Posts in category: News

In a significant step towards addressing Nigeria’s economic challenges, the Federal Government has unveiled plans aimed at revitalizing key sectors of the economy

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun disclosed this today in his office in Abuja when he led the first inaugural meeting of the Accelerated Stabilization and Advancement Plan (ASAP) Implementation Committee, marking a significant milestone in Nigeria’s renewed commitment to addressing critical economic challenges and fostering sustainable development across key sectors.

This landmark initiative HM Edun said, is a key component of President Bola Ahmed Tinubu’s reform agenda, which aims to drive sustainable development across eight priority sectors of the economy, including Agriculture, Energy, and Health

In his opening remarks, the Minister highlighted the collaborative nature of the project, informing the committee that they would work closely with technical experts from various government agencies to establish clear milestones and ensure the effective execution of the Plan.

Edun reiterated the government’s dedication to addressing key issues such as agricultural productivity and announced a coordinated dry season farming initiative, with the Federal Ministry of Finance, the Central Bank of Nigeria, the Federal Ministry of Agriculture and Food Security (FMAFS), as well as the African Development Bank (AfDB) collaborating to ensure the timely delivery of fertilizers and other critical inputs to farmers.

The meeting brought together key government officials, including; the Honourable Minister of Agriculture & Food Security, Senator Abubakar Kyari; the Honourable Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; the Coordinating Minister of Health and Social Welfare, Muhammad Ali Pate; the Honourable Minister of Power, Chief Adebayo Adelabu; the Honourable Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo; and the Director General of the Budget Office of the Federation, Tanimu Yakubu, among others.

As the ASAP Implementation Committee moves forward, it will focus on driving progress in each of the identified priority areas, ensuring that the Plan’s objectives are met with precision and accountability.

With the ASAP Implementation Committee underway, Nigeria is poised to witness a transformative era of economic growth and development. Under the Chairmanship of HM Edun, the committee will work tirelessly to ensure the effective execution of the Plan, addressing critical issues and fostering collaboration among government agencies and stakeholders.

As the committee drives progress in each priority area, Nigeria can expect a brighter economic future, marked by precision, accountability, and sustainable development.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
August 26, 2024

In a bid to address the pressing issue of out-of-school children in Nigeria, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun today addressed the House of Representatives Committee on Alternate Education, outlining government’s financial strategies and programs
aimed at tackling the challenge

Joined by the Honourable Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, HM Edun, reaffirmed Federal Government’s Commitment to Strengthening Education through a range of initiatives with a view to ensuring that every child is provided with access to quality education.

In his address, the Minister highlighted key progress in enhancing school security, including the establishment of the Secretariat for Financing Safe Schools in January 2022. This initiative, which originated from a 2021 high-level forum, is focused on implementing a national plan to strengthen school security from 2023 to 2026. The Scheme integrates security measures with community-based efforts to ensure the safety of students.

HM Edun also announced the upcoming relaunch of the Home-Grown School Feeding Program, a critical initiative designed to increase school attendance by providing meals to students. He explained that feeding children at school would not only improve their health and well-being but also incentivize them to remain in school, thereby reducing the number of out-of-school children.

Addressing broader economic concerns, the Minister spotlighted the federal government’s strategies under President Bola Ahmed Tinubu’s Administration, especially in the educational sector. He expressed optimism that these initiatives would positively impact the national budget by providing sufficient resources to support and sustain the educational programs.

With the federal government’s renewed commitment to education, Nigeria is poised to witness a significant reduction in the number of out-of-school children. The Honourable Minister’s presentation highlighted the administration’s dedication to tackling this critical issue through innovative initiatives like the Secretariat for Financing Safe Schools and the Home-Grown School Feeding Program.

As the government continues to prioritize education, Nigeria’s future generations can expect improved access to quality learning, setting the stage for a brighter, and more prosperous tomorrow.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
August 22, 2024

In a meeting that spotlighted Nigeria’s progress in rural electrification, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has applauded the Rural Electrification Agency (REA) for its impactful initiatives across the country.

The Agency’s Managing Director, Abba Abubakar Aliyu, while briefing HM Edun at the Federal Ministry of Finance Headquarters, Abuja on the agency’s progress in advancing Nigeria’s electrification projects, presented a comprehensive overview of REA’s successful projects, showcasing the transformative power of electrification in communities across Nigeria.

The meeting, further provided the opportunity for the Managing Director to present photographic evidence of power plants established at key institutions across the country, including the Universities of Abuja, Maiduguri, Michael Okpara University of Agriculture, Umudike, Federal University Gashua, Yobe, The Federal University of Agriculture, Abeokuta, and the Nigerian Defence Academy Kaduna, among others.

The Honourable Minister commended the REA for its remarkable efforts and highlighted the importance of raising public awareness about the agency’s work as well as its positive impact on communities

With the Rural Electrification Agency’s remarkable achievements, Nigeria is poised to witness a significant leap in economic growth and development. HM Edun’s recognition of REA’s efforts underscores the importance of electrification in empowering communities and driving progress.

As REA continues to illuminate Nigeria’s future, the country can expect improved livelihoods, increased economic opportunities, and a brighter tomorrow

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
August 22, 2024

In a landmark move to boost Nigeria’s trade and economic growth, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has today launched the National Single Window (NSW) Project Kickoff Workshop in Abuja.

This transformative initiative aims to streamline trade processes, reduce bottlenecks, and increase transparency, positioning Nigeria for unprecedented economic growth.

In his opening address at the event, the Honourable Minister underscored the transformative potential of the NSW in enhancing Nigeria’s trade facilitation and driving economic growth.

He informed that the initiative is a key pillar in the federal government’s strategy to improve trade and customs processes, reduce bottlenecks, and increase transparency within the nation’s trade environment.

To ensure the effective implementation and financial management of the project, HM Edun informed further that the Federal Inland Revenue Service (FIRS), led by its Executive Chairman, Dr. Zacch Adedeji, and the Nigerian Sovereign Investment Authority (NSIA) have been designated as the project’s implementing agencies.

The project Secretariat he added, will be housed within the FIRS, providing a central hub for coordination and oversight.

Other key stakeholders from various government agencies, including the Nigerian Ports Authority (NPA), the Nigerian Customs Service (NCS), the Nigerian Civil Aviation Authority (NCAA), and the National Agency for Food and Drug Administration and Control (NAFDAC), are actively participating in the workshop.

Their collaboration is crucial to ensuring the successful implementation of the NSW, which is a critical component of President Bola Ahmed Tinubu’s broader economic reforms.

The three-day workshop will conclude on Thursday with a detailed action plan, outlining the next steps for the project and the timelines for its full implementation.

With the launch of the National Single Window, Nigeria is poised to witness a significant leap in trade facilitation and economic growth. The collaboration among key stakeholders and the designation of implementing agencies underscore the federal government’s commitment to this critical component of President Tinubu’s economic reforms.

As the project moves forward, Nigeria can expect improved trade processes, increased transparency, and a more business-friendly environment, paving the way for a brighter economic future for betterment of the Economy

Signed
Mohammed Manga
Director, Information and Public Relations
August 21, 2024

In a bid to accelerate Nigeria’s poverty reduction efforts in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun today in his office in Abuja presided over a pivotal meeting of the Presidential Panel on the Social Investment Program (SIP) aimed to assess progress and ensure the effective implementation of social investment policies

It was also convened to provide updates on the progress of the Direct Benefit Transfer (DBT) programme, introduce newly-appointed members of the National Social Investment Program (NSIP), as well as to discuss the Youth Employment Benefits scheme, including key design considerations.

During the discussions, a comprehensive report on the committee’s activities was presented, showcasing significant strides in the direct transfer of funds to the nation’s poorest and most vulnerable citizens. The presentation also included the introduction of a new draft for the Youth Employment Benefits scheme aimed at addressing youth unemployment through targeted interventions.

HM Edun underscored the importance of transparency and accountability in the implementation of social investment policies. He emphasized the need for platforms that allow citizens to monitor and verify the progress of these interventions, ensuring that they are effectively reaching those in need.

With the Presidential Panel’s meeting, Nigeria’s social investment landscape is poised for significant enhancement. Under the Honourable Minister’s guidance, the panel’s efforts will ensure that social investment programs, such as the Direct Benefit Transfer and Youth Employment Benefits scheme, are optimized to reach the most vulnerable citizens.

Through transparency, accountability, and citizen engagement, Nigeria is set to make strides in poverty alleviation and economic empowerment.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
August 19, 2024

In a significant step towards ensuring the speedy realization of the Presidential directive on Crude Oil Sales in Naira with a view to enhancing Nigeria’s economic growth and development, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today in his office in Abuja, presided over a crucial meeting of the Implementation Committee on Crude Oil Sales in Naira.

The Committee reviewed progress on key initiatives, including the upcoming commencement of Naira payments for crude oil sales to the Dangote Refinery starting from October 1, 2024, marking a significant milestone in Nigeria’s economic transformation.

Dr. Zacch Adedeji, Executive Chairman of the Federal Inland Revenue Service (FIRS) and Chairman of the Technical Sub-Committee, reported that the first PMS delivery from Dangote is expected next month under existing agreements.

Key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Central Bank of Nigeria (CBN), Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the African Export-Import Bank (Afreximbank), to ensure smooth implementation.

Updates on the Port Harcourt and Dangote Refineries were also provided, with significant production increases expected from November 2024.

The Honourable Minister emphasised the need for transparency and directed the Technical Sub-Committee to finalize details as well as prepare a report for the President, confirming that his directives are on track for implementation from September

With the Implementation Committee’s progress and HM Edun’s guidance, Nigeria is poised to witness a seamless transition to Crude Oil Sales in Naira. The collaboration among stakeholders, including regulatory bodies and financial institutions, will ensure a transparent and efficient implementation process.

As the country moves towards this significant economic milestone, the impact on Nigeria’s growth and development is expected to be profound, setting a new standard for economic prosperity.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
August 19, 2024

The Federation Account Allocation Committee (FAAC), at its July 2024 meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared a total sum of N1,354.371 Trillion to the three tiers of government as Federation Allocation for the month of June, 2024 from a gross total of N2,483.890 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), Exchange Difference (ED), and an Augmentation of N200 Billion, the Federal Government received N459.776 Billion, the States received N461.979 Billion, the Local Government Councils got N337.019 Billion, while the Oil Producing States received N95.598 Billion as Derivation, (13% of Mineral Revenue).

The sum of N92.112 Billion was given for the cost of collection, while N1037.407 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 June 2024, was N562.685 Billion as against N497.665 Billion distributed in the preceding month, resulting in an increase of N65.020 Billion.

From that amount, the sum of N22.507 Billion was allocated for the cost of collection and the sum of N16.205 Billion given for Transfers, Intervention and Refunds. The remaining sum of N523.973 Billion was distributed to the three tiers of government, of which the Federal Government got N78.596 Billion, the States received N261.987 Billion and Local Government Councils got N183.391 Billion.

Accordingly, the Gross Statutory Revenue of N1,232.667 Trillion received for the month. From the stated amount, the sum of N68.951 Billion was allocated for the cost of collection and a total sum of N1,021.202 Trillion for Transfers, Intervention and Refunds.

The remaining balance of  N142.514 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N48.952 Billion, States received N24.829 Billion, the sum of N19.142 Billion was allocated to LGCs and N49.591 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N16.346 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.354 Billion, States got N7.846 Billion, Local Government Councils received N5.492 Billion, while N0.654 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N472.192 Billion from Exchange Difference, which was shared as follows: Federal Government received N224.514 Billion, States got N113.877 Billion, the sum of N87.794 Billion was allocated to Local Government Councils, N46.007 Billion was given for Derivation (13% of Mineral Revenue).

It further disclosed an Augmentation of N200 Billion which was shared as follows: Federal Government got N105.360 Billion, the States received the sum of N53.440 Billion, while the sum of N41.200 Billion was allocated to Local Government Councils.

Companies Income Tax (CIT) and Value Added Tax (VAT) increased significantly, while Import and Excise Duties and Electronic Money Transfer Levy (EMTL) increased marginally. Petroleum Profit Tax (PPT), Royalty Crude, Rentals and Customs External Tarrif levies (CET) recorded considerably decreases.

According to the Communique, the total revenue distributable for the current month of June 2024, was drawn from Statutory Revenue of N142.514 Billion, Value Added Tax (VAT) of N523.973 Billion, N15.692 Billion from Electronic Money Transfer Levy (EMTL), N472.192 Billion from Exchange Difference and Augmentation of N200 Billion, bringing the total distributable amount for the month to N1,354.371 Trillion.

The balance in the Excess Crude Account (ECA) as at July 2024 stands at $473,754.57.

Signed:
Mohammed Manga FCIA
Director, Information and Public Relations
July 16, 2024.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has advocated for social protection policies alongside economic reforms to address the elevated cost of living in the country.

In his remarks at the 3rd edition of the Social Protection Cross Learning Summit held in Abuja, Friday, the Minister observed that the high-level meeting, organised under the leadership of the Vice President, Kashim Shettima within the framework of the partnership between himself and the Social Protection Development Partners Group, provided a platform for stakeholders to deliberate on addressing pressing issues for effective delivery of social protection towards human capital development.

Key issues highlighted at the submmit include:

Social Protection Programmes and Economic Reforms

A key element of support for the poor and vulnerable is the social intervention programme, which includes a $1.2 billion allocation for direct payments to households, with $800 million from the World Bank and $400 million from Federal Government’s resources.

Direct Cash Transfers and Integrity

The Honourable Minister emphasized the importance of direct transfers to bank accounts or mobile wallets, rather than cash handouts, to ensure the integrity of the payments. The goal is to have a biometrically and uniquely identified system for digital payments to establish trust and enable repeated payments throughout the country as needed.

Ongoing and Planned Social Protection Programmes

In addition to the payments for 15 million households, the Honourable Minister referred to other interventions providing 50,000 Naira to 100,000 identified families in each of the 36 States. He highlighted the increasing ability to build upon and repeat programmes with integrity and rigour, especially given the elevated cost of living in Nigeria at this time.

Summit Objectives and Expected Outcomes

The Summit aimed to explore three critical areas: increasing coverage and educational/health outcomes for children, options for financing social protection (including grants from development partners and budgetary allocations), and coordination for quality, speed, and scale in delivering interventions to the public as well as vulnerable populations.

Expected outcomes as projected by the Honourable Minister include enhancing understanding of social protection’s role in human capital development and economic stability, developing actionable recommendations, and detailing commitments, milestones, delivery mechanisms, and financing solutions.

HM Edun expressed appreciation and thanks to the development partners, particularly the EU, for their technical and financial support in making the Social Protection Cross Learning Summit a success.

He commended the partners’ resolve to foster social protection systems that contribute to the welfare of Nigerians and help the most vulnerable populations, which he said, is a top priority of President Bola Ahmed Tinubu’s Renewed Hope Agenda

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
July 15, 2024

The Federal Government has inaugurated the new Board Members of the Securities and Exchange Commission (SEC) with a charge to explore innovative mechanisms and improve on digital currency transactions in regulating Financial market aimed at attracting investors both within and outside the country

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while inaugurating the Board in his office in Abuja today, stated that one of the key objectives of the President Bola Ahmed Tinubu’s Administration was ensuring the realization of fiscal policy geared towards Financial market regulations with a view to enhancing economic growth and development of Nigeria.

The Minister emphasized the importance of facilitating financial development, improving the operational financial market, and mitigating challenges through the deployment of technology and innovation.

Let me remind you and charge you also that, SEC, being the Apex Financial market and key regulators in foreign exchange financial market, Capital market and cooperative operators, need to be innovative as well as improve on technology to mitigate the financial market challenges in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration

The Minister called on the Board to beam their search light on Crypto areas, which he said are fast moving, in order to protect the investment public and the general public, Let me
urge you again to focus on crypto areas and develop a master plan for proper implementation by ensuring that they are regulated according to the guidelines

While congratulating them on their appointment, HM Edun informed that the members of the Board were carefully selected based on their track record

He expressed optimism that with the pedigree of the members of the Board, the Commission was sure to witness the desired transformation.

The Minister therefore called on them to ensure that they bring in their wealth of experience to bear in the realization of the policy objectives of the present administration

Responding, the Chairman of the newly constituted
Board of the Commission, Mr Mairiga Aliyu Katuka, thanked President Bola Ahmed Tinubu for finding them worthy to assume the office of trust and responsibility.

He underscored his predicessor’s efforts that culminated in the remarkable achievements which repositioned the Commission as a regulating agency and promised to build a stronger and more resilient Financial ecosystem, in line with the Commission’s mandate as well as the Renewed Hope Agenda of the present administration

Mr. Katuka assured that members of the Board will harness their individual expertise and innovative ideas as well as their wealth of experience to bear in ensuring the realization of the policy objectives of government.

The new Board Chairman emphasized that the Board would pursue a comprehensive agenda aimed at advancing the interest of the investors, safeguarding market integrity, promoting capital formation and enhancing regulatory oversight.

He assured further that the Board will continue to collaborate with relevant stakeholders so as to ensure open communication and mutual cooperation in order to achieve the goals set for it

While assuring President Bola Ahmed Tinubu that the Board will not disappoint the confidence reposed on them, Mr Katuka
expressed optimism that the future of Nigerian Security market is sure to chart a new course towards a more prosperous and resilient financial ecosystem, especially with the reforms and policies put in place by the present administration which includes robust inflation management, macro-economic innovations and improved private sector development.

Earlier in her opening remarks, the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya commended the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun for his unwavering and sterling leadership that is enabling the Ministry and its Agencies to deliver on their mandate.

She thanked President Bola Ahmed Tinubu for approving the appointment of the members of the Board, whom she said are people with proven integrity and track record that will ensure the realization of the mandate of the Commission.

Mrs Jafiya called on the Board Members to leave no stone unturned in repositioning the operations of the Commission in order to deliver on its mandate.

Delivery a closing remarks at the occasion, the Permanent Secretary Special Duties, Federal Ministry of Finance, Mr Okokon Ekanem Udo thanked President Bola Ahmed Tinubu for constituting the new Board at this crucial time that the country’s financial ecosystem is in dire need of growth and development.

Mr Okokon also thanked the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun for ensuring the Ministry’s resoluteness in implementing government policies and programmes that positively impact on the lives of the citizenry. He appealed to Nigerians to continue to support the Federal Government in its determination to reposition the economy for the future of our nation.

Members of the Commission inaugurated by the Honourable Minister include:

1. Mairiga Katuka – Chairman
2. Dr.Emomotimi Agama -DG (SEC)
3. Bola Ajomale –
Executive Commissioner Operations

4. Ms. Frana Chukwuogor – Executive Commissioner Legal and Enforcement
5. Mrs Samiya Hassan Usman – Executive Commissioner Corporate Services
6. Mr Lekan Bello – Non Ececutive Commissioner and
7. Garba Kurfi – Non Executive Commissioner

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
July 9, 2024

With a renewed sense of purpose and commitment to fostering economic growth and development within the West African Sub-Region, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun on Thursday hosted a virtual high-level committee meeting at the Finance Headquarters, Abuja to discuss the practical arrangements for the introduction of the ECOWAS single currency, known as the ECO.

The meeting brought together key stakeholders, including the Central Bank of Nigeria, the Honourable Minister of Finance of Cape Verde, Mr. Olavo Correia, the Honourable Minister of Finance and Economic Affairs of Cote d’Ivoire, Mr. Adama Coulibaly, and the Ghanaian Honourable Minister of Finance, Mr. Mohammed Amin Adam, as well as other distinguished representatives

The ECO aims to promote economic integration, facilitate trade, and enhance monetary stability among the fifteen member states of the Economic Community of West African States (ECOWAS).

The session marked a significant step towards the realization of this goal, as participants discussed preparations for the introduction of the single currency.

HM Edun emphasized the importance of the ECO in fostering economic growth and development in the region and reiterated Nigeria’s commitment to the successful implementation of the single currency.

The meeting concluded with a renewed sense of purpose for the introduction of the ECO, which is expected to have a positive impact on the region’s economic prospects.

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