical tensions, tighter financial conditions, and climate-related vulnerabilities.
As Chair of the G24, the Federal Republic of Nigeria has the honour of guiding today’s deliberations. Nigeria, under the leadership of the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun continues to work closely with member countries to strengthen collective advocacy on issues central to the development agenda of emerging and developing economies.
Today’s discussions focused on key priorities, including:
• Strengthening global economic resilience in the face of persistent shocks
• Enhancing the international financial architecture, including IMF quota and governance reforms
• Expanding access to adequate and predictable development financing
• Addressing rising debt vulnerabilities and improving debt resolution frameworks
• Supporting job creation, inclusive growth, and long-term structural transformation
• Reinforcing multilateral cooperation between the IMF, World Bank Group, and other international partners
Members reviewed recent global economic developments and exchange views on coordinated policy responses that can better support vulnerable economies.
The G24 Deputies have already engaged in substantive preparatory discussions, and their inputs are reflected in the issue notes and draft communiqué before members.
Nigeria, as Chair of the G24, reaffirms its commitment to fostering consensus, amplifying the voice of developing countries, and advancing a fair, inclusive, and effective global financial system that supports sustainable development for all.
In steadfast in advancing Mr. President’s Eight (8) Priority Areas, the Permanent Secretary of Finance, Federal Ministry of Finance, Mr. Raymond Omachi said the Ministry will continue to manage the nation’s finances with the highest standards of transparency and accountability, ensuring prosperity for both present and future generations.
The Permanent Secretary Finance disclosed this today while giving his welcome address at the 2026 Central Results Delivery Coordination Unit (CRDCU) Retreat of the Ministry and its Agencies in Jalingo, Taraba State, with the theme, “consolidating the Achievements of the Eight Presidential Priorities: the Role of the Federal Ministry of Finance in Results Delivery”.
The Permanent Secretary Finance who was represented by the Director Technical Services Department, Mr. Bashir Abdukadir explained that the choice of Taraba State for the retreat was carefully selected in recognition of the importance of strengthening collaboration between the federal and sub national governments, as well as the federal government’s commitment to inclusivity in national development efforts.
Omachi who conveyed his deep appreciation to the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Honourable Minister of State for Finance, Mr Taiwo Oyedele, and His Excellency, the Executive Governor of Taraba State, Dr. Agbu Kefas and his team for the warm hospitality and support in hosting the retreat, stated that this “gesture underscores the spirit of partnership required to advance our collective development objectives”, adding that, the Ministry attaches great importance to this retreat, as it provides a platform to galvanize our collective efforts and strengthen synergy under the leadership of the Honourable Minister of Finance and Coordinating Minister of the Economy.
He reiterated that “this retreat comes at a critical time in our nation’s development journey when we are navigating a dynamic global economic landscape and addressing pressing domestic fiscal challenges” it is imperative that we strengthen coordination, sharpen our focus and enhance our delivery mechanism, he added.
Earlier, the Taraba State Governor, His Excellency, Dr. Agbu Kefas who was represented by the State SGF, Barr. Gibon Kataps said that ” this retreat is not only essential but also timely, considering the challenges facing the global economy amid rising energy costs caused by the crisis in the Middle East, which Nigeria is not immature to”.
The Governor explained that his State has been proactive in adopting global best practices that promote accountability, inclusivity and prevent financial leakages, particularly in fiscal and monetary policies, leading to greater transparency and fostering ease of doing business.
However, the retreat which serves as a critical platform to examine the Deliverables and Key Performance Indicators (KPIs) of the Ministry, have paper presentations which includes;
a. Overview of the Federal Government Delivery system and presidential priorities.
b. Understanding the Ministerial Deliverables for Federal Ministry of Finance and mapping of Agencies.
c. CRDCU Delivery Reporting Framework
d. Review and validation of 2026 Ministerial Deliverables, KPIs and targets.
The retreat has in attendance top government officials, policy makers, representative of key institutions, Stakeholders and CRDCU’S focal Officers from different Ministries, Department and Agencies (MDAs).
Signed
Efe Ovuakporie
DD (Information and PR)
April 1, 2026
Cross Section of participants today at the CRDCU’S Retreat in Jalingo, Taraba State
L-R, Dr. Sarah Adi, the Taraba State Commissioner for Finance, the Taraba State SGF, Barr. Gibon Kataps, Mr. Bashir Abdulkadir, Federal Ministry of Finance Director Technical Services Department, Mrs. Aderonke Jayisim, Director Human Resources Department, Federal Ministry of Finance, Taraba State Permanent Secretary Finance, Mr. Douglas Kisaba, Mr. Abubakar Othman, Director ERPM, Federal Ministry of Finance and others at the CRDCU’S Retreat in Jalingo, Taraba State today.
Taraba State SGF, Barr. Gibo with stakeholders and CRDCU’S focal officers from different MDAs at the CRDCU’ Retreat in Jalingo, Taraba State today.
+The Honourable Minister of State for Finance, Mr. Taiwo Oyedele, has underscored the imperative of institutional coherence and cross-departmental coordination in advancing the Ministry’s ongoing tax policy reforms.
Mr. Oyedele made this known while receiving the Head of the Information and Public Relations Unit, Mrs. Efe Ovuakporie, during the ongoing series of strategic briefings by Directors at his office in Abuja.
The briefing sessions are designed to provide the Honourable Minister with a structured insight into the Ministry’s portfolio encompassing key programmes, policy instruments, and operational priorities geared towards strengthening informed decision-making.
Speaking, the Minister stressed that effective policy execution within the fiscal space requires deliberate collaboration, procedural transparency, and disciplined efficiency across all departments and units. He reiterated his commitment to deepening institutional capacity and ensuring that the Ministry’s activities are firmly aligned with the Federal Government’s economic reform trajectory.
He further assured staff of his openness to forward-looking ideas and practical initiatives capable of driving measurable and sustainable economic outcomes.
Earlier in her presentation, the Head of the Information and Public Relations Unit, Mrs. Efe Ovuakporie, articulated the Unit’s role as the Ministry’s strategic communications hub responsible for shaping public understanding, interpreting policy direction, and safeguarding institutional credibility.
She outlined the Unit’s core functions to include the development and dissemination of official communications through press releases, media engagements, and stakeholder interface, as well as the coordination of protocol-related engagements and the amplification of the Ministry’s visibility across diverse media platforms.
Ovuakporie also drew attention to critical operational gaps, noting that optimal performance of the Unit is contingent on the provision of essential tools and logistics. She identified priority needs to include digital work devices (iPads, laptops, desktops), consumables, and a dedicated operational vehicle to support field coverage and media activities.
During the session, Directors and Heads of Units presented comprehensive briefings on their respective mandates, outlining key achievements, ongoing challenges, and forward-looking strategic priorities.
Deliberations during the engagements spanned across core fiscal issues, including tax reform initiatives, revenue mobilisation, budget performance, and broader public financial management reforms.
The briefings signal the commencement of a structured engagement process aimed at repositioning the Ministry to respond with agility and precision to evolving economic realities.
Efe Ovuakporie
Head, Information and Public Relations Unit
As part of the Federal Ministry of Finance’s commitment to transparency, accountability and continuous interaction with citizens and key stakeholders, the Ministry held its Q1 2026 Citizens and Stakeholders’ Engagement session today at the Permanent Secretary Finance’s Conference Room, Abuja.
In attendance were, the Permanent Secretary Finance, Mr. Raymond O. Omachi, the Director General of Securities and Exchange Commission (SEC) Dr. Emomotemi Agama, some Directors of the Ministry (ICT, Technical Services, ERPM), the Ministry’s CRDCU’s Delivery Manager, Mr Uyi Osagie, Some Special Advisers to the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, Focal Officers and Stakeholders.
The Federation Account Allocation Committee (FAAC), at its March 2026 meeting chaired by the Honorable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1.894 Trillion to the three tiers of government as Federation Allocation for the month of February 2026, from a gross total of N2.230 Trillion.
From the stated amount inclusive of Gross Statutory Revenue and Value Added Tax (VAT), the Federal Government received N675.086 Billion, the States received N651.525 Billion, the Local Government Councils got N456.467 Billion, while the Oil Producing States received N110.949 Billion as Derivation, (13% of Mineral Revenue).
The sum of N77.302 Billion was given for the cost of collection, while N259.078 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 February 2026, was N668.450 Billion as against N1.083 Trillion distributed in the preceeding month, resulting in a decrease of N414.710 Billion.
From the stated amount, the sum of N26.738 Billion was allocated for the cost of collection and the sum of N22.593 Billion given for Transfers, Intervention and Refunds. The remaining sum of N619.119 Billion was distributed to the three tiers of government, of which the Federal Government got N61.912 Billion, the States received N340.515 Billion and Local Government Councils got N216.692 Billion.
Accordingly, the Gross Statutory Revenue of N1.561 Trillion received for the month was lower than the sum of N1.957 Trillion received in the previous month by N395.138 Billion .
From the stated amount, the sum of N50.564 Billion was allocated for the cost of collection and a total sum of N236.485 Billion for Transfers, Intervention and Refunds.
The remaining balance of N1.274 Trillion was distributed as follows to the three tiers of government: Federal Government got the sum of N613.174 Billion, States received N311.010 Billion, the sum of N239.776 Billion was allocated to LGCs and N110.949 Billion was given to Derivation Revenue (13% Mineral producing States).
Oil and Gas Royalty and Excise Duty increased significantly, while Petroleum Profit Tax (PPT) Hydrocarbon Tax (HT), Companies Income Tax (CIT)/CGT and SDT and Value Added Tax (VAT) decreased substantially. Import Duty and CET Levies, increased marginally.
According to the Communique, the total revenue distributable for the current month of February 2026, was drawn from Statutory Revenue of N1.274 Trillion and Value Added Tax (VAT) of N619.119 Billion, bringing the total distributable amount for the month to N1.894 Trillion.
Signed
Amadi Uloma Nneka
Assistant Director, Information and Public Relations
March 13, 2026.
www.finance.gov.ng
From left, the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, the Permanent Secretary Finance, Mr Raymond O. Omachi and the Director Home Finance, FMF Mr Ali Mohammed today at the March 2026 FAAC meeting in Abuja.
