Posts in category: News

The Federal Government has taken a significant step towards repositioning Nigeria’s economy, as the Economic Management Team (EMT) convened to assess Nigeria’s trade strategy, investment climate, and infrastructure planning.

The session which was Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun today in his office in Abuja underscored the government’s commitment to positioning Nigeria as a competitive, investor-friendly economy through coordinated policy reforms and diplomatic engagement.

A central feature of the meeting was a detailed presentation by the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, who outlined the Ministry’s current priorities. These include improving investor retention, accelerating export diversification, and addressing regulatory inefficiencies that hinder private sector growth.

Of particular focus was Nigeria’s ongoing engagement with the United States following the recent proposal by the U.S. Trade Representative to impose a 14% tariff on Nigerian exports. The EMT reviewed the legal and commercial context surrounding this development, as well as Nigeria’s Diplomatic outreach to Washington and multilateral discussions held during the U.S.-Africa CEO Forum in Abidjan.

In parallel, the Honourable Minister of Transportation, Senator Said Alkali, presented his Ministry’s updated budget framework and infrastructure priorities. These include logistics upgrades and project pipelines aimed at reducing bottlenecks and enhancing Nigeria’s trade facilitation capacity.

The EMT reaffirmed its collective resolve to implement transparent, market-led reforms that support private sector expansion, boost non-oil exports, and deliver sustainable growth across the Nigerian economy.

In his closing remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, emphasized the importance of cross-ministerial coordination, stating:

Now is the time for unified action. By aligning our trade posture with global best practice and ensuring policy consistency, we can unlock greater opportunities for businesses and deepen investor confidence in Nigeria

With unified action and coordinated policy reforms, Nigeria is poised for a brighter economic future.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 22, 2025

www.finance.gov.ng

The Federal Government has inaugurated the new Board of Directors of the Asset Management Corporation of Nigeria (AMCON), marking a renewed phase in the Corporation’s mandate to stabilise the financial sector, enhance asset recovery, and prepare for an orderly institutional wind-down.

The newly appointed Board, Chaired by Dr. Bala Bello brings together seasoned professionals with a clear charge to improve corporate governance, accelerate the recovery of distressed assets, and design a credible, time-bound exit strategy in line with global best practices.

Inaugurating the Board today in his office in Abuja, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun described AMCON’s new direction as critical to restoring investor confidence, unlocking value from non-performing assets, and supporting macroeconomic reforms that encourage private sector growth.

AMCON must evolve from a stabiliser of last resort to a disciplined vehicle for value creation and responsible exit, the Minister stated. A credible wind-down will not only free up resources but reinforce our broader goal of a transparent, investment-friendly financial system.

HM Edun emphasised that in a fiscally constrained environment, efficient asset recovery and institutional accountability are key levers for ensuring Nigeria remains a competitive destination for capital and enterprise.

In his response, AMCON Managing Director/CEO Mr. Gbenga Alade pledged the Board’s full commitment to delivering results and reaffirmed that the Corporation was never intended to be permanent.

We are here to conclude, not to continue indefinitely, he said. We will benchmark our exit plan against global models and deliver a process that serves the national interest.

The Federal Government views the reconstitution of AMCON’s Board as a strategic step toward unlocking balance sheet space for banks, supporting financial sector reform, and enabling stronger private sector participation in the economy.

Members of the newly inaugurated AMCON Board include:

Dr. Bala Bello – Chairman
Yusuf Tegina – Non-Executive Director, North Central

Adeyemo Adeoye – Non-Executive Director, South West

Charles Odion Iyiore – Non-Executive Director, South South

Yahaya Ibrahim – Non-Executive Director, North West

Emily Chidinma Osuji – Non-Executive Director, South East

Gbenga Alade – Managing Director/CEO, AMCON

Adeshola Lamidi – Executive Director, AMCON

Lucky Adaghe – Executive Director, AMCON

Aminu Mukthar Dan’Amu – Executive Director, AMCON

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

The Federal Government has called on capital market operators in the country to deepen investor confidence, improve financial literacy, and prepare for the implementation of ISA 2025 and a new Capital Market Master Plan (CMMP 2030)

The Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun made the call today at the 2025 First Capital Market Committee (CMC) Meeting hosted by the Securities and Exchange Commission (SEC) at the Federal Palace Hotel, Victoria Island, Lagos.

Represented by the Honourable Minister of State for Finance Dr Doris Uzoka-Anite, HM Edun underscored the strategic role of Nigeria’s capital market in achieving the Federal Government’s ambition of transitioning into a $1 trillion economy within the next decade.

He emphasised that the capital market must become the primary engine for mobilising long-term finance across critical sectors such as infrastructure, housing, manufacturing, technology, and energy.

This vision is overdue. Nigeria had the potential to reach this milestone 20 years ago, he declared. With the reforms we’ve undertaken, including fuel subsidy removal, FX harmonisation, and tightening of the fiscal framework, the foundation is now set for private capital to power growth.

The Minister commended the passage of the Investment and Securities Act 2025, describing it as a landmark reform that modernises Nigeria’s regulatory environment to reflect global best practices.

Highlighting the challenges of capital absorption and exit pathways, HM Edun stressed the need for robust frameworks to ensure that foreign and domestic capital can not only be attracted but also exited seamlessly.

The real question we must ask is: If a billion-dollar investment enters this market, do we have the structure for it to exit smoothly? Until we can answer that, we can’t claim the market is truly ready.

He called on market participants to go beyond capital raising and position the market as a genuine tool for wealth creation and inclusive development, while also advocating for the establishment of a Market Literacy Fund that is committed to supporting the SEC’s open-door policy. The Minister challenged stakeholders to catalyse a transparent and predictable investment environment and also encouraged stakeholders to rise to the occasion:

We’ve done the reforms. The time has come to implement. Let us build a rule-based, resilient market that unlocks growth for all Nigerians, he emphasized

Speaking earlier, the Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama lauded the enactment of the ISA 2025 and outlined the Commission’s commitment to investor protection, digital innovation, and capital mobilisation.

He highlighted a strong 2024 performance across asset classes, with the NGX All-Share Index gaining 37.65%, market capitalisation surpassing ₦62 trillion, and debt markets recording ₦460.55 trillion in turnover

Notably, he confirmed the SEC’s ongoing collaboration with other agencies to streamline recapitalisation, deepen SME access to markets, and enhance transparency through technology upgrades.

Dr. Agama reiterated SEC’s readiness to implement the ISA 2025, unveil the 2030 CMMP, and support Nigeria’s exit from the FATF grey list through strengthened AML/CFT compliance and market integrity reforms.

The 2025 CMC Meeting brought together a wide array of stakeholders across the financial ecosystem, including representatives from NGX, NASD, FMDQ, AFEX, CSCS, LCFE, NG Clearing, PCX, and GCMX, as well public sector institutions such as the CBN, DMO, FIRS, and the Ministry of Industry, Trade and Investment. The meeting also marked the official launch of the new SEC corporate website and the ISA 2025 Handbook.

With the Federal Government’s renewed focus on capital market development and the implementation of the ISA 2025 and CMMP 2030, Nigeria’s financial sector is poised for significant growth and transformation. As stakeholders work together to build a robust and resilient market, the prospects for a $1 trillion economy within the next decade look increasingly promising.

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

www.finance.gov.ng

As part of its commitment to strengthening corporate governance across its portfolio companies, the Ministry of Finance Incorporated (MOFI) has introduced the MOFI Corporate Governance Scorecard (CGS). The CGS is an innovative tool designed to measure and set benchmarks for corporate governance in MOFI’s portfolio. This initiative underscores MOFI’s dedication to fostering a culture of accountability, transparency, ethical business conduct, sustainability, and operational excellence within its corporate assets.
The CGS, now approved by the MOFI Board, serves as a structured assessment tool to evaluate governance effectiveness across key areas, including board composition, financial transparency, risk management, and Environmental, Social, and Governance (ESG) integration, among others. By deploying this scorecard, MOFI aims to drive continuous improvement and ensure that portfolio companies uphold global best practices while aligning with Nigeria’s evolving corporate governance landscape.
A pilot implementation exercise has already been conducted for some portfolio companies, yielding critical insights into governance strengths and areas requiring enhancement. Preliminary findings indicate the need for greater financial disclosure practices and enhanced board independence across some entities. These insights will inform tailored governance interventions moving forward.
Beyond assessment, the CGS initiative introduces a new standard of recognition for corporate excellence. Companies demonstrating exemplary governance practices and significant improvements will be honoured at the prestigious MOFI Annual Corporate Governance Excellence Awards commencing in 2026. This recognition not only incentivises adherence to best practices but also reinforces MOFI’s role in setting governance benchmarks for Nigeria’s corporate sector.
With the Corporate Governance Scorecard in place, MOFI is not only raising the bar for its portfolio companies but also contributing to the broader national agenda of responsible and sustainable business practices. This initiative is expected to bolster investor confidence, improve corporate performance, and position Nigeria’s state-owned enterprises as models of good governance in Africa and beyond. The CGS marks a new era of corporate governance excellence, ensuring that Nigeria’s state-owned enterprises remain competitive, transparent, and primed for long-term success.
Download the MOFI Corporate Governance Scorecard here: https://mofi.com.ng/reports/#cgsr

The Federal Ministry of Finance today hosted a Human Resource Award and Recognition Ceremony to celebrate the outstanding achievements of its staff.

The Permanent Secretary, Mrs. Lydia Shehu Jafiya commended the staff for their hard work and dedication, stating that the Rewards and Recognition System (RRS) is a key driver of morale, motivation, and productivity in the public service.

She assured that all efforts will be made to ensure the Ministry remains Nigeria’s number one Service Delivery Ministry through proper management of the nation’s finances in an open, transparent, accountable and efficient manner that delivers on the country’s development priorities

It is our commitment to creating a highly professional and competent workforce that will drive economic growth and development in Nigeria, Mrs. Jafiya said.

She acknowledged the sterling leadership of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite in ensuring the successful realization of the policy objectives of government

The Permanent Secretary also appreciated the collaborative efforts of her colleague, Permanent Secretary Special Duties, Mr. Raymond Omenka Omachi, and the Senior Management and entire Staff of the Ministry.

Mrs. Jafiya expressed gratitude to the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, for her vision and leadership in promoting a highly professional and competent workforce.

The Director of Human Resource Management, Mrs. Aderonke Abimbola Jaiyesimi highlighted the significance of the ceremony, stating,

Today, we come together to celebrate the excellence, commitment, discipline, and professionalism that our esteemed colleagues have consistently demonstrated. The reward for hard work is more work—an opportunity to lead by example and continue raising the bar.

In response to the awards, Mrs. Loveline Nzonwanne, speaking on behalf of the awardees, expressed gratitude to God for the awards. She thanked the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Honourable Minister of State for Finance Dr Doris Uzoka-Anite;
the Permanent Secretary Finance Mrs Lydia Shehu Jafiya; the Permanent Secretary Special Duties Mr Raymond Omenka Omachi
and the entire Management Staff for the honour, stating, We are truly humbled to receive these awards. It is a recognition of our hard work and dedication to duty. We would like to thank the Management and Staff of the Ministry of Finance for their support and encouragement. We also wish to assure you of our total loyalty and commitment to our responsibilities

The ceremony recognised staff who have demonstrated exceptional commitment, dedication, innovation, and excellence in their work place in various categories, including Best Dressed Staff, Most Punctual Staff, and Staff of the Month

As the Federal Ministry of Finance continues to drive economic growth and development, the Human Resource Award and Recognition Ceremony serves as a beacon of excellence, inspiring staff to strive for greatness. With a renewed commitment to professionalism and dedication, the Ministry is poised to achieve even greater heights, cementing its position as a leader in public service delivery.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 16, 2025

www.finance.gov.ng.

The Federation Account Allocation Committee (FAAC), at its May 2025 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1. 681Trillion to the three tiers of government as Federation Allocation for the month of April 2025 from a gross total of N2.848 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL) and Exchange Difference, the Federal Government received N565.307 Billion, the States received N556.741 Billion, the Local Government Councils got N406.627 Billion, while the Oil Producing States received N152.553 Billion as Derivation, (13% of Mineral Revenue).

The sum of N101.051 Billion was given for the cost of collection, while N1.066 Trillion 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 April 2025, was N642.265 Billion as against N637.618 Billion distributed in the precee ding month, resulting in an increase of N4.647 Billion.

From that amount, the sum of N25.691Billion was allocated for the cost of collection and the sum of N18.497 Billion given for Transfers, Intervention and Refunds. The remaining sum of N598.077 Billion was distributed to the three tiers of government, of which the Federal Government got N89.712 Billion, the States received N299.039 Billion and Local Government Councils got N209.327 Billion.

Accordingly, the Gross Statutory Revenue of N2.084 Trillion received for the month was higher than the sum of N1.718 Trillion received in the previous month by N365.595 Billion. From the stated amount, the sum of N73.741 Billion was allocated for the cost of collection and a total sum of N1.047 Trillion for Transfers, Intervention and Refunds.

The remaining balance of  N962.882 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N431.307 Billion, States received N218.765 Billion, the sum of N168.659 Billion was allocated to LGCs and N144.151 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, out of the sum of N40.481 Billion from Electronic Money Transfer Levy (EMTL), the sum of N38.862 Billion was distributed to the three (3) tiers of government as follows: the Federal Government received N5.829 Billion, States got N19.431 Billion, Local Government Councils received N13.602 Billion. The remaining balance of N1.619 Billion was allocated for Cost of Collection.

The Communique also mentioned the sum of N81.407 Billion from Exchange Difference which was distributed to the three tiers of Government as follows: Federal government got N38.459 Billion, the State received N19.507 Billion, the LGCs got N15.039 Billion, while the Oil producing States received N8.402 Billion.

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

According to the Communique, the total revenue distributable for the current month of April 2025, was drawn from Statutory Revenue of N962.882 Billion, Value Added Tax (VAT) of N598.077 Billion, N38.862 Billion from Electronic Money Transfer Levy (EMTL) and the sum of N81.407 Billion from Exchange Difference, bringing the total distributable amount for the month to N1.681Trillion.

Ealier in his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, emphasized that domestic revenue mobilisation is a critical component of Nigeria’s long-term path to sustainable development financing.

He thanked the Federation Allocation Account Committee (FAAC) for their resilience in the discharge of their duties

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
May 16, 2025.

www.finance.gov.ng

The Federal Government has called for the strategic deployment of the nation’s pension assets to accelerate national development, describing the industry as a key engine for long-term growth.

Speaking weekend at the 2025 Pension Industry Leadership Retreat in Lagos, themed Sustainable Retirement – Strategic Blueprint for Economic Development and Inclusion, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun emphasized the critical role of the pension industry in driving Nigeria’s economic growth and development.

He commended the National Pension Commission (PENCOM) for convening a timely and forward-looking dialogue.

With pension assets now exceeding ₦23 trillion—roughly 8.6% of GDP—the Minister stressed the need to align investments with national priorities such as infrastructure, housing, energy, and digital inclusion. We must harness the transformative power of pension funds to support sustainable growth—without compromising the security of retirees’ savings, he said.

HM Edun noted that while the Contributory Pension Scheme has become one of Africa’s most successful savings platforms, Nigeria still lags behind global pension penetration benchmarks. He urged stakeholders to consider well-regulated, de-risked vehicles that balance impact with safety and returns.

Reflecting on macroeconomic trends, he cited Q1 2025 GDP growth of 3.84%, stronger reserves, and a more stable exchange rate, but said faster expansion—at least 7% annually—is essential to reduce poverty. The budget accounts for just 10% of GDP; institutional investors like pension funds must now take centre stage, he added.

The Minister reaffirmed President Bola Ahmed Tinubu’s commitment to building an inclusive and resilient financial system that supports Nigeria’s long-term ambitions.

By strategically deploying pension assets, Nigeria can unlock new opportunities for economic growth, job creation, and improved living standards.

Thus, the Federal Government looks forward to collaborating with stakeholders to harness the full potential of the pension industry for national development

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 11, 2025
www.finance.gov.ng

The Federal Government has reaffirmed its commitment to partnering with traditional institutions and other relevant stakeholders to drive economic growth and social cohesion in the country.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, gave the assurance today during a courtesy visit to the Lamido of Adamawa, His Royal Highness Dr Muhammadu Barkindo Aliyu Mustapha, Chairman of the Adamawa State Council of Traditional Rulers.

The Minister, who led the Top Management Staff of the Ministry on the courtesy call as part of activities lined up for the 2025 Performance Management Retreat, emphasised the importance of collaborative relationships between the Ministry and traditional institutions.

Represented by the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, the Minister highlighted the government’s determination to stabilise the nation’s economy and improve the lives of citizens, aligning with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

HM Edun outlined various efforts undertaken by the government to reposition the economy, including investing in infrastructure development; creating an enabling environment to attract domestic and foreign investment; implementing fiscal reforms to improve revenue generation and promote sustainable economic growth; supporting farmers and promoting agricultural productivity; as well as investing in education, healthcare, and skills development.

He expressed optimism that these initiatives would yield positive results and improve the lives of Nigerians.

He also thanked the Adamawa State Government and the good people of the State for agreeing to host the retreat.

The Lamido appreciated the Ministry’s initiative and pledged his support for the government’s economic growth and development efforts in Adamawa State.

This visit marked the conclusion of the 2025 Senior Management Staff Retreat and represents a significant step towards fostering collaborative relationships between the Federal Ministry of Finance and traditional institutions—driving economic growth and promoting social cohesion.

As the Ministry continues to leverage these partnerships, it remains committed to working together towards a brighter future for Nigeria

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 10, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has emphasized the importance of intra-African trade as a foundation for the continent’s long-term growth and integration.

This call to action was made in Lagos at the launch of Africa 2063: Creating the Future We Want, a book honouring the late Osaze Osifo, a respected investment executive and advocate for African development who passed away in 2022

Speaking at the occasion, HM Edun highlighted that intra-African trade currently accounts for just 10% of the continent’s total trade. He stressed the need for improvements in logistics, transport links, and payment systems to unlock the potential of Africa’s vast market.

Improving logistics, transport links, and payment systems is essential to unlocking the promise of our 1.3 billion-person market, he stated.

The Minister described Osifo as a visionary with a rare intellect and unwavering commitment to practical development. He noted that Osifo’s legacy continues through ideas focused on inclusive growth and private sector-driven transformation.

He reaffirmed that the government remains committed to creating an enabling environment for investment, as evidenced by a recent infrastructure deal that successfully passed an international value-for-money audit. This milestone demonstrates growing investor confidence in Nigeria’s reform path.

As Africa looks to the future, the Minister’s advocacy for deeper
intra-African trade serves as a timely reminder of the continent’s vast potential. By working together to address the challenges and opportunities in intra-African trade, Africa can unlock new avenues for growth and development.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 10, 2025

In a pivotal moment for Nigeria’s economic future, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun has called on the Ministry’s Top Management Staff to leverage their expertise in driving economic acceleration and fiscal stability for the benefit of all Nigerians.

This clarion call was made today at the 2025 Ministerial Performance Management Retreat, themed Strengthening Performance Management for Fiscal Stability, held at the Banquet Hall, Government House, Yola, the Adamawa State Capital

The Minister officially declared the 2-day retreat open today with a call for renewed purpose, measurable impact, and sustained economic reform in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.

HM Edun underscored the importance of the Directors’ role in Nigeria’s fiscal credibility, stating:

The expectations of government and Nigerians are higher than ever. You are the engine room of policy execution. The performance of this Ministry is, to a large extent, a reflection of your effectiveness.

The Minister reaffirmed President Bola Ahmed Tinubu’s commitment to lifting millions of Nigerians out of poverty through inclusive growth, noting that while the economy has stabilised, the target is to accelerate GDP growth to 7% per annum.

He also commended His Excellency, Rt. Hon. Ahmadu Umaru Fintiri, Executive Governor of Adamawa State, for hosting the retreat and acknowledged the laudable strides being made under his leadership.

In his goodwill message, the Executive Governor of Adamawa State, His Excellency, Rt. Hon. Ahmadu Umaru Fintiri, commended the Honourable Minister of Finance, Mr Wale Edun, the Honourable Minister of State for Finance, Dr Doris Uzoka-Anite, the Permanent Secretaries, as well as the Top Management Staff, for their commitment to driving the nation’s economy.

Represented by the Deputy Governor, Professor Kaletapwa Farauta, the Governor welcomed participants to Yola and stated:

Adamawa remains committed to national development goals. We are honoured to host this retreat, which speaks to the importance of aligning local governance with federal fiscal reforms.

Earlier in her welcome remarks, the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, emphasised the urgency of the retreat’s objectives, thus:

As we navigate the realities of limited resources, rising public expectations, and the need for efficiency in governance, performance management becomes not only relevant but critical to our fiscal stability and collective success.

She called for collective efforts in entrenching the culture of Performance Management System in line with the Ministry’s mandate, which is to manage the nation’s finances in an open, transparent and efficient manner to achieve the country’s development goals.

The retreat brings together Directors from across the Federal Ministry of Finance as well as other relevant stakeholders
to assess strategic progress and sharpen implementation capacity

As Nigeria charts a new course for economic prosperity, the Minister’s call to action serves as a rallying cry for the Ministry’s Top Management Staff to drive growth, stability, and prosperity for all Nigerians

With renewed purpose and determination, the Ministry of Finance is poised to play a critical role in shaping the country’s economic future

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 9, 2025