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The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, said  the Ministry of Finance is spearheading digitalization for the purpose of achieving greater efficiency and cost reduction in governance, which will in turn boost the economy.

Centre:Wale Edun, Minister of Finance and Co-ordinating Minister of the Economy,R:Okokon Udo, Permanent Secretary Finance L:Dr.(Mrs.) Oluwatoyin Madein, the Accountant -General of the Federation during the 2024 Budget Defence at the Senate Committee on Finance at the National Assembly, Abuja

He made that assertion during the 2024 Budget Defence of the Federal Ministry of Finance at the Senate Committee on Finance  at the National Assembly on Monday in Abuja.  According to Edun, “Digitalization is a veritable tool in safeguarding against wrongful use and invasion of the entire public service system.”

The Minister reiterated the need for fiscal policy review and tax reforms for revenue generation to run the nation’s economy, adding that such measures would attract domestic and foreign direct investment into the country for job and wealth creation.

He disclosed that the 2023 Supplementary Budget would run concurrently with the 2024 Appropriation Act.

 Edun emphasized on savings and tax incentives, wholesale revenue in the nation’s 2024 N27.5 trillion budget proposals that would further boost the nation’s economy. He added that a solid revenue performance would further enhance the economy.

While responding to a question on Galaxy Backbone  Edun said the project was on-going and being done in phases. He added that the  project  is currently on the 3rd phase in the Ministry.

Earlier, the Chairman Senate Committee on Finance, Senator Mohammed Sani Musa said that we need a budget that will renew the hope of Nigerians, adding that, it is the reason, Mr. President tagged the Budget “Renewed Hope”. He stressed that when this is achieved, the multiplying effects will bring economic wellbeing to Nigerians, and this will get down to every house hold.

He acknowledged the Hon. Minister for a work well done and assured him of their support because of his antecedents.

The Permanent Secretary Ministry of Finance, Okonkon Udo in his response to a question on the Service Wide Vote said that it is  domiciled in  Federal Ministry of Finance which makes the Ministry a custodian of the Federal Budget.

Stephen Kilebi

Director (Press & PR)

Monday, December 11, 2023.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has inaugurated the Board of Directors of the Ministry of Finance Incorporated. It could be recalled that President Bola Ahmed Tinubu approved membership of the Board last month.

 While inaugurating the board members in his office on Friday in Abuja Edun said that with the inauguration of the Board of Directors of the Ministry of Finance Incorporated,MOFI, a high performance culture, reputation, integrity as well as productivity were expected from the board members to enable them deliver on their mandate.

Centre:Wale Edun, Minister of Finance and Co-ordinating Minister of the Economy,L: Okokon Udo, Permanent Secretary Federal Ministry of Finance,2nd R:Dr.Shamsudeen Usman, Chairman Board of Directors MOFI and Dr.Armstrong Takang, MD/CEO at the inauguration of Board of Directors of Ministry of Finance Incorporated in Abuja today

According to Edun, MOFI was set out to become a national and world class organization amongst other holders of sovereign assets that should uphold transparency, accountability in the management of government funds, adding that the board members were carefully selected to  develop MOFI in line with  world class standards.

Edun said, “Their mandate as holders and husbandry of Nigerian assets is to optimize those assets and do the best they can firstly to enumerate those assets, so that we are sure of what Nigeria owns, physical and other assets that have been built up over time and also to maximize  returns on those assets. These are what the country owns apart from what it earns from export revenue, oil revenue and other government revenues. These assets can also earn returns on investments  to add to the budget and foreign exchange reserve under the care of the Ministry of Finance Incorporated (MOFI).”

While responding to a question on how to meet up with the 100 Trillion Naira target in the nation’s economy, Edun explained that the figure should be interrogated with rigorous and robust analysis to ascertain the evaluation of the assets owned by Nigeria, adding that the figures are even more bigger than the current estimate, not to talk of the fact that we should comfortably reach N100 trillion in the next decade in the value of those assets.

The Minister highlighted the priority areas of MOFI to include: diversifying MOFI’s investments across different industries, sectors and assets classes as well as making the company more resilient, leveraging technology, artificial intelligence, improve portfolio monitoring, risk management, transparency, diligent oversight to maximize returns on investments.

While congratulating the newly inaugurated Board members of MOFI, Edun noted that there was need to collaborate and cooperate with other National and World funds bodies so as to function more effectively, adding that he was confident in their ability to deliver.

Earlier, the Chairman of the inaugurated Board of Ministry of Finance Incorporated, Dr. Shamsudeen Usman while speaking on behalf of the Board members appreciated President Bola Ahmed Tinubu and Wale Edun,  the Minister of Finance and Co-ordinating Minister of the Economy  for the opportunity given to them to serve, noting that they were aware of the huge expectations about MOFI. He pledged that they would  do their very best not just to the current administration but to the country as a whole.

Dr.Usman said, “We will do our work with the greatest level of transparency, firstly the enumeration and maximization of value because we are expected to actually extract as much values from those assets as possible for Nigerians, issues of diversification and leveraging technology,  diligent oversight as well as productivity. We will set up the highest level of corporate governance, so that we become an example to other companies we are managing.”  Usman, pledged their commitment to make  significant contributions to the board.

The  Board of Directors of Ministry of Finance Incorporated is comprised of: The Chairman, Dr. Shamsudeen Usman, MD/CEO, Dr. Armstrong Takang  and eight other  members:Tajudeen Datti Ahmed, Mr.Femi Ogunseinde, Mrs.Oluwakemi Owonubi, Hajia Fatima Nana Mede, Mr.Ike Chioke, Ms Chantelle Abdul, Mr.Alheri Nyako and Mr.Bolaji Rafiu-Elelu.

Signed:

Stephen Kilebi

Director (Press &Public Relations)

Friday, December 22, 2023.

The Federation Account Allocation Committee (FAAC), at its Meeting chaired by the Honourable Minister of Finance and  Co-ordinating Minister of the Economy, Wale Edun, shared a total sum of N1,088.783 trillion to the three tiers of government as Federation Allocation for the month of November, 2023 from a gross total of N1, 620.335 trillion.

rom the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, the Federal Government received N402.867 billion, the States received N351.697 billion, the Local Government Councils got N258.810 billion, while the Oil Producing States received N75.410 billion as Derivation, (13% of Mineral Revenue).

The comminique also disclosed that the sum of N60.960 billion was given for cost of collection, and N470.592 billion 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 November 2023, was N360.455 billion, which was an increase from the N347.343 billion distributed in the preceding month, resulting in an increase of N13.112 billion.

From that amount, the sum of N14.418 billion was allocated for Cost of Collection and the sum of N10.381 billion given for Transfers, Intervention and Refunds. The remaining sum of N335.656 billion was distributed  to the three tiers of government of which the Federal Government got N50.348 billion, the States received N167.828 billion, Local Government Councils got N117.480 billion.

Accordingly, the Gross Statutory Revenue of N882.561 billion  received in the month  was higher than the sum of N660.090 billion received in the previous month of October, 2023 by N222.470 billion. From that amount, the sum of N46.044 billion was allocated for Cost of Collection and a total sum of N460.211 billion for Transfers, Intervention and Refunds. The remaining  balance of  N376.306 billion was distributed as follows to the three tiers of government: Federal Government was allocated the sum of N174.908 billion, States got N88.716  billion, LGCs got N68.396 billion, and Oil Derivation (13% Mineral Revenue) got N44.286 billion.

Also, the sum of N12.450 billion from  Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N1.793 billion, States got N5.976 billion, Local Government Councils received N4.183 billion, while N0.498 billion was allocated for Cost of Collection.

he Communique disclosed  N364.869 billion from Exchange Difference, which was shared as follows: Federal Government received N175.817 billion, the States got N89.177 billion, the sum of N68.751 billion allocated to Local Government Councils, and N31.124 billion given  for Derivation (13% of Mineral Revenue).

Company Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Value Added Tax (VAT), and Oil and Gas Royalties increased considerably, while Customs External Tarrif levies (CET),

Electronic Money Transfer Levy (EMTL) and Import Duty recorded decreases.

According to the Communique, the total revenue distributable for the current month of November 2023, was drawn from Statutory Revenue of N376.306 billion, Value Added Tax (VAT) of N335.656 billion,  N11.952 billion from Electronic Money Transfer Levy (EMTL), and  N364.869 billion from Exchange Difference,  bringing the total distributable amount for the month to N1,088.783 trillion.

The balance in the Excess Crude Account (ECA) as at December 15, 2023 stands at $473,754.57.

In his opening remarks at the meeting Wale Edun, the Honourable Minister of Finance and Co-ordinating Minister of the Economy, said the President Bola Ahmed Tinubu led administration was committed to achieve rapid and sustained economic growth in the country. He added that the Gross Domestic Growth(GDP) per Capita in Nigeria was increasing and getting many people out of poverty.

Edun commended  the Federation Account Allocation Committee members for their support and cooperation within the year, noting that, “It is a team work and a joint effort.”

He also appreciated the government and people of Delta State for successfully hosting the 2023 Retreat of the Federation Account Allocation Committee Members.

He wished the members Merry Christmas and a Happy New Year.

Signed:

Stephen Kilebi

D (Press and Public Relations)

Friday, December 15, 2023.