Posts in category: News

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

+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.

Information and PR Unit
March, 16, 2026

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

The Federal Government of Nigeria is closely monitoring escalating geopolitical tensions in the Middle East involving the United States, Israel, and Iran, and remains committed to safeguarding Nigeria’s economic stability.

The Economic Management Team (EMT), chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, convened a meeting to assess the impact on Nigeria’s economy. The Honourable Minister also chaired a Naira-for-Crude policy coordination meeting to review energy market developments and their domestic implications.

The situation remains fluid, with global market uncertainty driven by concerns over disruptions to critical energy supply routes, particularly the Strait of Hormuz, already contributing to volatility in crude oil prices and financial markets.
Given Nigeria’s integration with global commodity and financial markets, the government has identified three immediate transmission channels through which the crisis could affect the Nigerian economy:

1. Crude Oil and Gas Prices:
Volatility in global energy markets is already driving increases in domestic prices, including fuel, diesel, cooking gas, and fertiliser.

2. Capital Flows and Financial Markets:
Heightened geopolitical risks may prompt a shift to safe-haven assets, affecting capital flows into emerging markets, including Nigeria, as well as broader financial market
conditions.

3. Global Logistics and Supply Costs:
Disruptions to major shipping and energy supply routes could raise international freight and logistics costs, putting upward pressure on domestic prices.

The Honourable Minister noted that beyond these immediate effects, sustained instability could drive increases in the cost of goods and services, placing further upward pressure on inflation and the cost of living.

At the EMT meeting, Ministers provided sector-specific updates on the evolving situation. Discussions recognised that the ultimate scale of impact on Nigeria will depend on the duration and intensity of the conflict, particularly its effect on global oil supply and prices.

The Economic Management Team is closely monitoring developments across key macroeconomic indicators, including:

• Global crude oil price movements and supply conditions
• Exchange rate developments and potential pass-through to domestic prices
• Capital flows and financial market conditions
• The implications for Nigeria’s fiscal outlook and external reserves

The Federal Government emphasises that Nigeria enters this period of global uncertainty from a position of strengthening economic fundamentals.

Recent data shows real GDP growth of 4.07 percent in Q4 2025, one of the strongest quarterly performances in over a decade, reflecting the positive impact of ongoing economic reforms and improved macroeconomic coordination.

The government remains fully committed to protecting these gains.

Accordingly, the Economic Management Team is maintaining close coordination across fiscal, monetary, and energy policy institutions. Policy options remain under continuous review to mitigate volatility and shield households and businesses from external shocks.
The Honourable Minister of Finance and Coordinating Minister of the Economy emphasised that careful policy calibration will remain central to the government’s response, ensuring that recent progress in macroeconomic stabilisation, revenue mobilisation, and economic growth is not undermined by external developments.

He further noted that the Federal Government will continue to monitor the situation closely and adjust policy measures where necessary to minimise disruptions, sustain investor confidence, and protect the welfare of Nigerians.

The Federal Government assures the public that it remains vigilant and proactive, and will take all necessary steps to preserve Nigeria’s economic stability and sustain its growth trajectory.

Signed:
Mrs. Uloma Amadi
Assistant Director, Information and Public Relations
March 10, 2026
www.finance.gov.ng

The Federal Government has outlined a rigorous roadmap to transition Nigeria into a $1 trillion economy, asserting that the target is a “specific, measurable decision” rather than a mere political slogan.

​Speaking at the 2026 Financial Correspondents Association of Nigeria (FICAN) Annual General Meeting, with the theme “Actualizing President Bola Ahmed Tinubu’s $1 Trillion Economy Agenda” held today in Abuja, the Honourable Minister of State for Finance, Dr Doris Uzoka-Anite, revealed that achieving this milestone will require the nation to maintain a sustained GDP growth rate of between 10% and 12% annually over the coming decade.

​The Minister, who was represented by Amadi Uloma, Assistant Director of Information and Public Relations, noted that while the current GDP stands at approximately $375 billion, the administration is committed to the “ambitious targets that move nations.”
​The first wave according to the Minister is Restoring Market Integrity:
​Reflecting on the administration’s journey since 2023, the Minister highlighted that Nigeria’s economic fundamentals were structurally distorted, some also considered it politically survivable, but necessary decisions of President Bola Ahmed Tinubu to remove the fuel subsidy which she said previously consumed over $5 trillion annually and the unification of the foreign exchange market .

​She explained that ”Investors could not trust the signals our market was sending,” but, “Today, those reforms are being vindicated. In January 2026, Dr. Doris, disclosed that S&P Global Ratings revised Nigeria’s outlook to positive, affirming a high level of confidence in our fiscal, economic and monetary trajectories.”
​The “Second Wave”: DGAS Framework: the Minister disclosed that
​the government is currently transitioning into a “second wave” of reform known as the Disinflation and Growth Acceleration Strategy (DGAS). This nine-pillar framework is designed to move Nigeria away from a consumption-based economy toward productive capacity.
​Key pillars of the DGAS include:
​Industrialization: Moving away from exporting raw materials (which currently account for 70% of inputs) to domestic processing, modeled after the success of the Dangote Refinery.
​Infrastructure: Expanding broadband, data centers, and the Nationwide Energy Expansion Program (solar, hydro, and gas).
​Human Capital: A pipeline targeting technical training for 3 million young Nigerians annually.
​Consumer Credit: Launching a platform to make financing for housing, education, and healthcare accessible to ordinary citizens.
​
Global Re-entry and Compliance
​The Minister noted significant progress in international financial standing, highlighting Nigeria’s recent exit from the Financial Action Task Force (FATF) grey list.
​”This matters because it directly reduces compliance costs for foreign investors,” the Minister explained. Adding that “Capital flows more freely to countries that international regulators trust.”
​
She concluded with a commitment to transparency, noting that the Ministry of Finance now treats investment expenditure as a distinct pillar of public finance to ensure every naira spent builds long-term value for the Nigerian people, informing that “President Tinubu’s $1 trillion economy agenda will not be built through government action alone”. “It will be built through the confidence of investors who trust our institutions, the productivity of entrepreneurs who can access capital and markets, the skills of young Nigerians who find opportunity rather than frustration, and the informed engagement of citizens who understand what their country is trying to do and why”.

Earlier, the FICAN Chairman, Mr Bassy Udo, speaking during his welcome remarks, emphasized the need for bold reforms asserting that “reforms is a foundation to Nigeria’s economic transformation”.
He added that to achieve Nigeria’s economic ambitions, particularly in becoming a $1 trillion economy requires bold reforms.
Mr Udo further called on key players from the financial sectors of the economy to ensure that macroeconomic variable are strengthened.

The Meeting was attended by partners and key stakeholders of the Ministry of Finance.

Signed
Amadi Uloma Nneka
Assistant Director, Information and PR
February 25, 2026
www.finance.gov.ng

Nigeria Moves to Safeguard Petroleum Revenues as Implementation of Executive Order 9 Begins

On February 26, 2026, the Implementation Committee for Executive Order 9 of 2026 held its inaugural meeting. This meeting was held in pursuance of Executive Order 9 of 2026, issued by President Bola Ahmed Tinubu, to safeguard Federal revenues and strengthen the management of petroleum revenue flows.

The Committee reaffirmed the President’s directive that revenues accruing to the Federation from petroleum operations must be handled in a manner that upholds constitutional principles, protects revenues accruable to the Federation, and supports the fiscal stability of all three tiers of government.

In line with the President’s directive, NNPC Limited shall cease, with immediate effect, the collection of the 30% management fee and the 30% frontier exploration fund deductions from profit oil and profit gas under Production Sharing Contracts (PSCs). Additionally, all remittances of gas flare penalties into the Midstream and Downstream Gas Infrastructure Fund (MDGIF) are suspended with immediate effect, in line with the Executive Order.

With respect to Section 2, Sub-section 3 of the Executive Order on direct payments by contractors into the Federation Account, the Committee agreed that this transition must be implemented in a manner that respects existing contractual and financing arrangements, and maintains investor confidence. For this reason, the Committee approved a defined transition period for the operationalisation of direct payments by contractors of profit oil, royalty oil, and tax oil into the Federation Account. Until the Committee issues detailed guidelines, contractors will continue to remit under the current process. During the transition period, the Committee will issue clear, standardised guidance to ensure an orderly changeover.

To this end, the Committee approved the establishment of a Technical Subcommittee to:

(i) develop the detailed guidelines for the transition to direct remittance within three (3) weeks, and (ii) commence a review of the Petroleum Industry Act (PIA) to address structural and fiscal anomalies that weaken Federation revenues.

The Technical Subcommittee will be led by the Special Adviser to the President on Energy, and will include the Solicitor-General of the Federation and Permanent Secretary Federal Ministry of Justice, the Chairman of the Nigeria Revenue Service, and the Chairman of the Forum of Commissioners of Finance, representatives of the Minister of State Petroleum Resources, Oil, with secretarial support from the Budget Office of the Federation.

The Committee will continue to provide coordinated guidance and timely updates as implementation progresses. It commends the cooperation of all stakeholders in advancing the President’s efforts to ensure that Nigeria’s petroleum resources deliver tangible, measurable benefits to citizens across the Federation.

Signed:
Mr. Wale Edun
Honourable Minister of Finance and Coordinating Minister of the Economy/Chairman of the Implementation Committee

The Honourable Minister of State for Finance Dr Doris Uzoka-Anite today in her office in Abuja received the Honourable Minister of State for Agriculture, Aliyu Sabi Abdullahi, to unlock game-changing reforms in agricultural insurance and Cooperatives.

Discussions focused on two strategic initiatives: reform and recapitalization of the Nigerian Agricultural Insurance Corporation and the Renewed Hope Cooperative Reform Programme.

Dr Uzoka-Anite stated that Agricultural insurance plays a pivotal role in de-risking food production, particularly for smallholder farmers who form the backbone of Nigeria’s food system.

She emphasized that strengthening NAIC within the evolving regulatory landscape, including the Nigerian Insurance Industry Reform Act, is critical to improving resilience and financial sustainability.

At the Ministry of Finance, Dr Uzoka-Anite said, we view agricultural risk mitigation not merely as sectoral reform but as an economic stabilizer with significant GDP impact. We stand ready to support and look forward to reviewing the detailed proposal for coordinated fiscal and regulatory action

These strategic reforms, the Minister added,
underscore Nigeria’s commitment to transforming agriculture into a resilient, market-driven sector, boosting food security, and driving inclusive economic growth.

Signed
Office of the Honourable Minister of State for Finance
February 23, 2026
www.finance.gov.ng

The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite has commended President Bola Ahmed Tinubu’s executive order on oil earnings remittance, saying it will boost FAAC revenue and promote fiscal discipline.

Dr Uzoka-Anite disclosed this in Abuja on Friday while addressing members of the Federation Account Allocation Committee (FAAC), urging States, Ministries, Departments and Agencies (MDAs) of the Federal Government to prioritise capital expenditure over recurrent expansion.

The Minister commended President Bola Ahmed Tinubu’s executive order mandating direct remittance of certain oil sector revenues to the Federation Account, stating that the presidential executive order would safeguard oil and gas revenues.

She explained that the order would provide regulatory clarity and significantly strengthen revenues accruing to the Federation Account

The Minister described the development as a structural fiscal correction aimed at restoring constitutional discipline to petroleum revenue management and enhancing distributable income across the three tiers of government.

She said that the revenue outlook was improving due to ongoing structural reforms introduced by the Federal Government.

The Minister explained further that the newly implemented tax reform measures are broadening the tax base, improving compliance and enhancing administrative efficiency.

Also, the executive order signed by Mr president on February 13 is reinforcing revenue discipline in the oil and gas sector and reducing leakages, Uzoka-Anite said.

She stated that the order suspends the 30 per cent allocation to the Frontier Exploration Fund (FEF), suspends the 30 per cent management fee on oil and gas profit payable to NNPC Limited. It also directed that gas flare penalties be paid into the federation account, and mandated full remittance of petroleum revenues without unconstitutional deductions.

Dr Uzoka-Anite stated further that the reform marks a shift from a retention-based oil revenue model to a gross remittance, federation-first model.

The implications for FAAC are very significant, more oil and gas profit will now flow directly into the federation account. Gas flare penalties will become distributable revenue, and previously retained management fees will no longer reduce remittable inflows, she said.

She emphasised that the reforms were expected to result in higher monthly gross inflows into the federation account, and increased allocations to federal, state and local governments.

Dr Uzoka-Anite said that a retrospective audit of the FFF, the Midstream and Downstream Gas Infrastructure was due, and NNPC management fee deductions could lead to recoveries that may provide a one-off fiscal boost.

While welcoming the improved revenue outlook, the Minister cautioned against the risks associated with sudden liquidity injections.

Experience shows that when revenues rise sharply and are distributed fully and immediately, large liquidity injections can increase inflationary pressures, complicate monetary management and reduce the real purchasing power of allocations

She stated that excess aggregate demand, exchange rate pressure, asset price distortions and inflationary risks could arise if increased inflows were not carefully managed.

To mitigate such risks, the Minister proposed phased disbursement of one-off recoveries and
suggested that retrospective recoveries be staggered rather than injected into the economy in bulk, with a portion temporarily warehoused in a stabilisation buffer.

She also recommended strengthening the excess crude and stabilisation buffer mechanism to channel part of incremental inflows into a fiscal stabilisation window.

This could offset revenue shortfalls in weaker months and reduce procyclicality in spending

She said that enhanced coordination with the CBN would be pursued to align fiscal injections with liquidity management tools and support open market operations where necessary. She called for investment in infrastructure, agriculture, energy and other productive sectors, and avoid unsustainable wage or consumption spikes.

Productive spending expands supply capacity and mitigates inflation, she said.

Dr Uzoka-Anite also announced plans to introduce monthly revenue transparency dashboards, production-to-remittance reconciliation reporting, and clear reporting of incremental inflows arising from tax reforms and the executive order.

The Minister emphasized prudent management of increased revenue, urging states and MDAs to prioritize capital expenditure over recurrent expansion, investing in infrastructure and productive sectors to drive growth and mitigate inflation.

Signed
Amadi Uloma Nneka
Assistant Director, Information and Public Relations
February 21, 2026

www.finance.gov.ng