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Tag: Wale Edun

  • How Nigeria’s economy is faring under Tinubu – Wale Edun

    How Nigeria’s economy is faring under Tinubu – Wale Edun

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Nigerian economy is experiencing consistent growth within the context of global developments and ongoing domestic reform programmes.

    Edun, who made this statement at a news conference to provide an update on the economy in Abuja on Thursday, noted that Nigeria’s gross revenues increased by 37.4 per cent in the first half of 2025.

    According to him, the medium-term goal is to achieve seven per cent in annual Gross Domestic Product (GDP) growth, driven by critical investments by government, private investment, job creation and higher incomes.

    The minister said that to achieve this, Nigeria needed to invest in critical sectors and expand Public Private Partnership (PPP) arrangements across agriculture, educational, health, manufacturing, technology and infrastructure.

    He said that since the first half of 2023, the combined fiscal balance of the states had grown from 1.8 per cent of GDP to 3.1 per cent.

    “That is from N2.8 trillion to over N7.1 trillion, which is a surplus.

    “That means that the states have been provided funding that have now allowed them to be in surplus, giving them greater capacity to invest.

    “It must be said that the increase in spending of the states has, in fact, mainly gone to capital expenditure, and that is the basis of the type of spending and growth that we are looking for,” he said

    Edun said that in the oil and gas sector, the average production in the first half of 2025 was 1.67 million barrels per day, which was below the 2.06 million barrels budgeted.

    He said that the average crude price was budgeted for at 75 dollar per barrel, adding that Nigeria now has an average price of 67 dollar per barrel.

    “We have maintained compliance with the OPEC quota, and as you can see from the figures I have given, there is a revenue shortfall, in response to that.

    “We have prioritised spending on sectors that directly impact citizens and support our growth ambitions,” he said.

    In the power sector, the minister said there had not been national grid collapse in 2025.

    He said that all approvals were in place to liquidate four trillion Naira legacy debts, and to implement a sustainable framework under the Electricity Act.

    “It is a combination of removing or repaying or refinancing the outstanding debt so that those who are owed can in turn pay out their own obligations, as well as looking for sustainability going forward.

    “There is the mission 300 initiative of the World Bank and the African Development Bank, that supports providing electricity connectivity to 300 million additional Africans.

    “Nigeria is a key beneficiary, and this is unlocking investment in manufacturing, agro-processing and services, as a result of greater access to electricity,” he said.

    The minister reiterated the Federal Government commitment to a coordinated fiscal and monetary policy framework that could substantially and sustainably reduce inflation.

    He said that it would enable cheaper capital for businesses to invest, and greater purchasing power for households.

    He said that President Bola Tinubu’s led administration was commitment to transparency, consistent and data-driven communication.

    “We believe that this dialogue is essential to building public trust and informing our citizens about decisions that are being taken on their behalf.

    “We now have a very competitive exchange rate and other conditions, which are allowing us to diversify our exports, particularly under the African Continental Free Trade Area Agreement.

    “Interest rates across major economies remain elevated as reflecting the fight against inflation,” he said.

    Edun said that the country was open for business, stating that Nigeria has a stable macroeconomic conditions that can help people plan and invest.

    “We will continue to emphasise and open the doors to private investment across agriculture, manufacturing, technology, infrastructure and services.

    “At the same time, we are committed to maintaining discipline, not only to save wealth, but to invest wisely, focussing on education, health and infrastructure that drive long-term productivity and inclusive growth.

    “Our commitment is to build an economy that works for everyone, with transparency and resilience,” the minister said.

  • FG revenue hits N6.9trn in Q1

    FG revenue hits N6.9trn in Q1

    The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, said Federal Government revenue rose to N6.9 trillion in the first quarter.

    Edun made this known on Monday during the Citizens and Stakeholders’ Engagement on implementing President Bola Tinubu’s priorities for the second quarter, held in Abuja.

    He stated that the figure was higher than the N5.2 trillion recorded in the previous quarter, marking a 40 per cent increase.

    According to him, increased transparency and openness in revenue collection and remittance contributed significantly to the improved earnings.

    “In the first quarter of 2025, we realised N6.9 trillion, which is up from N5.2 trillion in the same period last year,” he said.

    He explained that the 40 per cent increase was largely due to recent adjustments, including those related to the exchange rate.

    The Minister reaffirmed the government’s resolve to block financial leakages and use automation and technology to boost revenue collection.

    He noted that fiscal discipline had improved, with debt service to revenue ratio dropping to 60 per cent from a previous high of 150 per cent.

    “As of now, there is no resort to ways and means. Debt service to revenue stands at around 60 per cent by end of 2024,” he added.

    He stressed government’s commitment to transparency, particularly in ensuring consistency of fiscal data across official platforms.

    “If you check the Accountant-General’s website, figures may differ in presentation but align with Budget Office data when reviewed,” Edun said.

    He emphasised the importance of data integrity, saying credible fiscal figures are critical to accountability in public finance.

    Edun said that the enabling environment created by the government had attracted major investments into Nigeria’s economy.

    He cited Shell’s recent $5.5 billion investment commitment in oil production, noting increased investor confidence due to policy stability.

    “This third phase aims to drive investment in agriculture, manufacturing and services to boost productivity,” he said.

    He added that such investment would help grow the economy, generate jobs, and ultimately reduce poverty across the country.

    According to him, the economy is now moving in the right direction, with clear signs of positive change.

    “Real GDP growth is on a steady path, but 3.4 or even 3.8 per cent is not the ultimate target,” he said.

    He stressed that the President’s goal is to achieve sustainable GDP growth of about seven per cent annually.

    Such growth, he said, would surpass population growth and help lift millions of Nigerians out of poverty.

    The Minister also emphasised the importance of curbing inflation, stating: “We are on the right trajectory.”

    Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said MOFI manages public wealth for optimal returns.

    Represented by Director Tajudeen Ahmed, he said MOFI aims to generate revenue to support Nigeria’s budgetary needs and secure future generations.

    He revealed that assets under management had risen to N38 trillion from just 20 company accounts reviewed so far.

    “We expect the figure to rise significantly as we complete reviews of all portfolio companies,” he said.

    Takang outlined MOFI’s three key pillars, starting with enhanced visibility of federal government assets and their respective values.

    The second pillar is professionalising portfolio companies to ensure proper management and increased value creation.

    “Many of these companies are poorly managed. We must improve their governance and performance,” he noted.

    The third pillar involves capital mobilisation, attracting investors with guarantees and de-risked opportunities in Nigeria.

    “Investors are assured of good returns on their investments in Nigeria,” Takang said.

    He also announced the creation of a National Asset Register accessible on the Finance Ministry and MOFI websites.

    “This register will detail asset values, locations, and ownership – a major milestone for transparency,” he said.

    Takang added that significant progress had been made in building the online asset register.

  • Nigeria replenishes Trust Fund with fresh $500m – Edun

    Nigeria replenishes Trust Fund with fresh $500m – Edun

    Nigeria has reaffirmed its commitment to Africa’s economic development with a fresh 500 million dollars contribution to the Nigeria Trust Fund (NTF).

    Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, made the announcement at the official signing of agreement at the African Development Bank (AfDB) Annual Meetings 2025 at Abidjan on Thursday.

    Edun said the gesture was a strong signal of Nigeria’s leadership in supporting low-income African countries.

    He also used the opportunity to pay tribute to the outgoing AfDB President, Dr Akinwumi Adesina, whom he praised for steering the Bank to new heights over the past decade.

    “We congratulate and felicitate with Dr Adesina on a most successful tenure of ten years. He raised the international profile and public persona of the AfDB, putting it firmly on the world stage,” he said.

    On the renewed commitment to the Trust Fund, Edun disclosed that Nigeria would inject 500 million dollars into the NTF over time and had extended the fund’s tenure to 2040.

    “We know it is a poll of funds to help the less developing countries among us. We are all developing countries.

    “We are all striving to achieve the reduction of poverty and improvement of our lives and people and indeed the industrialisation and modernisation of our economy. We must try not to leave anyone behind,” he said.

    The minister said that while all African countries were striving for progress, some face greater challenges than others.

    “The NTF is there to help the least stable among us, and Nigeria is proud to provide that leadership to Africa and to be an integral part of the AfDB,” he said.

    According to him, the renewed commitment is aligned with Nigeria’s development priorities, which include poverty reduction, economic modernisation, and industrialisation.

    He emphasised that no African country should be left behind in the collective push for prosperity.

    Responding to the gesture, Adesina commended Nigeria’s bold step and described it as a model of leadership in a time of urgent development needs.

    “The 500 million dollars you have committed to the AfDB for the NTF will allow us to do balance sheet optimisation.

    ”It will provide hybrid capital, and mobilise more private capital for many low-income countries,” Adesina stated.

    He added that expanding access to capital was crucial for these nations to grow their private sectors and reduce their debt burdens through more sustainable financing models

    “Nigeria again is doing the right thing and showing the right leadership and commitment to the low-income countries in Africa,” he said.

    The Nigeria Trust Fund, managed by the AfDB, was created to provide concessional financing for projects and programmes in low-income African countries.

    With the latest replenishment, the Fund is expected to continue playing a critical role in strengthening development outcomes across the continent.

    NTF was created in 1976 by agreement between the AfDB and the Nigerian Government.

    The Fund is a self-sustaining revolving fund and its objective is to assist the development efforts of the Bank’s low-income regional member countries whose economic and social conditions and prospects require concessional financing.

    The NTF resources can co-finance operations with the AfDB and the African Development Fund (ADF), as well as fund stand-alone operations in both the public and private sector.

    Supplementary loans for Bank Group financed projects can also be considered.

    Unlike the African Development Fund, NTF resources are allocated to projects, and not to countries.

  • FG moves to harness N23 trillion pension fund for economic growth

    FG moves to harness N23 trillion pension fund for economic growth

    The Federal Government is pushing for the strategic use of Nigeria’s over N23 trillion pension assets to boost critical sectors of the economy and fast-track national development.

    Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, made this call during the 2025 Pension Industry Leadership Retreat held in Lagos.

    Themed “Sustainable Retirement, Strategic Blueprint for Economic Development and Inclusion,” the retreat brought together key players from the financial and pension sectors.

    In his remarks, Mr. Edun highlighted the pension industry’s crucial role in driving long-term economic growth. With pension assets now representing approximately 8.6% of the nation’s GDP, he emphasized the need to align these funds with strategic priorities such as infrastructure, housing, energy, and digital innovation.

    “We must leverage the transformative potential of pension funds to fuel sustainable growth—while ensuring retirees’ savings remain secure,” he said.

    Commending the success of Nigeria’s Contributory Pension Scheme (CPS), now one of Africa’s strongest savings systems, Edun also noted that pension penetration remains low compared to global standards. He urged stakeholders to explore secure and impactful investment opportunities that provide consistent returns.

    Referring to recent economic indicators—including a 3.84% GDP growth in Q1 2025, along with improved foreign reserves and currency stability Edun acknowledged progress but stressed the need for faster growth to significantly reduce poverty.

    “To truly combat poverty and unlock prosperity, we must aim for at least 7% annual growth,” he stated, adding that with the national budget comprising just 10% of GDP, institutional investors like pension funds must step up their support for the real economy.

    He reaffirmed President Bola Ahmed Tinubu’s commitment to building a resilient, inclusive financial system that can drive Nigeria’s long-term development agenda.

    A statement from the Ministry of Finance on Sunday reiterated the government’s readiness to partner with stakeholders in unlocking the full economic potential of pension funds.

    “Through strategic deployment, pension assets can open new pathways for economic expansion, job creation, and improved living standards,” the statement concluded.

  • Nigeria, World Bank set job creation agenda

    Nigeria, World Bank set job creation agenda

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says Nigeria is working with the World Bank to develop a job-creation agenda.

    Edun made this known during an interview with journalists after the World Bank Development Committee plenary held on Friday in Washington D.C.

    He said the meeting focused on creating jobs and ensuring that young people in Nigeria have a secure and promising future.

    According to him, the aim is to set a direction for the World Bank and its Governors to agree on a forward-looking development agenda.

    Edun explained that the role of multilateral development institutions is central to driving global development, particularly through collaboration with country governors.

    He emphasised the importance of the World Bank’s focus on job creation as a way of securing the future for young people globally.

    He added that Africa, with a projected 25 per cent of the world’s youth by 2050, was a key focus of the discussion.

    The minister noted that a stable macroeconomic environment and financial security are essential to support job creation in Nigeria.

    He stressed the need to attract private sector investment to generate quality, domestic jobs rather than relying on outsourced roles.

    Edun said the committee’s priorities align with President Bola Tinubu’s economic agenda, which aims to stabilise the economy and attract both local and foreign investors.

    He stated the plan includes raising productivity, growing the economy and especially creating employment opportunities for Nigeria’s youth.

    According to Edun, another goal is to prevent young people from leaving their countries in search of better-paying jobs abroad.

    “The objective is to create jobs locally, empower youth, and support this through essential infrastructure.

    “For young people, that includes digital infrastructure — access to data, internet, and fibre optic networks — to enable them to work remotely,” he added.

  • No going back: FG insists on Naira-for-crude policy to boost economic independence

    No going back: FG insists on Naira-for-crude policy to boost economic independence

    The Federal Government has reaffirmed its unwavering commitment to the implementation of the Crude and Refined Product Sales in Naira initiative, describing it as a strategic, long-term policy aimed at bolstering Nigeria’s energy independence and easing pressure on foreign exchange reserves.

    The assurance was given on Wednesday during a high-level meeting of the Technical Sub-Committee in charge of the policy’s rollout. The session brought together top government and industry players to review progress and address challenges since the policy’s launch.

    Among those in attendance were Minister of Finance and Coordinating Minister of the Economy, Wale Edun—who chairs the main Implementation Committee—Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, who also heads the Technical Sub-Committee; CFO of NNPC Limited, Dapo Segun; representatives from NNPC Trading, Dangote Refinery, the Central Bank of Nigeria (CBN), Afreximbank, Nigerian Ports Authority (NPA), and petroleum regulatory bodies (NUPRC and NMDPRA), alongside Committee Secretary Hauwa Ibrahim.

    Stakeholders at the meeting unanimously reaffirmed that the policy, already approved by the Federal Executive Council (FEC), is not a temporary measure but a permanent part of Nigeria’s broader economic transformation agenda.

    “This is not a pilot project or short-term fix,” said Edun. “It’s a critical national policy designed to strengthen our economy, deepen Naira usage in strategic sectors, and advance our energy self-sufficiency goals.”

    While acknowledging that the rollout has encountered operational challenges, the Committee assured that these are being addressed through coordinated efforts across all relevant agencies and private sector partners.

    “The policy is solidly on course,” Adedeji stated. “Thanks to our collaborative framework, we’re able to tackle any issues strategically and efficiently.”

    By denominating crude oil and refined petroleum transactions in Naira, the government aims to reduce demand for foreign currency, support the Naira, and enhance the resilience of the domestic energy market.

    Officials emphasized that the policy will remain in place for the long haul—as long as it continues to serve Nigeria’s economic interests and drive progress toward a more self-reliant energy sector.

  • FG unveils full economy plan for the country

    FG unveils full economy plan for the country

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the Federal Government has unveiled a comprehensive economic plan for sustainable development.

    Edun disclosed this in a statement issued by the Ministry’s Director of Information and Public Relations, Mr Mohammed Manga, on Tuesday in Abuja.

    The minister, who unveiled the plan at the 2025 KPMG Arise TV Budget News Day.

    Edun outlined Nigeria’s fiscal priorities and economic direction for the coming year.

    Economic Roadmap: Stability and Growth

    HM Edun reaffirmed the government’s commitment to fiscal discipline, revenue mobilization, and an improved investment climate. He highlighted a projected GDP growth of 4.6% for 2025, with a long-term ambition of 7% annually, a crucial target for poverty reduction and sustainable development.

    He emphasized that macroeconomic stability remains a top priority, with exchange rate stability, trade surplus, and increased oil production positioning Nigeria as a stronger global player. Foreign reserves have exceeded $40 billion, signalling confidence in economic policies and financial management.

    Driving Private Sector Investment and Infrastructure Growth

    A key theme of Edun’s address was the role of the private sector in driving economic expansion. He highlighted public-private partnerships (PPPs) as a critical tool to close Nigeria’s $100 billion annual infrastructure investment gap. Landmark projects such as the Benin-Asaba Highway and Lagos-Abeokuta Road are set to be developed under PPP frameworks, reducing travel time and boosting productivity.

    In the oil and gas sector, HM Edun emphasized the importance of domestic refining, with the Dangote Refinery now leading local crude petroleum processing. This shift will significantly reduce reliance on imports, strengthen energy security, and enhance economic resilience.

    Fiscal Reforms and Revenue Strategy

    Edun also addressed fiscal policy reforms, stressing the government’s drive to expand the tax base, streamline revenue collection, and create a business-friendly tax system. He noted that a balanced approach to taxation will encourage investment while ensuring adequate funding for national priorities.

    A Future Built on Stability and Innovation

    As Nigeria moves forward, HM Edun reaffirmed the government’s dedication to economic transformation, driven by policies that foster growth, stability, and private sector participation. Building on strategic reforms, Nigeria is poised to unlock new opportunities for prosperity, accelerate national development, and secure a brighter future for generations to come

  • FEC approves $1.07bn for health sector reform

    FEC approves $1.07bn for health sector reform

    The Federal Executive Council (FEC) has approved 1.07 billion dollars for healthcare sector reforms under the Human Capital Opportunities for Prosperity and Equity (HOPE) programme.

    The Federal Government also approved a N4.8 billion allocation for HIV treatment, Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said while addressing State House correspondents after the Federal Executive Council (FEC) meeting on Monday.

    He said the International Development Association (IDA) provided two concessional loans of 500 million dollars each, alongside 70 million dollars in grant funding from other international bodies.

    Prof. Muhammad Pate, the Coordinating Minister of Health and Social Welfare, said the HOPE programme aligned with the administration’s agenda to strengthen human capital development.

    “The funds will be directed toward improving governance in healthcare and enhancing primary healthcare services nationwide.

    “This financing will support recruitment, training, and retention of healthcare workers and teachers at the subnational level,” Pate said.

    He added that 500 million dollars was dedicated to expanding the quality, utilisation and resilience of the primary healthcare system, including emergency maternal and child health services.

    “As part of broader healthcare reforms, the council also approved N4.8 billion for the procurement of 150,000 HIV treatment packs over the next four months.

    “This initiative underscores the federal government’s commitment to providing life-saving treatment and reducing healthcare costs for vulnerable populations,” he said.

  • $20bn extra needed yearly to achieve economy target – Edun

    $20bn extra needed yearly to achieve economy target – Edun

    The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, says the country needs to invest 20 billion dollars to achieve the economic targets by 2027.

    Edun said  this during the citizens and stakeholders engagement on the implementation of presidential priorities and ministerial deliverables for the fourth quarter of 2024, in Abuja on Friday.

    He said that the additional 20 billion dollars per year  was required to grow the economy by an average of 6.3 per cent in the medium term.

    “We need significantly more growth, an additional 20 billion dollars is the target we need for social infrastructure to facilitate logistics for agriculture,” he said.

    Edun said that the government would rely primarily on increased revenue to meet this ambitious target.

    He said that there was the need for a robust tax revenue framework to secure the necessary funding, adding that sustainable economic growth hinged on this strategy.

    “To achieve this target and grow the economy, the government can only secure the funds from revenue. Tax revenue needs to be increased to reach the desired levels,” he said.

    Edun said that controlling fiscal deficit and ensuring a stable exchange rate would boost investor confidence.

    According to him,  this will  lead to more business activity in the country and increased tax revenue from those investments.

    “Once the deficit and exchange rate are under control, it will encourage investors to come and do business in Nigeria. In turn, they will pay their taxes,” he said.

    He said that President Bola Tinubu’s renewed hope agenda had been a huge success.

    The Minister of State for Fiance, Dr Doris Uzoka-Anite, said that the event was  a mmedium ro ensure that  the ministry achieved its goals.

    “The federal ministry of finance, just like every other ministries, has a bilateral engagement with departments and agencies under its supervision to report the ministry’s performance quarterly. Specifically, all the agencies under the ministry have performed very well.

    “The two major revenue generating agencies under the supervision of the ministry are  the Federal Inland Revenue Service (FIRS) and Nigeria Custom service. They performed above their target and this is highly commendable,” Uzoka-Anite said.

  • How we will finance 2025 budget deficit – Wale Edun

    How we will finance 2025 budget deficit – Wale Edun

    Mr Wale Edun, Minister of Finance and Coordinating Minister for the Economy, on Monday said the N13 trillion deficit in the N48 trillion 2025 budget would be financed through borrowing.

    The minister said this while briefing State House Correspondents after the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja.

    The total projected revenue for 2025 stands at N34,820,000,000,000 out of which the expenditure is projected at 47,960,000,000,000, which is an increase of 36.8 per cent from the 2024 estimate.

    The deficit for 2025 is projected at 13,140,000,000,000, representing 3.89 per cent of GDP.

    Edun said the budget was designed within the context of how far and how much progress had been made under the leadership of President Bola Tinubu over the last 18 months.

    “And even looking at it from an international context, we, like governments around the world, are concerned about how to achieve fiscal sustainability, revenue to expenditure and borrowing that is balanced, to create an environment in which the economy can grow.

    “Private sector led economies such as ours and others, rely on investors to put down their money in various projects, increase productivity, create jobs, grow the economy and in the case of countries such as ours, bring the people out of poverty,” said Edun.

    He explained that the Tinubu administration had put in place policies that ensured market pricing of petroleum products, foreign exchange, and efforts had been made to improve the pricing of electricity.

    Edun said: “Just recently Shell announced a $5 billion  investment, Total announced a multi-billion dollar investment just before that, and there are so many others expressing interest in investing in this country.

    “So, progress has been made. There is greater fiscal sustainability and as I said, even the European countries are struggling to achieve some of these critical macroeconomic reforms.

    “This budget is based on government spending in critical areas, but also more importantly, encouraging and making room for private sector investment.”

    He further stated that the improvements in the economy were encouraging.

    “For the first time in about 25 years we have domestic refinement of petrol, not just to produce petrol but also raw materials for industries across a whole range, from pharmaceuticals to building products to textiles,” concluded Edun.