Posts in category: CatchUp

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun on Wednesday attended the Budget Performance Meeting at the National Assembly, chaired by Senator Solomon Olamilekan Adeola, where he discussed the Federal Government’s financial reforms and budget performance.

During the session, HM Edun shared updates on Government’s initiatives to enhance revenue generation,
ongoing financial reforms and budget performance

Key highlights include:

– Introduction of innovative revenue models, such as a single window source for generating revenue
– Ongoing significant reforms within the financial sector to ensure efficiency and transparency

These reforms aim to boost economic growth, improve government finances, and ensure a sustainable future for Nigeria.

The Federal Government is committed to working with the National Assembly to ensure the successful implementation of these reforms, the Minister said.

He emphasized the importance of collaboration between the Executive and the Legislative Arms of Government in achieving economic prosperity for the country

The meeting demonstrated the Government’s commitment to transparency and accountability in managing the nation’s finances.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
July 5, 2024

FEDERAL MINISTRY OF FINANCE HEADQUATERS, ABUJA.

PRESS RELEASE:

NIGERIA-BENIN HOLDS STRATEGIC HIGH-LEVEL MEETING TO BOOST TRADE RELATIONS.
Nigeria has strengthened its diplomatic and economic relations with the Republic of Benin. This was stated in a postmortem meeting by the Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, after the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, returned from leading Nigeria’s delegation to the Benin Republic for a high-level meeting on boosting bilateral trade relations.

In Benin Republic, the host President, His Excellency Patrice Talon granted a brief audience to the Nigerian delegation where he urged the Ministers to give the bilateral meeting the desired impetus already established by himself and his Nigerian counterpart, His Excellency President Ahmed Bola Tinubu, GCFR.

During the High-Level Meeting, the Beninise government made presentations on enhancing the bilateral trade between Nigeria and the Benin Republic and their position regarding implementing measures in other areas relating to trade harmonization. Some of the key issues in the proposal were the strategies for strengthening the Customs Union between the two countries, establishing a relationship of trust through collaboration, joint training, and personnel exchanges between the respective Central Banks, and, most importantly, deepening the legal framework applicable to facilitate debt recovery. To achieve these frameworks, the Beninese Side proposed the creation of a permanent joint technical committee with extended powers that will seek the implementation of ministerial consultations on the enforcement of the bilateral agreement, political anchoring and establishment of a clear and transparent governance structure among other channels of implementation.

After the presentation, the host Minister of Finance and the Economy, Mr. Romuald Wadagni, reiterated the significance of embodying the firm resolve of the two countries’ Presidents in ensuring the strengthening of trade relations. He added that setting up a technical committee would serve as a one-stop shop for handling joint issues related to Nigeria and the Republic of Benin.

In his response, Mr. Edun appreciated the Beninese Government for the audience and hosting of the meeting. He equally appreciated President Patrice Talon’s moral support and enthusiasm and added that the political will be shown so far was beyond question. He further underscored that the task at hand was to seek efficient means of implementing the ideas of the leaders of both countries. The Minister, therefore, proposed that the two Finance Ministers of Nigeria and Benin head the proposed permanent committee.
The Nigerian delegation consisted of the Charge d’ Affaires a.i, Nigerian Embassy in Cotonou, Ambassador Saidu N. Tiggi, and the Comptroller of Customs, Seme Command. On the Beninese Side were the host Minister of Foreign Affairs, Ambassador Shegun Adjadi Bakari, the Minister of Trade and Commerce, Ms. Assouman Shadiya, the Minister of Justice and Legislation, and the Beninese Director General of Customs.

Nigeria continues to strengthen its cultural, trade, and economic relations with the Republic of Benin, especially in customs border patrols, financial integration of payment systems between the two countries and the harmonization of regulations along the borders.

Helen Oby Chukwu
Head: Press and Public Relations
Monday, March 18, 2024

YOUR INVALUABLE INPUTS WILL CONTRIBUTE TO THE ECONOMIC GROWTH OF OUR NATION’ – FINANCE MINISTER.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun , said “The main objective of this gathering is to ensure that our minimum wage reflects the evolving economic landscape, adequately addresses the wellbeing of our workforce, and of course the ability to pay in a sustainable manner.”, He went on to say, “Stakeholder input is invaluable in shaping policies that will not only impact the livelihoods of our citizens but also contribute to the overall economic growth and social well-being of our nation.”.

The Minister stated this at the Tripartite Committee on National Minimum Wage Public Hearing for South-West Zone held today at Ikeja, Lagos State, where he stated that the Public Hearing of the Tripartite Committee on National Minimum Wage is being held simultaneously across the federation.

The Minister stated that, according to the provisions of the extant Act, the National Minimum Wage is to be reviewed every five years, and that the current minimum wage came into effect in April 2019, hence is due for review.

He added that, “As we gathered here today, we must recognise the significance of this assignment and its multiplier effect on the lives of millions of hardworking citizens and our great country”.

“It is also our aim to engage with stakeholders from various sectors to gain insights, perspective and recommendations”, adding that “this inclusive approach underscores our commitment to transparency, fairness and democratic ideals”.

He emphasised that “The diversity of opinions present here today, which represent public and private sector workers, employers, trade unions, civil society and the broader public, will be a testament of the richness of our national dialogue.”

HM Edun explained that the “The committee is keenly interested in receiving well-researched position papers that will aid us in making informed decisions”, encouraging the participants to express their views openly, share their experiences and provide constructive suggestions.

While wishing the participants a fruitful and collaborative discussion, he commended the Governor and people of Lagos State for hosting the event, as well as all participants present to contribute to the process. The Minister urged them to work together in harmony to ensure that the outcomes of this review reflect on our well thought out aspirations for the good of Nigeria and its citizens.

Earlier, the Governor of Lagos State, Babajide Sanwo-Olu ably represented by the Lagos State Head of Service, Olabode Abiru in his address said “this Public Hearing serves as a platform for meaningful dialogue and collaboration and I am confident in our collective dialogue”.

Abiru went on to say, “as we deliberate on this issue, I assure you that we are committed to collaborating with other States and the Federal Government to arrive at a fair career wage structure that takes into account the diverse economic conditions across the nation”.

Osun State Governor, Senator Adeleke Ademola in his address reiterated his State’s commitment to a working living wage for workers, adding that, “workers deserve a good approved wage and salaries”.

In the same vain, the Nigeria Labour Congress (NLC) in the South-West Zone ably represented by the Chairperson of the Lagos State chapter, Comrade Agnes Funmi Sessi, demanded the sum of N794,000 for workers in the Zone, noting that “the demand was jointly agreed on by all the members of the union from the South-West geo-political Zone”. In her words, “workers must be well motivated and must be well paid”.

Meanwhile, the Nigeria Labour Congress at the Public Hearing pegged their proposed National Minimum Wage at N504,000, stating that, “it is as a result of the ongoing inflation, which is affecting the cost of living, adding that, “our demand is based on the cost of living index”.

The Public Hearing was well attended by a cross-section of organised Labour, representatives of State Governments, Ministries, Civil society organisations, the organised private sector and many others.

Signed:

Chukwu Helen Oby

Head: Press and Public Relations Unit

March 7, 2024

FG PARTNERS CBN IN THE GAS EXPORTS VALUE CHAIN

The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun has reiterated the Ministry’s commitment to partners with the Central Bank of Nigeria (CBN) in the Crude -Oil and Gas export in order to mitigate the present economic realities on key Government policies of boosting domestic production, diversifying the export base of the Economy to positively impact on the sector as well as contribute to the current export growth status.

Edun made the disclosure during a one -Day Sensitization Seminar on the Nigerian Oil and Gas Exports, with the theme, “Unlocking the Potentials of the Nigeria Gas Exports” A Gateway to Sustainable Economic Development today, in Kano, Kano State.

The Minister, who was represented by Deputy Director, Trade Relations, Idris Giwa said,” increasing our Gas export as the nation can no longer rely solely on oil revenue for our foreign exchange earnings”

He hinted that the workshop serves as a platform to deepen the understanding of the evolving regulatory framework, share best practices, and foster collaboration among stakeholders.

According to him, presently the Federal Ministry of Finance, is in collaboration with the CBN and the Ministry of Mines and Steel Development and have reached an advance stage in developing a distinct Miniral Export Guidelines aimed at complementing the determination of Mineral’s quantity, quality and value for export purposes.

The draft Minimal Export Guidelines has been subjected to several reviews, where stakeholders buy- in and endorsements were obtained and incorporated.

He reiterated that the Ministry would continue to work tirelessly to finalize the draft document in line with existing laws and policies of Government for public use”.

According to the Minister, the completion of the Miniral Export Guidelines would necessitate the review of the Crude -Oil and Gas Export Guidelines to streamline the export process in a manner that would accommodate the peculiarity of the sector.

He stressed that the review would trigger a more self- reliant and sustaining environment performance of the Gas sector.

Edun solicited the co-operation of all Stakeholders to play by the rules in order to achieve the much-desired efficiency and effectiveness in trading across borders.

Earlier in his welcome address the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya mni, represented by the Deputy Director, Trade Relations II, Mrs. Rukayatu Abdullahi Ahmed mentioned that,” if the operations in the Crude -Oil sector is properly coordinated and regulated, loopholes, leakages and cases of non- payment of NESS fees due to Government would be plugged, thereby boosting Government revenue base and the challenge of ascertaining the actual quantity, quality, and price competiveness of Gas export would be put to rest.

She said Nigeria holds a prominent portion on the global energy market, especially,in the natural Gas sector with abandoned untapped reserves, noting that, with favourable government policies, this sector offers a compelling investment landscape. She added that it will help individuals to harness the limitless opportunities available in the Gas industry to thrive.

The Permanent Secretary implored all to take advantage of platform to come up with constructive ideas to address the challenges, share experience and explore innovative solutions for a successful Oil and Gas industry.

In her vote of thanks, the Assistant Director Export 1, Mrs.Zainap Yusuf, applauded the Honourable Minister of Finance and the Coordinating Minister of the Economy, Wale Edun the Permanent Secretary ,Mrs. Lydia Shehu Jafiya mni, for their unwavering support towards implementing Government policies, particularly the approval of this Sensitization Seminar, promising that they will reciprocate the kind gesture in the task ahead.

The occasion was also attended by the Comptroller -General of the Nigeria Custom Service Mr. Bashir Adewale Adeniyi, represented by the,Deputy Comptroller of Custom, Oguche Chibuzo,  the Director-General, Standard Organisation of Nigeria (SON), Dr  Ifeanyi Chukwunonso Okeke, represented by Dr. Ado Ibrahim, Tafudeen Yakubu, representing the Managing Director, Nexim Bank , Kashim Ibrahim, representing the Director -General, NAFDAC,  amongst others.

Signed:

Chukwu, Helen Oby

Head:  Press & PR Unit

March 7, 2024.