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.
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 Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun today in his office signed the Presumptive Tax Regulations framework, marking a significant milestone in Nigeria’s tax reform journey.
The Minister described the framework as simple, clear and fair, with a focus on economic inclusion, noting that, the reforms aim to protect small businesses and broaden the tax base without raising rates.
He stated that with the signing of these regulations, we are “transitioning from regular to structured implementation of the tax reforms” adding that the regulations provide a simple, increased transparent, fairness, clarity, economic inclusion, consistency and prevention of arbitrary taxation and equitable framework for the administration of presumptive tax, particularly within the informal sector.
“These Regulations according to him are anchored on Mr. President’s commitment to “taxing prosperity, not poverty,”
He highlighted that the Presumptive Tax Regulations introduced a uniform framework for sub-national implementation are designed to:
Exempt nano and small businesses with annual turnover of ₦12 million and below from tax, ensuring protection for struggling entrepreneurs;
Introduce a modest 1% tax on turnover for other eligible informal sector businesses;
Eliminate cash-based tax collection practices by encouraging technology-driven payment systems;
Prohibit the mounting of roadblocks or any informal means of tax enforcement;
Facilitate seamless on-boarding of informal businesses into the formal economy through structured digital platforms.
The Minister disclosed that Nigeria’s economy recorded growth above 4% in the last quarter of 2025, describing it as positive momentum.
He emphasized that the government is targeting 7% GDP growth in the immediate term, as part of a broader strategy to achieve President Tinubu’s vision of a $1 trillion economy by 2030.
He stressed that formalizing the informal sector is central to achieving inclusive and sustainable economic growth. In his words, “We must grow the Nigerian economy across all sectors , micro, small, medium and large enterprises; domestic and foreign investors; and Nigerians in the diaspora. A fair and predictable tax system is critical to that growth,” he added.
The Minister acknowledged the role of the Joint Tax Board in ensuring coordinated implementation across federal and sub-national tax authorities, assuring stakeholders that enforcement would be monitored closely to guarantee fairness and consistency nationwide, and also reiterated that the presumptive tax regime framework will protect small businesses and help them to grow thereby improving the efficiency and fairness of the country’s tax system.
Earlier, the Executive Secretary of the Joint Revenue Board, Mr Olusegun Adesokun said the new rules are meant to put an end to informal coersion and fragmented tax practices, particularly at the sub national level.
He further explained that the “guildlines bans all forms of cash collection by tax authorities”. It also bans the mounting of roadblocks for the collection of taxes, he added.
In his remarks, Mr Joseph Tegbe, the Chairman, National Tax Policy Implementation Committee (NTPIC) said with the signing of these Presumptive Tax Guidelines, we have moved from legal provision to operational reality.
The tax reforms being championed by President Bola Ahmed Tinubu, is not about imposing new burdens but restoring order where there has been fragmentation, replacing arbitrariness with transparency, and building a tax system that reflects the realities of Nigeria’s informal economy while promoting fairness and inclusion he stated.
He emphasized that the National Tax Policy Implementation Committee will continue to work closely with tax authorities to ensure disciplined rollout, operational consistency, and safeguards against arbitrary assessments.
In attendance at the signing were Executive Chairman of the Nigerian Revenue Service, Executive Secretary of the Joint Revenue Board, Chairmen of other Tax Authorities, Sub- Committee Chairmen, Stakeholders and members of the National Tax Policy Implementation Committee.
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
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 Finance and Coordinating Minister of the Economy, Wale Edun with the Honorable Minister of Budget and National Planning, Senator Atiku Bagudu (rt), Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, Dr. Iyabo Masha, Director and Head of the Secretariat of the G-24 and the CBN Governor, Dr. Olayemi Cardoso at the G-24 2026 Technical Group meeting today in Abuja.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun flanked by the Honorable Minister of Budget and National Planning, Senator Atiku Bagudu (rt), Dr. Iyabo Masha, Director and Head of the Secretariat of the G-24 and the CBN Governor, Olayemi Cardoso at the G-24 2026 Technical Group meeting today in Abuja.
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
