TheNewsGuru

Tag: Wale Edun

  • Standard Chartered Bank to fund Lagos-Calabar highway, Port-Harcourt-Maiduguri rail line – Edun

    Standard Chartered Bank to fund Lagos-Calabar highway, Port-Harcourt-Maiduguri rail line – Edun

    The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has stated that Standard Chartered Bank has indicated interest to fund key infrastructure projects in the country including the Lagos to Calabar superhighway project, Port-Harcourt to Maiduguri rail line as well as $3 billion financing for NLNG.

    He stated at the end of a meeting with the global Chief Executive Officer, (CEO) of the bank with President Bola Tinubu at the state house, Abuja.

    Mr. Wale Edun praised Standard Chartered Bank as a valued partner to Nigeria, highlighting its contributions in financing infrastructure projects, offering guidance on credit ratings, and managing Nigeria’s Eurobond prudently.

    According to him, the Moody’s positive outlook rating followed the recent announcement of the World Bank’s $2.25 billion financing package for Nigeria, reflecting the positive trajectory of the current administration’s economic reforms.

    “They are also one of our lead managers for Eurobond issuance, and they advise us on our ratings.”

    “I am pleased to note that Moody’s has just completed our rating review and maintained Nigeria’s rating as a positive outlook, which is very encouraging,”

    He said, “As friends, we do not expect you to run away from investments in this sector. We face the future prospect while prudently maximising the present.”

    “Green industry and energy, yes. We will surely catch up with that. To run a marathon, you need energy today. Nigeria holds the largest reserves of gas in Africa. We know we can make best use of great opportunities that exist in the sector. We do not want you to back away from fossil fuels,”

    “We must be able to meet our obligations to the vulnerable communities. We are committed to being prudent with our natural resources to bring prosperity to our deserving people.”

    “As we hold the largest reserves in gas on the continent, we do not want to go backward, we want to move forward, and we welcome deepened partnership with your institution. ”

     

  • AKK gas pipeline project 90% complete – Minister

    AKK gas pipeline project 90% complete – Minister

    Minister of Finance and Coordinating Minister for Economy, Mr. Wale Edun, on Friday stated that the Ajaokuta-Kaduna-Kano (AKK) gas pipeline project has reached 90 per cent completion.

    The minister made the disclosure during an inter- ministerial visit to the gas project at River Kaduna HDD crossing site, Kaduna State.

    He stated that the 614 kilometers project has reached a commendable stage in spite of the effect of COVID 19 and the prevailing security challenges in some of the host communities .

    “We have witnessed the tremendous natural gas pipeline project and we have seen the skill and capacity of both the Nigerian National Petroleum Corporation(NNPC) and the Chinese Nigeria partnership.

    “I’m sure and I’m convinced that this project in line with the presidential mandate will be completed on time by the first quarter of next year.

    “It should give all Nigerians confidence in our own ability to do our own project, bring partners in to help and grow the economy,” he said.

    On his part the Minister of State for Petroleum Resources (Gas), Mr Ekperikpe Ekpo, said the project was critical for the country as it would help boost the economy.

    He added that the ministry would ensure the timely completion of the project as directed by President Bola Tinubu in order to create job opportunities,revive industries, improve power and generate revenue.

    Ekpo explained that the ministry, in collaboration with NNPC, was working towards expanding the project to other parts of the nation so that every  state would have gas and energy security.

    He expressed optimism that the project would succeed and Nigeria would  be the hub of gas distribution within the sub region and export gas to other countries.

    Earlier,the Minister of Information and National Orientation, Mohammad Idris, stated that it was part of Tinubu’s mandate to complete projects that have positive impacts on the people.

    He said that the project would be delivered in good time and Nigerians would see the benefits shortly.

    Similarly,Gov. Uba Sani, who was represented by his Deputy , Hajiya Hadiza Balarabe, said the gas project would solve the state ‘s power challenge and improve citizens’ standard of living.

    Meanwhile , Mr Howard Wang, Chairma,Brentex CPP Ltd ,  the contractors, said that they directly employed more than 1,925 skilled and sSemi-skilled Nigerian workers for the project.

    He added that they had worked in harmony with more than 240 local communities living along the right way for the project.

    “BCL has enjoyed tremendous support from the Federal Government of Nigeria through the able leadership of NNPC Ltd, without this support we may have had no magic to perform.

    “We also celebrate ourselves, BCL, a consortium of Chinese Government owned companies and a Nigerian local private company that successfully worked together to bring the project to the success it is today”,he said.

    The Group Chief Executive Officer, NNPC Ltd, Mr Mele Kyari, said that the company was committed to delivering the gas pipeline project on time.

  • Minister of Finance, Edun Proposes N105,000 as new minimum wage

    Minister of Finance, Edun Proposes N105,000 as new minimum wage

    The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun has proposed a new minimum wage.

    Punch reported that he presented a new minimum wage template N105,000 (approximately $220) per month for Nigerian workers to President Bola Ahmed Tinubu before the expiry of the 48-hour deadline.

    Edun submitted the projected cost implications of implementing a new national minimum wage to Tinubu on Thursday.

    The finance minister, along with the Minister of Budget and National Planning, Atiku Bagudu, presented President Tinubu with the cost implications of the new minimum wage in his office at the presidential villa in Abuja.

    The new proposal suggests a minimum wage of N105,000 (approximately $220) per month for Nigerian workers.

    Tinubu is currently reviewing this proposal, and an official announcement is expected soon.

    This development follows a recent strike by Labour Unions, which began on Monday after their meeting with the National Assembly leadership failed to produce a satisfactory outcome.

    The strike significantly disrupted economic activities nationwide, leading to the closure of international airports, schools, courts, banks, and hospitals.

    Members of the organised labour comprising the Nigeria Labour Congress and Trade Union Congress, on Tuesday, suspended their strike for five days.

     

     

  • REVEALED! Minimum wage amount proposed by Wale Edun to Tinubu [See details]

    REVEALED! Minimum wage amount proposed by Wale Edun to Tinubu [See details]

    Minister of Finance, Mr Wale Edun, on Wednesday met the 48-hour deadline to present a new minimum wage template to President Bola Ahmed Tinubu.

    According to online reports, the template proposes a new minimum wage of N105,000 (approximately $220 USD) per month for Nigerian workers.

    Tinubu is currently reviewing the proposal, and an official announcement would be made soon

    It would be recalled that the Labour Unions went on strike action on Monday after their meeting with the National Assembly leadership could not yield satisfactory result.

    The strike grounded all economic activities in the country including the closure of the International airports, schools, courts, banks and hospitals across the country.

  • When the prices of food will come down in Nigeria – Minister

    When the prices of food will come down in Nigeria – Minister

    The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has hinted on when food prices will come down.

    He noted that the prices of food stuff will come down in the coming months after dry season harvest.

    “We can expect that food prices will come down and food availability will increase,” Edun said on Channels Television’s Sunday Politics programme.

    Although the  minister said  food insecurity is a worldwide phenomenon, the government has dedicated special funding for infrastructure to boost agriculture output.

    Edun added that the focus of the government has been on ramping up food production through the provision of seeds, fertilisers, amongst others.

    The minister assured Nigerians that with the dry season and wet season harvest, food inflation will come down.

    He said, “Inflation, yes, it is high at 33.65%, food inflation at 40.5% is worrisomely high but the fact is that inflation is coming down, month-on-month. It is slowing and it is expected to reduce as we continue the dry season harvest and then we go into the wet season harvest. That is the place to focus on and a lot of emphasis is being placed on that to get agriculture output up, to get prices down, and that will be a nig factor in bringing down inflation.”

    Prices of food and basic commodities have gone through the roof in the last weeks, as Nigerians battle the country’s  current economic crisis sparked by the current government’s twin policies of petrol subsidy removal and unification of forex windows.

  • Why Multinationals are leaving Nigeria – Finance Minister, Wale Edun

    Why Multinationals are leaving Nigeria – Finance Minister, Wale Edun

    Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has stated reasons why some multinationals are leaving the country.

    According to him, multinational companies exiting the country did not have liquid foreign exchange market.

    However, he noted that the Federal Government is working very hard on the economic and investment climate to attract more multinationals into Nigeria.

    Edun, made this known while appearing on Channels Television’s Sunday Politics programme.

    He said, “One of the major drawbacks one of the major impediments for them (exiting multinationals) was they did not have a liquid foreign exchange market.

    “Now, we have a willing buyer, willing seller foreign exchange market. It is elevated, may be not at the levels we will like it to be but it is when you get inflation down that you can stabilise the exchange rate and even get it coming down similarly with the interest rate. That fight is on. It is an improved environment for them, for big investors as a whole.”

    He said recent executive orders signed by President Bola Tinubu has improved the investment climate for gas which Nigeria has in abundance.

    The minister said, “Companies will always come and go, of course, our aim is to not only keep them but to have them even more coming to invest, and we are sure that with the environment that we put in place, they would come.”

    He said a proposal to make things easier for both local and foreign manufacturers operating in the country are in an Economic Stabilisation Package before the President.

    “We are in a difficult place but the direction of travel is and it’s towards improvement. So, every single day, every single month, we are looking at an improved economic situation for Nigeria.”

    As Nigeria battles its current economic crisis sparked by the government’s twin policies of petrol subsidy removal and unification of forex windows, some manufacturing companies have exited the country in the last few months, the latest being manufacturers of Huggies and Kotex brands of diapers, Kimberly-Clark.

    It would be recalled that few multinationals  exited Nigeria in the last one year and they  are US-based Procter and Gamble (P&G), GlaxoSmithKline (GSK), Unilever, Sanofi-Aventi Nigeria, amongst others.

    Many of the multinational have cited high energy cost and currency depreciation as reasons for exiting the country.

     

  • Finance Minister to chair South-West public hearing on minimum wage

    Finance Minister to chair South-West public hearing on minimum wage

    Mr Wale Edun, the Minister of Finance and Coordinating Minister for the Economy will chair the South-West zone public hearing on the new national minimum wage on Thursday in Lagos.

    This is contained in a statement by Mrs Helen Oby, Head, Press and Public Relations Unit of the Ministry of Finance, on Monday in Abuja.

    She said Edun will lead five other members of the minimum wage team appointed by the federal government to the public hearing at LTV Blue Roof Arena, Ikeja, Lagos.

    “This session aims to gather insights and recommendations to inform a fair and sustainable minimum wage policy, reflecting the engagement and contributions from various stakeholders in the region.

    Gov. Adeleke Ademola of Osun will represent state governments interest during the hearing.

    Other members are, Omo-Lamai Grace, Manufacturers Association of Nigeria; Muhammed Nura, Nigeria Association of Small and Medium Enterprises; Adeyanju Adewale (NLC); Shuaibu Afusatu (TUC); and Minister of State, Labour and Employment, Onyejeocha Nkeiruka.

    Oby said that the aim was to aggregate the inputs of Nigerians to come up with a sustainable national minimum wage reflective of economic realities and aspirations of workers.

    According to her, stakeholders are expected to  contribute to shaping a policy that balances the well-being of workers with the economic health of the nation.

    Similar public hearings have been slated across other political zones.

    The hearings were scheduled to take place in the North-East (Yola), North-West (Kano), North-Central (Abuja), South-South (Uyo), and South-East (Enugu).

  • Ministers, CBN, FIRS pledge to address high cost of living

    Ministers, CBN, FIRS pledge to address high cost of living

    The Minister of Finance, Mr Wale Edun, and the Minister of Budget and National Planning, Atiku Bagudu, have assured Nigerians that the high cost of living being witnessed by Nigerians is currently being addressed.

    Mr Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), and Mr Zacch Adedeji, Chairman, Federal Inland Revenue Service (FIRS), joined the ministers to allay the fear of Nigerians about the current inflation.

    They all spoke when they appeared at the sectoral debate organised by the House of Representatives for the finance sector and stakeholders on the current cost of living at Plenary in Abuja on Tuesday.

    Speaking, Edun, who is also the coordinating minister of the economy, said, “Where we are as a nation is a much better place than we were in on May 29, 2023.”

    He added that Nigeria as a country was on the road to economic disaster by way of subsidy on fuel, adding that it was expected that there would be challenges as a result of subsidy removal.

    Edun said that inflation had increased and the cost of living had spiked, but stated that President Bola Tinubu was committed to protecting the poorest and the vulnerable.

    “As things improve, there will be further intervention on behalf of the vulnerable to assist in the cost of living.

    “Let us be confident, calm, and assured that Nigeria will change in terms of economic management and that there will be intervention in every sector.”

    According to him, there is a need to tackle inflation because full inflation accounts for 33 percent of the consumer price index.

    He said there was a need to return to production, adding that industry however, required energy to function optimally and that the President was also committed to using state power to subdue vested interest in the oil sector.

    On his part, Bagudu said the president was committed to national development, adding that the president reckoned with the challenges of the living conditions of the people.

    “What is happening in our country is obvious to someone visiting a construction site; we are very clear that we are on the right path and the challenges of the moment are being tackled.

    “We are getting support from international partners, and they are all acknowledging the commendable steps that the president is taking.

    “We have seen investments in the rail sector, the NNLG, and we assure you that we will overcome the challenges of the moment and sustain the economic growth as promised by the President,” he said.

    In a related development, Cardoso expressed confidence that positive outcomes from the administration of Tinubu were already emerging and would further emerge in the near future.

    “The concern as per the cost of living is genuine, and the urgency of the matter is not lost on us at the CBN, and we are working tirelessly to bring up a lasting solution.

    He said inflation was expected to decline in 2024, adding that this would be aided by improved agricultural productivity.

    He said that the challenges of the exchange rate had been tackled, adding that they were fueled by speculation, increased forex demand, increased capital outflow, excess liquidity, and increased demand, among others.

    He said the CBN was addressing the forex demand by clearing forex operations and adjusting the remuneration standard deposit, among others.

    Speaking, the FIRS boss, Mr Adedeji, said the service was not a revenue-generating agency but a revenue-collection agency, adding that the agency was doing a lot to increase the nation’s revenue base.

    According to him, the target for 2023 revenue was N10 trillion, and we achieved N12.3 trillion because of the decision taken by the president.

    Adedeji said the president took the decision to rectify the distortion in the economic parameters and remove the fuel subsidy.

    According to him, we have overperformance from VAT collection and company income tax. We have the target of collecting N19.2 trillion in 2024.

    The chairman added that the N19.2 trillion target was based on the fact that it would not collect new taxes but bring more people into the tax rate.

    He said less than 60 companies, as of today, contribute less than 60 percent to the nation’s company income tax.

    Meanwhile, Rep. Benjamin Kalu, the Deputy Speaker of the sectoral debate with the Ministers of CBN and FIRS, said it was imperative to recognize the urgency and importance of the agenda before it.

    He said, “We must also confront the stark realities of the economic, fiscal, and revenue challenges that our beloved nation, Nigeria, is currently facing.

    “In the face of global economic shifts and domestic challenges, it is clear that robust reform measures are not just beneficial but imperative.

    “We are at a pivotal moment where the decisions we make and the policies we implement will impact the lives of millions of Nigerians”

    He said the reform should not only address immediate needs but also lay a resilient and dynamic framework that would adapt to future challenges and opportunities.

    According to him, these measures should stimulate growth, foster innovation, and uplift the lives of every Nigerian.

     

  • FG set to go after stockpile of foreign currencies in domiciliary accounts

    FG set to go after stockpile of foreign currencies in domiciliary accounts

    The Minister of Finance and Coordinating Minister for the Economy, Wale Edun has disclosed the intentions of the federal government to go after the stockpile of foreign currencies in domiciliary accounts.

    TheNewsGuru.com (TNG) reports Edun disclosed this on Wednesday at the release of the latest “World Bank Nigeria Development Update” in Abuja.

    The Finance Minister noted that affluent Nigerians hold a substantial amount of foreign currencies in their domiciliary accounts.

    He indicated the government’s intention to encourage investments by incentivising the release of funds from these accounts, without imposing forceful measures on their owners.

    “There is a lot of FX liquidity in Nigeria and the federal government would take steps to make holders of such accounts release the money.

    “The government would not force holders of such accounts to give them up but would provide incentives to enable them invest in attractive instruments, going forward,” Edun said.

  • FG moves to audit NNPCL accounts

    FG moves to audit NNPCL accounts

    Minister of Finance and Coordinating Minister for the Economy, Wale Edun has disclosed plans by the federal government to audit the accounts of the Nigerian National Petroleum Company Limited (NNPCL).

    TheNewsGuru.com (TNG) reports Edun made the disclosure at the release of the latest World Bank Nigeria Development Update on Wednesday in Abuja.

    While insisting on the necessity for rigorous scrutiny, Edun stressed the government’s eagerness to ensure revenue inflows from the NNPCL and other revenue generating agencies.

    “There will be earnest scrutiny and I am sure NNPCL is getting ready for that.  We want revenue to come into the government coffers from NNPC and all other revenue agencies.

    “The last two ministers of Finance, namely, Mrs. Kemi Adeosun and Mrs. Zainab Ahmed publicly said that the accounts of the NNPCL would be looked into, but there has been no report of such audit made public,” the Minister said.