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The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has reaffirmed the pivotal role of the private sector in Nigeria’s economic revival, while also underscoring the decisive reforms that reshapes the nation’s economic landscape.

Speaking during the 60th Anniversary and 55th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN), on Tuesday in Abuja, HM Edun commended the institute for six decades of professional excellence and integrity. He noted that under President Bola Ahmed Tinubu’s leadership, bold reforms are restoring credibility and driving productivity across key sectors.

These reforms are ushering in a new era that rewards innovation and enterprise over rent-seeking, he said.

The results are becoming evident: GDP grew by more than 4% in Q2 2025, industrial output rose 7.45%, inflation eased to 20.1% in August, and a record ₦7.4 trillion trade surplus reflects renewed competitiveness. Foreign reserves have also strengthened to $42 billion, while the naira has gained stability, narrowing the gap between official and parallel markets.

For the business community, the Minister emphasised that government reforms are laying a foundation of transparency, predictability, and accountability. The private sector accounts for 90% of GDP and remains the engine of growth. Government’s role is to enable, not crowd out, enterprise, Edun stated.

Looking ahead, HM Edun reaffirmed government’s ambition to achieve 7% GDP growth through investment in infrastructure, export expansion, fiscal discipline, and digital public financial management.

The ICAN conference continues to provide a vital platform for dialogue on reforms, professional ethics, and sustainable development.

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

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FEDERAL MINISTRY OF FINANCE, ABUJA

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has reaffirmed Nigeria’s commitment to bold reforms that are restoring stability, strengthening investor confidence, and laying the foundation for inclusive growth.

Speaking at the 31st Nigerian Economic Summit in Abuja, HM Edun said the country is at a pivotal moment where decisive action will determine its economic future. He pointed to significant progress already achieved; including stabilisation of the naira, improved foreign exchange management, higher federal allocations, and early signs of easing inflation.

The Minister highlighted four priorities to sustain momentum: reforming fiscal policy, raising Nigeria’s tax-to-GDP ratio through automation and technology, curbing inflation, and unlocking private sector investment. With tax revenues at just 13% of GDP compared to 50–60% in peer economies, he stressed the urgency of widening the base to fund critical infrastructure and social programmes.

On social investments, the Minister announced that the Direct Benefit Transfer Scheme has already reached over 8 million Nigerians, with a target of 15 million households by year-end. Every beneficiary, he added is biometrically identified and digitally paid, ensuring transparency and impact.

Reiterating the central role of private enterprise, he noted that reforms are creating a more competitive climate for investment in energy, agriculture, transport, and digital infrastructure. Nigeria’s demographic advantage means our youth will form a major part of the global workforce by 2050, Edun said. Our task is to equip them to seize that opportunity, he added further

The Minister underscored President Bola Ahmed Tinubu’s commitment to policies that deliver fiscal stability, attract investment, and ensure prosperity is broadly shared.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
October 7, 2025

www.finance.gov.ng

The Federal Government has taken a significant step towards realizing its green growth agenda with the $100 million Orteva Carbon Project, a landmark initiative aimed at unlocking climate finance, generating carbon credits, and accelerating the country’s transition to a sustainable economy.

This was disclosed by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun today in his office in Abuja when he received a delegation from Orteva, in partnership with the Delta State Government and Eighth Versa, for strategic discussions on the project.

Commending the project, the Minister described it as a timely intervention fully aligned with President Bola Ahmed Tinubu’s vision of green growth and sustainable economic transformation.

 He stressed that initiatives of this scale are central to Nigeria’s Energy Transition Plan and will diversify revenue streams beyond oil, attract foreign exchange, and create jobs.

With components ranging from mangrove conservation to biochar production, the project is expected to generate between $350 million and $2.8 billion in carbon credit revenue, positioning Nigeria as a leading hub for credible carbon trading in Africa.

HM Edun assured that the Federal Government is committed to building a transparent carbon market framework with strong governance and pricing mechanisms, He added For the private sector, this represents an opportunity to invest in projects that protect the environment while delivering long-term economic returns.

The Federal Ministry of Finance reaffirmed its readiness to provide the policy, fiscal, and credit-enhancement structures needed to attract both domestic and international financing. The Orteva Carbon Project signals Nigeria’s new economic frontier, where sustainability and profitability converge to power inclusive growth.

Signed

Mohammed Manga FCAI
Director, Information and Public Relations
October 7, 2025

www.finance.gov.ng

The Steering Committee of the Domestic Crude Oil and Refined Products Sales in Local Currency Initiative met earlier today to review developments in the downstream oil sector.

The meeting, chaired by the Honourable Minister of Finance and the Coordinating Minister of the Economy, Mr. Wale Edun, noted two recent issues: the purported suspension of the Naira-for-crude oil arrangement by the Dangote Refinery, which has since been amicably resolved, and the concerns raised by the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) regarding the Dangote Refinery.

The meeting had in attendance the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, the Chairman of the Federal Inland Revenue Service (FIRS), Mr. Zacch Adedeji, who also chairs the Technical Committee, the representatives of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Nigerian National Petroleum Company (NNPC) Ltd., Central Bank of Nigeria (CBN), Afreximbank, and the Dangote Refinery reaffirmed that there will be no disruption in the supply of refined petroleum products across the country.

For the avoidance of doubt, the committee reassured that the crude oil for the Naira initiative will continue. It also assured that all outstanding issues, particularly the dispute between the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and Dangote Refinery, are being addressed with urgency and in good faith.

The federal government remains fully committed to ensuring energy security, protecting consumers, and maintaining stability in the domestic petroleum products market.

Signed
Mohmmed Manga FCAI
Director, Information and Public Relations
September 28, 2025

www.finance.gov.ng

In recognition of her outstanding contributions to peace, progress, and development, the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, has been conferred with the esteemed chieftaincy title of Ada Ukwu Ndi Orlu Zone by His Imperial Majesty, Eze (Dr) Thomas Obiwuru Obiefule, the Paramount Ruler of Umudioka Ancient Kingdom, Orlu Local Government Area of Imo State, Nigeria

The presentation ceremony, which was held today in her office in Abuja, was a testament to Dr. Uzoka-Anite’s dedication to public service and her commitment to peace, progress, and development of not only Orlu Zone, Imo State, but Nigeria as a whole.

This followed the conferment undertaken by Nigeria’s Corporate Existence Commemorative Palace, Ancient Kingdom of Umudioka

His Imperial Majesty, Eze Obiefule, praised Dr. Uzoka-Anite’s numerous contributions, saying, Dr. Uzoka-Anite is one of the distinguished daughters of Orlu that we are proud of. In the interest of our people, I came personally to present this certificate to honour her for public service and support for development.

Eze (Dr) Thomas Obiwuru Obiefule is the Okairuro I Okwara Akubueze II and Paramount Ruler of Umudioka Ancient Kingdom Orlu Local
Government Area, Imo State. He is a long-serving traditional ruler and has been associated with various state and national councils of traditional rulers.

Responding, the Minister expressed her gratitude for the honour, dedicating the recognition to the Nigerian people and acknowledging the leadership of President Bola Ahmed Tinubu, under whose Renewed Hope Agenda, she continues to serve.

She pledged to uphold the dignity of the office and work towards peace, opportunity, and prosperity for the people of Orlu Zone, Imo State, and Nigeria.
I accept this title with humility and a deep sense of responsibility. By the grace of God, I will continue to uphold the dignity of this office and work for peace, opportunity, and prosperity for the people of Orlu Zone, Imo State and Nigeria as a whole, Dr Uzoka-Anite said

The title Ada Ukwu, meaning great daughter or first daughter in Igbo, is a prestigious honour reserved for women who exemplify service, integrity, and leadership in their communities. Orlu Zone comprises twelve Local Government Areas in Imo State.

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

www.finance.gov.ng

The Economic Management Team, chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun on Thursday met in his office in Abuja to review Nigeria’s economic performance and sectoral priorities.

The meeting welcomed further signs of stability in the economy, with inflation easing for the fifth consecutive month to 20%, GDP growth holding above 3%, and a merchandise trade surplus of ₦7.4 trillion in Q2 2025 — outcomes underpinned by a competitive exchange rate and disciplined reforms.

The session also featured the presentation of the National Livestock Growth and Advancement Strategy (NL-GAS) by the Minister of Livestock Development, Alhaji Idi Mukhtar Maiha. This two-phased, 10-year plan aims to double herd size and expand sectoral output by at least 100% by 2035 through strong public–private collaboration.

HM Edun affirmed that initiatives such as NL-GAS, aligned with Nigeria’s broader reform agenda, demonstrate the government’s commitment to unlocking investment, enhancing food security, and laying a foundation for sustainable, private-sector-led growth.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
September 20, 2025

www.finance.gov.ng

In its renewed determination to reposition the nation’s economy and attract Foreign Direct Investors, the Federal Government has expressed its willingness to strengthen its economic ties with the international community.

The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite stated this in her keynote address titled: GCC-Nigeria Partnership – Shaping New Growth Pathways at the Money20/20 Middle East Conference in Saudi Arabia. She noted that Nigeria’s participation has provided an opportunity to showcase the country’s fintech and investment opportunities, attract foreign direct investors, and promote economic cooperation.

Dr. Uzoka-Anite said that under the leadership of President Bola Ahmed Tinubu, Nigeria is building a rules-based financial system that enables innovation while safeguarding stability. She added that our engagements in Riyadh advanced concrete partnerships across capital markets, trade, and technology

During the conference, Dr. Uzoka-Anite participated in a fireside chat on balancing innovation with financial stability and held bilateral meetings with senior Saudi officials. These meetings advanced concrete partnerships across capital markets, trade, and technology, with agreements to progress work in areas such as capital markets cooperation and trade and investment facilitation.

The outcomes of this visit underscore the commitment of both nations to deepen economic cooperation and unlock new opportunities for growth and development. With these developments, Nigeria is poised to attract significant foreign investment, leverage cutting-edge technology, and further cement its position as a key player in the global economy.

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

www.finance.gov.ng

The Federal Government through the Presidential Initiative on Continuous Audit (PICA), has organized a two-day nationwide sensitization programme on the implementation of Nigeria’s Whistleblowing Policy. The programme, which took place in Lagos on September 17-18, 2025, aimed to raise public awareness and strengthen the policy’s effectiveness.

The sensitization programme brought together stakeholders from various sectors, including government officials, anti-corruption agencies, and private sector representatives. The event provided a platform for discussion, education, and creating awareness on the importance of whistleblowing in combating corruption, promoting transparency, accountability, and good governance in the management of public resources.

Government officials at the event highlighted that the current administration is working to enhance the policy, which was first approved in 2016 during the late President Muhammadu
Buhari’s Administration.

Addressing systemic challenges, the officials also acknowledged challenges that have hindered effective implementation, such as low public awareness and cultural resistance to reporting misconduct.

The event in Lagos was part of a larger, ongoing effort by the Federal Government to ensure transparency and accountability in the management of public funds.

Declaring the event open on Wednesday, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun stated that
the Whistleblowing Policy is designed to encourage the reporting of suspicious activities or wrongdoing related to financial crimes, mismanagement of public funds, or other illicit activities within the public or private sectors.

Represented by the Permanent Secretary Special Duties of the Federal Ministry of Finance Mr. Raymond Omenka Omachi, the Minister highlighted the programme’s objectives to include educating stakeholders on the policy’s framework and implementation guidelines, highlighting the importance of whistleblowing in combating corruption, promoting transparency, and providing insights into the procedures for reporting suspicious activities as well as the protections available to whistleblowers.

He informed that the Nation Wide Sensitization Programme commenced in Lagos, as a major commercial hub that has a consistent sound financial management system, and therefore urged all stakeholders to participate actively in enforcing compliance of the policy, while reaffirming the Government’s commitment to ensuring the protection of whistle blowers.

In his keynote address at the event, the Executive Governor of
Lagos State Mr Babajide Sanwo-Olu,
called for the review of the Whistleblowers Protection Bill to shield whistleblowers and institutionalize the policy for rebuilding public trust.

Represented by his Special Adviser on Taxation, Abdul-kabir Opeyemi Ogunbo, the Governor stressed that the State was fully committed to strengthening inter- corruption agencies to ensure strict compliance.

He encouraged residents to use the initiative to report infractions, emphasizing that it was a way to protect the financial system and the state’s integrity. Sanwo-Olu
stressed that the policy provides for the confidentiality and protection of whistleblowers against retaliation.

In their separate remarks, the Lagos State, Commissioner of Police and the Auditor General of the Federation, lauded the whistle blowing initiative of the Federal Government. They called for active participation from all stakeholders, as it is a tool of the government to fight corruption.

The event featured lecture presentations, interactive sessions with relevant stakeholders, including representatives from the Federal Inland Revenue Service (FIRS) and the Economic and Financial Crimes Commission (EFCC).

The Permanent Secretary Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya reaffirmed the Ministry’s commitment to ensuring the sustainability of the initiative. She emphasized that the economic recovery already achieved through the system was enormous. The Permanent Secretary encouraged stronger synergies with concerned agencies.

Represented by the Deputy Director PICA , Mr. Oludare John, Mrs Jafiya, appreciated all stakeholders for their individual and collective support for the actualization of the policy.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
September 18, 2025

www.finance.gov.ng

The Federation Account Allocation Committee (FAAC), at its September 2025 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, shared a total sum of N2.225 Trillion to the three tiers of government as Federation Allocation for the month of August 2025 from a gross total of N3.635 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 N810.047 Billion, the States received N709.831 Billion, the Local Government Councils got N522.228 Billion, while the Oil Producing States received N183.012 Billion as Derivation, (13% of Mineral Revenue).

The sum of N124.839 Billion was given for the cost of collection, while N1.285 Trillion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of August 2025, was N722.619 Billion as against N687.940 Billion distributed in the preceding month, resulting in an increase of N34.679 Billion.

From that amount, the sum of N28.905 Billion was allocated for the cost of collection and the sum of N20.811 Billion given for Transfers, Intervention and Refunds. The remaining sum of N672.903 Billion was distributed to the three of tiers of government, of which the Federal Government got N100.935 Billion, the States received N336.452 Billion and Local Government Councils got N235.516 Billion.

Accordingly, the Gross Statutory Revenue of N2.838 Trillion received for the month was lower than the sum of N3.070 Trillion received in the previous month by N231.913 Billion .

From the stated amount, the sum of N94.587 Billion was allocated for the cost of collection and a total sum of N1.265 Trillion for Transfers, Intervention and Refunds.

The remaining balance of  N1.478 Trillion was distributed as follows to the three tiers of government: Federal Government got the sum of N684.462 Billion, States received N347.168 Billion, the sum of N267.652 Billion was allocated to LGCs and N179.311 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N33.685 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N4.851 Billion, States got N16.169 Billion, Local Government Councils received N11. 318 Billion, while N1.347 Billion was allocated for Cost of Collection.

The Communique also mentioned the sum of N41.284 Billion from Exchange Difference which was distributed to the three tiers of Government as follows: Federal government got N19.799 Billion, the State received N10.042 Billion, the LGCs got N7.742 Billion, while the Oil producing States received N3.701 Billion.

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

According to the Communique, the total revenue distributable for the current month of August 2025, was drawn from Statutory Revenue of N1.478 Trillion, Value Added Tax (VAT) of N672.903 Billion, N32.338 Billion from Electronic Money Transfer Levy (EMTL), and the sum of N41.284 Billion from Exchange Difference, bringing the total distributable amount for the month to N2.225 Trillion.

Ealier, in his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, commended the FAAC Committee for their diligent efforts in ensuring the effective allocation of resources to the various tiers of government.

He noted that the economic reforms embarked upon by the Federal Government are yielding positive results and that our collective efforts will continue to drive growth and development.

The Minister assured that better days are ahead and expressed optimism about the future of our economy. As we continue to work together, I urge us to prioritize prudent management of public resources, ensuring that our nation’s wealth is utilized effectively to meet the needs of our citizens, Edun emphasized

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
September 17, 2025.

www.finance.gov.ng

In a pivotal moment for Nigeria’s energy sector, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun engaged in strategic discussions with the management of Nigeria LNG Limited (NLNG) in his office in Abuja today. The meeting brought together key stakeholders to discuss critical issues aimed at shaping the future of Nigeria’s gas industry, including production targets, investment climate, and ongoing reforms.

The Minister reaffirmed Nigeria’s ambition of producing 10 billion standard cubic feet of gas per day by 2030, citing recent agreements, including the Deepwater deal with TotalEnergies, as evidence of progress toward a more competitive and investor-friendly environment. The President has stabilised the economy and created new opportunities for both manufacturing and energy. As we implement comprehensive tax reforms, your input will be vital in shaping a more attractive business landscape, he said.

The Minister also assured stakeholders that reforms, including the rollout of digital trade systems, will streamline oversight, eliminate inefficiencies, and ensure fairness. We want a transparent, technology-driven environment where investors can operate with confidence, Edun stated.

Dr. Philip Mshelbila, NLNG CEO, updated the Minister on operations, highlighting stronger gas supply, improved security on the Trans-Niger pipeline, and capacity utilisation rising above 70%. On infrastructure, Dr. Mshelbila reported advances on the Bodo-Bonny Road while calling for an extension to the East-West highway under the tax credit scheme.

As Nigeria continues to push the boundaries of its energy potential, this meeting marks a critical milestone in the country’s journey towards achieving its gas production targets by 2030. With renewed focus and determination, Nigeria is poised to unlock its vast energy resources and drive economic growth in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
September 4, 2025

www.finance.gov.ng