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  • Nigeria’s economy to grow by 4.68% in 2026 – Edun

    Nigeria’s economy to grow by 4.68% in 2026 – Edun

    Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, says the economy is projected to grow 4.68 per cent in 2026 as the government drives investment-led, inclusive growth aimed at creating jobs and boosting citizens’ welfare.

    Edun made the remarks on Thursday in Lagos while delivering the keynote address at the launch of the Nigerian Economic Summit Group (NESG) Macroeconomic Outlook Report for 2026.

    He said the growth projection aligns with the government’s medium-term goal of achieving seven per cent annual growth and building a one-trillion-dollar economy by the end of the decade.

    According to Edun, the economy in 2026 is projected to grow at 4.68 per cent, consistent with our path to seven per cent growth per annum and a one-trillion dollar economy by 2030.

    He projected average inflation at 16.5 per cent and the exchange rate at about N1,400 per dollar.

    “For inflation, as we have said, we need to get into simple figures. It is expected to average 16.5 per cent and the exchange rate, N1,400 per dollar,” he said.

    Edun noted that the 2026 budget, titled “Budget of Consolidation, Renewed Resilience and Shared Prosperity,” reflects President Bola Tinubu’s commitment to ensuring that macroeconomic improvements translate into real gains in Nigerians’ daily lives.

    “It is not about the metrics or the percentages; it is about the lived experience of Nigerians in terms of electricity supply, food availability and improved welfare,” he said.

    He said the budget deficit, estimated at about four per cent of Gross Domestic Product (GDP), reflected the scale of Nigeria’s development needs and the ambition to accelerate growth.

    Edun emphasised that following the removal of distortions and recent stabilisation measures, the focus of economic policy had shifted to driving growth through increased investment.

    “Ongoing investments in digital infrastructure, including the rollout of over 90,000 kilometres of fibre optic cables in collaboration with the World Bank and the Ministry of Communications are part of efforts to empower young Nigerians and support technology-driven growth,” he said.

    The minister said the reform programme was anchored on four objectives.

    “These include: consolidating macroeconomic stability, improving the business and investment climate, strengthening human capital while protecting the vulnerable through social protection, and stimulating broad-based economic growth,” he noted.

    On fiscal performance, Edun said that even with shortfalls in oil and gas revenues compared to budgeted levels, the Federal Government prioritised fiscal federalism, transparency, and accountability in managing the federation account.

    “This ensured that funds due to states and sub-national governments were fully disbursed, significantly strengthening their financial positions,” he said.

    He added that many states recorded budget surpluses of about three per cent, enabling increased spending on health, education, public services, and other social and economic priorities.

    Edun also highlighted that the Federal Government demonstrated fiscal discipline by extending the 2024 budget to ensure the completion of priority capital projects.

    “Aggregate capital expenditure in 2024 stood at about N11.1 trillion, representing an 85 per cent performance, reflecting the administration’s emphasis on completing ongoing projects,” the minister explained.

    He said all statutory obligations, including foreign and domestic debt servicing as well as salary payments, were fully met.

    “These outcomes underscore a strong commitment to transparency, structural reform and fiscal discipline, as well as laying the foundation for rapid, sustained and inclusive growth,” Edun added.

    He noted the government’s long-term growth target of seven per cent was aimed at outpacing population growth and lifting millions of Nigerians out of poverty.

    The minister e xplained that reducing reliance on debt was a key fiscal priority, with renewed emphasis on boosting government revenue through digitalisation, central billing systems, and improved reconciliation processes to block leakages.

    Read Also: Edun, Olopade sympathize  with  Joshua after road accident

    “The introduction of a central billing and receipt system would enhance transparency by tracking assessments and payments in real time across government agencies,” he said.

    Edun also highlighted the implementation of a new tax law designed to be pro-poor, broaden the tax base, simplify compliance, and exempt essential goods, food items, and small businesses.

    He said President Tinubu’s strategic vision was to build a resilient, diversified, and globally competitive economy, leveraging exchange rate stability and expanded trade opportunities under ECOWAS and the African Continental Free Trade Area.

    Edun identified key priorities for 2026 to include improving competitiveness through sound governance, boosting agricultural productivity and food security, accelerating infrastructure and energy development, and investing in human capital.

    He acknowledged constraints in global concessional financing and said Nigeria must increasingly rely on domestic resource mobilisation and private sector investment to fund development.

    Edun urged Nigerians at home and in the diaspora to take advantage of improved macroeconomic conditions to invest in the economy.

    “The private sector is indispensable to sustaining growth,” he said.

    Edun said although the task ahead was challenging, the Federal Government remained resolute in translating economic stability into inclusive, job-rich growth.

    “We remain committed to delivering tangible benefits to the average Nigerian,” he stressed.

    (NAN)

  • Edun, Olopade sympathize  with  Joshua after road accident

    Edun, Olopade sympathize  with  Joshua after road accident

    The President of the Nigeria Boxing Federation and Honourable Minister of Finance & Coordinating Minister of the Economy, Mr. Wale Edun , alongside the Director General of the National Sports Commission (NSC), Hon. Bukola Olopade, have expressed deep condolences to global boxing icon Anthony Joshua and the families of victims following a tragic road accident along the Lagos–Ibadan Expressway.

    In a condolence message issued on behalf of the Nigerian boxing community, Edun conveyed sympathy to Joshua and the bereaved families, describing the loss of life as deeply distressing. He offered prayers for comfort and healing during the difficult period.

    The message read: “On behalf of the entire Nigerian Boxing family, I express my deepest condolences to our national treasure Anthony Joshua and the families of the two individuals who passed away. The loss of life is always deeply distressing, and our thoughts and prayers are with you, Anthony and the affected families at this difficult time.

    Read Also: PROFILES: Anthony Joshua’s two friends, Sina and Latif, who died in Monday crash

    “As a boxing community we pray for your speedy recovery and that the souls of the dearly departed rest in peace.”

    Similarly Olopade, expressed profound sympathy to y Joshua and the families of the victims involved in the fatal accident, which occurred on Monday, December 29, along the Lagos–Ibadan Expressway.

    Olopade paid a visit to the former world heavyweight champion on behalf of the Chairman of the Commission, Mallam Shehu Dikko, and the entire staff of the NSC.

     He described the incident as tragic and deeply saddening, while thanking God for Joshua’s survival. Sadly, the accident claimed the lives of Joshua’s strength and conditioning coach, Sina Ghami, and his personal trainer, Kevin Latif Ayodele.

    The statement reads:  “On behalf of the National Sports Commission and the entire Nigerian sports family, I express my heartfelt condolences to the families who lost their loved ones in this unfortunate accident,” Hon. Olopade said.

     “We thank God for the life of Anthony Joshua. Our thoughts and prayers are with him as he recovers, and we wish him a full and speedy return to good health.”

  • Edun: economy remains stable despite airstrikes in Sokoto

    Edun: economy remains stable despite airstrikes in Sokoto

    • Every effort to safeguard Nigerians is pro-growth, pro-investment

    The Federal Government yesterday said its concerted efforts and international collaboration in tackling terrorism would have no negative effect on the overall economy.

    Such decisive actions, it believes, have the potential to reinforce investor confidence and economic growth.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in a statement, said the country’s security operations were designed to strengthen security rather than create uncertainty in financial or investment circles.

    Edun spoke against the background of concerns in some quarters on the joint security operation conducted by Nigeria and the United States (U.S.) against identified terrorist elements in Sokoto on Thursday.

    He explained that the context of the operation was crucial to understanding its broader economic implications.

    According to him, the collaborative mission between Nigerian security forces and the United States was strictly directed at terrorist elements threatening national safety and economic activity.

    Details of the airstrikes’ outcome are still sketchy, but the effect has sent shock waves to terrorists and bandits.

    “What Nigeria is decisively confronting, alongside trusted international partners, is terrorism.

    “This distinction is important, and it is fundamental to understanding the positive economic implications of recent actions,” Edun said.

    He noted that the Sokoto operation was precise, intelligence-led, and focused exclusively on terrorist elements that threaten innocent lives, national stability, and economic activity.

    “Far from destabilising markets or weakening confidence, such actions strengthen the foundations of peace, protect productive communities, and reinforce the conditions required for sustainable growth.

    “Security and economic stability are inseparable; every effort to safeguard Nigerians is, by definition, pro-growth and pro-investment,” Edun said.

    He highlighted that under the leadership of President Bola Ahmed Tinubu, the country had recorded tangible progress in both security and economic reform, with measurable outcomes reflected in recent macroeconomic indicators.

    “In the third quarter of 2025, Nigeria recorded Gross Domestic Product (GDP) growth of 3.98 per cent, following a strong 4.23 per cent growth in the second quarter.

    Read Also: More strikes await terrorists as details of Sokoto attack unfold

    “We expect a stronger fourth quarter 2025 GDP performance.

    “Inflation has decelerated for the seventh consecutive period and is now below 15 per cent, reflecting improving price stability and the effectiveness of coordinated fiscal and monetary actions,” Edun said.

    He pointed out that Nigeria’s financial markets remain steady, with domestic and international debt platforms operating efficiently under prudent fiscal management.

    He noted that the country has secured credit rating upgrades from Moody’s, Fitch, and Standard & Poor’s, which were independent validations of policy direction and reform outcomes.

    “We have maintained fiscal discipline, prioritised efficiency, and protected macroeconomic stability, demonstrating resilience in the face of external shocks,” Edun said.

    He reiterated President Tinubu’s last week’s national address, which emphasised that the government’s priority for 2026 is to consolidate the gains recorded in 2025, build stronger economic resilience, and sustain the momentum toward an economy driven by inclusive and durable growth.

    “The actions we take today on security, reforms, and fiscal discipline are aligned with that goal.

    “As markets reopen on Monday, 29 December 2025 (today), investors can be confident that Nigeria remains focused, reform-driven, and committed to stability.

    “The fundamentals are strengthening, the policy direction is clear, and the resolve of this administration to protect lives, secure prosperity, and grow the economy is unwavering.

    “Nigeria remains open for business, anchored in peace, and firmly focused on the future,” Edun said.

    The Nigerian stock market closed for the week, on the eve of the Sokoto strike, with a net capital gain of N953 billion to strengthen its year-to-date return to 49.17 per cent, one of the five highest returns globally.

    Foreign investors have shown considerable positive sentiment for the Nigerian market.

    The latest foreign portfolio investments (FPIs) report had shown that the rate of participation by FPIs in the Nigerian market increased by some 479 basis points, with retained funds or surpluses from foreign transactions so far this year nearly half of their total transactions in the previous year.

    The proportion of foreign to domestic participation has shifted from the previous 15.98-84.02 per cent to 20.77-79.23 per cent, underscoring the stronger influence of FPIs.

    Growing foreign participation and steady domestic demand had seen turnover at the Nigerian stock market rising to a new record of N10.54 trillion.

    Trading data at the Nigerian Exchange (NGX) showed that total transactions have more than doubled to N10.54 trillion over the past 11 months, driven by increased participation by foreign investors.

    As against the previous trend where outflows were more than inflows, there has been a considerable increase in inflows compared to outflows under the new bullish sentiment.

    A breakdown of the 11-month trading data showed that total turnover at the Nigerian Exchange (NGX) increased from N4.91 trillion by November 2024 to N10.54 trillion by November 2025.

    Total transactions by FPIs jumped by 178.8 per cent from N785.28 billion to N2.189 trillion.

    Foreign inflows had grown by 218.9 per cent from N370.15 billion to N1.18 trillion, while outflows were slower at 142.89 per cent from N415.13 billion to N1.001 trillion.

    Nigerians across the broad spectrum continued to stake high on the overall economic outlook, with total domestic transactions rising from N4.12 trillion to N8.35 trillion.

    Domestic retail investors’ turnover rose from N2.11 trillion to N3.22 trillion, while domestic institutional investors traded N5.13 trillion in 2025 as against N2.02 trillion in 2024.

    Nigeria’s inflation rate has dropped consecutively for the past eight months to stand at 14.45 per cent.

    Gross Domestic Product (GDP) recorded its highest growth this year in the third quarter as sustained improvements in the non-oil sector supported the economy to a 3.46 per cent growth.

  • MTEF/FSP: FG targets aggressive revenue drive, savings mobilisation to curtail ₦152trn debt

    MTEF/FSP: FG targets aggressive revenue drive, savings mobilisation to curtail ₦152trn debt

    …Nigeria records N30trn revenue shortfall for 2025

    …as Senate panel urges FIRS to intensify public enlightenment on new tax reform laws

    The Federal Government has announced a decisive shift away from heavy borrowing towards aggressive revenue mobilisation, as Nigeria’s public debt stock rises to about ₦152 trillion.

    This is even as the Chairman, Senate Committee on Finance, Senator Mohammed Sani Musa, advised the Federal Inland Revenue Service (FIRS) to embark on aggressive nationwide enlightenment to prepare Nigerians for the new tax reform laws scheduled to take effect next year, warning that poor public understanding could undermine the gains of the far-reaching reforms.

    Presenting the 2026-2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), before the Senate Committee on Finance, the Minister of Finance and Coordinating Minister for the Economy, Dr Olawale Edun, said the focus of government policy going forward would be on strengthening revenue generation rather than accumulating new debt.

    Edun further disclosed that the country recorded N30trillion revenue shortfall in the outgoing year.

    According to him, out of the N40trillion revenue target for 2025, only the sum of N10trillion was realised.

    “The focus of the Medium-Term Expenditure Framework is not on increased borrowing. The emphasis is squarely on revenue generation,” the minister told lawmakers.

    He said the MTEF, which is a statutory requirement under the Fiscal Responsibility Act, sets out the government’s fiscal direction over a three-year period and reflects the realities confronting public finance.

    On budget performance, the minister said the 2024 budget had been largely implemented, with both recurrent and capital components substantially executed. 

    He explained that the capital component of the 2024 budget was extended into 2025, with funding fully available for the finalised capital projects up to September.

    “Funding is available for part of the remaining capital expenditure, while the balance is planned to be rolled over into the 2026 budget,” he said.

    On the 2025 budget, he disclosed that funding arrangements and approvals had been secured, with about 30 per cent of the capital budget already funded.

    According to him, the balance would also be rolled over into 2026, subject to the cooperation and approval of the National Assembly.

    The minister admitted that weak revenue performance remains the biggest challenge to effective budget implementation. 

    He said total revenue for 2024 was projected at about ₦25.9 trillion, but actual federal government revenue stood at roughly ₦8.27 trillion.

    “The reality is that revenue performance has consistently fallen short of budget estimates,” he said, adding that treasury management measures and financial engineering had been deployed to bridge the gap.

    For 2025, he said revenue was estimated at about ₦40 trillion, but actual federal government cash revenue is projected at about ₦10 trillion, a gap he described as unsustainable.

    “This historical trend clearly shows the need for a far more robust and realistic revenue effort going into 2026,” the minister said.

    To address the challenge, he said the government is rolling out a comprehensive revenue optimisation programme anchored on automation, digitalisation, technology deployment and process re-engineering.

    As part of the reforms, he disclosed that four circulars had been issued mandating revenue- and investment-generating ministries, departments and agencies to migrate to a transparent digital platform.

    “They must stop collecting revenue in cash and must also stop deducting expenses or charges before remitting revenues to the Treasury Single Account,” he said.

    The minister stressed that the reform would be a major pillar of the 2026 budget, noting that revenue projections in recent years had significantly exceeded actual collections.

    Despite the revenue shortfalls, he said the government has continued to meet its key obligations.

    “Even with revenue performance of about 25 per cent in some instances, salaries, pensions, statutory transfers and debt service—both domestic and foreign—have all been fully paid,” he said.

    Explaining the surge in public debt, the minister said Nigeria’s total public debt rose from about ₦70 trillion in 2023 to approximately ₦152 trillion, largely due to transparency-driven adjustments rather than fresh borrowing.

    “A significant portion of this increase—about ₦30 trillion—arose from bringing previously unrecorded Ways and Means financing onto the government’s books,” he said.

    He added that about ₦50 trillion resulted from exchange-rate adjustments following Central Bank monetary policy actions to clear foreign exchange backlogs and rebuild external reserves.

    “Consequently, about ₦80 trillion of the total debt stock does not represent new borrowing, but rather reclassification, regularisation and valuation adjustments,” the minister said.

    He emphasised that the government is now looking beyond borrowing to mobilise domestic savings to drive growth.

    “For an economy where about 90 per cent of activity is driven by the private sector, there must be broad-based mobilisation of savings,” he said.

    According to him, President Bola Ahmed Tinubu is considering a public-private partnership initiative aimed at mobilising mass savings across the population.

    “This will go beyond the relatively small number of Nigerians with pension or stockbroking accounts and encourage tens of millions of citizens to save and invest productively in the economy,” he said.

    He urged lawmakers to support the proposed reforms, saying they are critical to restoring fiscal sustainability and strengthening the economy.

    The Minister of Budget and Economic Planning, Senator Atiku Bagudu and Minister of State (Petroleum), Senator Heineken Lokpobiri in their submissions, defended the parameters set for the proposed N54. 4trillion 2026 budget.

    The parameters are 1.84million oil production per day, $64.85 oil price benchmark, N1, 512.00 to 1USD as exchange rate etc.

    Speaking at the interactive session with key revenue-generating agencies, ministries and departments, the committee chairman, Sani Musa, said the scope and implications of the new tax architecture being finalised by the National Assembly were extensive and would significantly alter Nigeria’s tax administration, incentives regime and revenue profile.

    According to him, Nigerians must be adequately informed ahead of January 1, when several of the reforms are expected to commence, to avoid confusion, misinformation and resistance.

    He stressed that FIRS, as the lead agency in tax administration, has a responsibility to clearly explain the benefits and obligations embedded in the new laws.

    “With the kind of reforms that are coming, there will be serious issues if Nigerians are not properly enlightened.

    “There is a strong need for FIRS, working with the Ministry of Finance and other relevant agencies, to step up public communication so citizens understand what these reforms mean for them and for the economy,” Musa said.

    As part of the enlightenment drive, the lawmaker specifically called on FIRS to utilise national media platforms to clarify contentious issues around memoranda of understanding, incentives and compliance requirements, noting that he had received numerous complaints and enquiries from the public on such matters.

    “The reforms are intended to strengthen tax administration and management, not to punish Nigerians. That message must be clearly communicated,” he said, while commending the participation of ministers, heads of agencies and stakeholders at the session.

    The lawmaker noted that the National Assembly is pushing for a consolidated tax framework that simplifies compliance, removes duplication of charges and harmonises incentives, particularly to support investment, exports and revenue growth.

    He explained that under the proposed tax regime, incentives would be streamlined into a single, development-focused framework rather than multiple, overlapping concessions that often result in revenue leakages.

    He also highlighted ongoing reforms in Nigeria’s special economic and free trade zones, explaining that only 25 per cent of goods produced in the zones would be allowed into the Nigerian customs territory duty-free, while the rest would attract applicable taxes and duties.

    He said the measure was designed to boost government revenue while ensuring that the zones truly serve as export hubs rather than channels for tax avoidance.

    “We have realised that a lot of revenue has been missed over the years. These reforms are meant to close those gaps while still supporting investors to use Nigeria as a base to export across Africa under the African Continental Free Trade Area and to the rest of the world,” he added.

    The committee chairman further disclosed that the Senate would, immediately after the Christmas recess, conduct investigative hearings to assess the actual budget performance of ministries, departments and government-owned enterprises, particularly in the area of revenue generation.

    He said the outcome would inform an amortised fiscal strategy paper aimed at producing a more realistic and implementable national budget.

    He urged revenue agencies and government-owned enterprises to align their projections with the realities of the new tax laws, stressing that the legislature would demand stronger revenue outcomes in the coming fiscal years.

    The Committee expressed displeasure with multiple budgets implementation in a fiscal year by the federal government as experienced in 2025.

    It consequently tasked the Federal Inland Revenue Service (FIRS), to increase its projected revenue target for 2026 from N31trillion to N35trillion.

    He added that a three man adhoc committee would be set up by the committee to laise with the Minister and the Accountant-General of the Federation on payment of local contractors for projects executed in 2024 before expiration of the budget on 31st of this month.

    For FIRS, Senator Sani Musa tasked its Chairman, Zacch Adedeji, to work towards realizing N35trillion as target revenue for 2026 fiscal year and not the earlier projected N31trillion mentioned by the Chairman.

    The FIRS boss had in making the projection said the agency under him, realized N20.2trillion revenue in 2024 and N25.2trillion in 2025 .

    He, however, said that the huge revenue being realized by FIRS and other agencies like Customs, are being swallowed and made insufficient by multiple budget implementations in a fiscal year.

  • 10 deals worth $100m underway, says Finance Minister

    10 deals worth $100m underway, says Finance Minister

    • Fed Govt calls for stronger intra-African trade

    With at least 10 major trade deals worth a minimum of $100 million currently being negotiated between African and Arab markets, the Federal Government has urged African countries to deepen intra-continental trade and investment as development aid to the continent continues to shrink.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, made the appeal in Abuja on Thursday at the 5th B2B Agribusiness Matchmaking Event, warning that African economies must increasingly rely on regional markets and private capital to sustain growth.

    Edun said recent trends showed a sharp retreat in global support to developing countries, stressing that concessional financing and overseas development assistance have continued to decline.

    According to him, Africa recorded a nine per cent drop in 2024 and is projected to face a further 17 per cent decline in 2025, based on estimates by the African Development Bank.

    He told participants that the shift in the global economic environment demands a new approach. “African countries are faced with high debt burdens in many cases, high debt servicing requirements that are gulping funds that could otherwise be used for public investment,” he said.

    He added that it was clear during discussions that “the private sector is the real source of investment, whether it’s foreign direct investment or domestic investment.”

    READ ALSO; No Boko Haram suspects held in Lagos, CP Jimoh

    Edun noted that multilateral support structures built over decades are fading rapidly. “The world has turned away from multilateralism. If you take out maybe the willingness for international cooperation in perhaps the health sector in some cases and definitely in the area of climate, the multilateralism of the last decades since the Bretton Woods institutions rose up is fast receding,” he said

    The Minister said the reality of declining aid flows requires African countries to look inward. According to him, “Concessional financing and even overseas development assistance flows to developing countries, to Africa, have turned negative.

    “They were down by nine per cent last year 2024. By 2025, the flows will be down by perhaps 17 per cent, according to AFDB estimates. So, we have to look inward, we have to trade more with each other, we have to grow our economies together, the savings of our people being invested in productive activity.”

    At the event, Founder and Chief Executive Officer of Welcome 2 Africa International, Bamidele Seun Awoola, confirmed that the organisation, working with its partners, aims to facilitate at least 10 trade agreements worth no less than $100 million between African and Arab markets.

    Speaking at the matchmaking forum, Awoola said her organisation had set clear internal targets focused on unlocking new commercial linkages, spurring value addition and strengthening regional ties.

    While declining to estimate the current size of Africa–Arab trade, she said the level of investor interest and ongoing engagements already pointed to opportunities that “far surpass the $100 million target.”

    She said one of the organisation’s priorities is to drive industrialisation through joint ventures that bring manufacturers and processors into Nigeria.

    According to her, Nigeria’s agricultural strength must be backed by processing capacity to create jobs, increase value addition and accelerate economic growth.

    By linking producers with processors and structuring partnerships, she said her organisation hopes to help Nigeria build a stronger industrial base that supports communities and expands regional commerce.

    Awoola noted that the matchmaking event was designed to generate concrete business outcomes. She said her team conducted detailed market analysis to determine what African countries, especially Nigeria, can competitively supply to the Arab market, and invited only participants positioned to close real transactions.

    She expressed confidence that with the strong engagements recorded on the opening day, the event would produce partnerships, joint ventures and wealth-creating ventures aligned with Nigeria’s development goals.

    A major outcome of the Abuja meetings was the signing of two Membership Agreements with Nigeria and Côte d’Ivoire. The agreement signed by the Federal Republic of Nigeria, represented by the Federal Ministry of Finance, formally admitted the country into the Arab Africa Trade Bridges (AATB) Programme.

    The programme promotes trade facilitation, improves export competitiveness and targets key sectors including agribusiness value chains and small and medium enterprises. It also assists member nations in areas such as logistics, industrial development and expanding access to regional and global markets.

  • Table Tennis: Edun counts gains of Daniel Ford Elite Youth Championships

    Table Tennis: Edun counts gains of Daniel Ford Elite Youth Championships

    As the Daniel Ford Elite Youth Table Tennis Championships enters its third edition, its sole sponsor, Yemi Edun, reflects on the tournament’s growing impact on the sport in Nigeria.

     The property mogul  cum passionate sports advocate, is convinced that the competition is not only shaping the future of table tennis in the country but also laying the foundation for  stronger continental and global prominence.

    For Edun, the past two years have been nothing short of exhilarating.

     “The tournament has been fantastic—it’s thrilling, engaging, and watching players’ progress to win bigger tournaments has been very encouraging,” he said. “I’ve been quite pleased with how things have gone so far.”

    The championship, which has quickly become a fixture in Nigeria’s youth sports calendar, has already produced talents who now form the backbone of the national team. For Edun, this is a clear sign that the initiative is fulfilling its purpose.

    “Absolutely,” he said when asked if he was satisfied with the tournament’s impact. “Seeing some of our participants now representing Nigeria is incredibly rewarding.”

    In 2024, Edun introduced a pre-tournament clinic aimed at sharpening players’ skills and preparing them mentally and technically for competition. The idea, he explained, was to make the event more than just a contest.

    “There’s skill improvement from facing off with competitors, but there’s also the input a trained eye can give—especially before the tournament—so every player brings their best. I believe the overall impact has been positive.”

    While Edun is keeping some surprises under wraps, he promises that this year’s edition will build on the momentum of previous years.

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    “Every year brings scope for continuous improvement. With more awareness and experience, this third edition is naturally set apart. We’re working to enhance the event in ways that everyone will enjoy.”

    Edun is optimistic about Nigeria’s potential to reclaim its status as Africa’s table tennis powerhouse and compete globally.

    “It’s absolutely within our abilities. We hope this tournament revitalizes our pipeline for elite-tier players. In sports, early mastery is crucial—some say by age 13, you should already be on the path. Nigeria, being the largest Black nation on earth, statistically has immense talent to tap into. I fully envisage a future within the next seven years where Nigeria leads Africa in table tennis.”

    Pressed on what makes the Daniel Ford Championships unique, Edun pointed to the blend of timing, location and people.

    “Every tournament is unique because of when and where it happens and who’s involved. That mix makes this one special,” he said, hoping  to see increased interest and excitement around the tables.

    “I expect growth in interest compared to previous years and an exciting time at the tables.”

    He also offered advice to the Nigeria Table Tennis Federation (NTTF) on nurturing emerging talent: “Support and intensity. Young players need all the support they can get and they need to stay sharp. The Federation must ensure they’re equipped and motivated to reach the highest levels.”

    For Edun, the most memorable moment of the tournament came in a burst of youthful joy.

    “The excitement when players win is priceless. One of the best moments was when Matthew Kuti jumped on the table after his victory. Classic!”

    As the third edition unfolds, Edun’s vision continues to shape the future of Nigerian table tennis—one serve, one rally, and one champion at a time.

  • Senate urges Edun to address investor fears over new capital gains tax

    Senate urges Edun to address investor fears over new capital gains tax

    The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has been urged to take swift action to address investor concerns surrounding the new provision in the Nigerian Tax Act 2025, which raises the Capital Gains Tax (CGT) on share sales worth N150 million and above from 10 percent to 30 percent from January 2026.

    Chairman of the Senate Committee on Capital Market and Institutions, Senator Osita Izunaso, made the appeal on Wednesday while presenting a paper titled: “Redefining the Rules: The Investment and Securities Act 2025 and the Future of Nigeria’s Capital Market” at the Moneyline with Nancy Investment Forum 2025 in Abuja.

    Izunaso said the sudden adjustment in the tax regime has unsettled investors, leading to a wave of panic-driven share disposals that wiped out more than N2 trillion in market value within a week.

    “The increase in Capital Gains Tax on share sales above N150 million has created understandable concern among investors. In anticipation of this change, we have observed significant disposals by major investors, leading to a notable decline in market capitalization,” he said.

    The Senator warned that while taxation remains a critical tool for government revenue, fiscal measures must be carefully designed to avoid eroding investor confidence or discouraging long-term capital formation. He called for a balance between revenue mobilization and the need to maintain a stable and attractive investment climate.

    According to him: “The government must ensure that fiscal adjustments do not discourage the very investors who provide liquidity, jobs, and stability in the financial system. What we need is predictability, consultation, and gradual implementation to sustain growth in the capital market.”

    Izunaso commended President Bola Ahmed Tinubu for the renewed vibrancy in Nigeria’s capital market since 2023, attributing the progress to reforms that have stabilized the macroeconomic environment and improved policy coherence.

    He said: “The Nigerian economy is at a pivotal juncture where structural reforms, fiscal discipline, and investment-friendly policies are redefining our financial and capital market architecture.”

    The Senator described the Investment and Securities Act 2025 as a transformative law that strengthens investor protection, expands regulatory oversight, and deepens market participation from both local and foreign investors. He expressed optimism that the new legislation will help build a more resilient and transparent financial market capable of mobilizing long-term capital for development.

    Delivering the keynote address at the same event, Akwa Ibom Governor, Pastor Umo Eno, said Nigeria stands at a defining moment in its economic history as it implements a series of reforms that will reshape the nation’s financial and productive sectors.

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    The Governor, who was represented by the Commissioner of Information, Aniekan Umanah, commended the Federal Government’s fiscal and structural reforms, including the Investment and Securities Act 2025, the Insurance Industry Reform Act 2025, the new Tax Laws, and the deregulation of the electricity market, describing them as bold decisions capable of transforming the economy.

    According to Eno, liberalising the power sector will introduce competition, improve efficiency, and expand energy access nationwide. He said the reform will empower states and private players to play stronger roles in energy generation and distribution.

    “In Akwa Ibom, we have already begun laying the groundwork to take ownership of our power sector—so we can generate, transmit, and distribute electricity within the state. Such deeper unbundling will allow subnational governments to serve their people better, attract private capital, and accelerate industrialization,” he said.

    The Governor explained that Akwa Ibom is positioning itself as a model of decentralized energy management, one that leverages private investment to boost power supply and support local industries. He added that this aligns with President Tinubu’s broader vision of building a productive, self-sustaining economy driven by innovation and enterprise.

  • FG targets stronger fiscal base, expands health investment as Pate, Edun, Bagudu outline reforms

    FG targets stronger fiscal base, expands health investment as Pate, Edun, Bagudu outline reforms

    Nigeria’s health sector is on a steady path of recovery, with measurable progress in maternal and newborn survival, vaccination coverage, and health service utilization, the Federal Government has said.

    This came as it unveiled plans to raise ₦150 billion for vaccine procurement in 2025 and 2026 as part of efforts to strengthen routine immunization and epidemic preparedness, introduce sustainable financing measures such as health-focused taxes on sugar-sweetened beverages, expand public-private partnerships, and deploy digital tools to enhance transparency and accountability.

    In addition, through a World Bank-supported ward-level mapping initiative, the government aims to ensure that all 8,809 wards across Nigeria’s 774 local governments have coordinated health plans aligned with state and national development priorities, while it is also set to unveil the 2026–2050 National Development Plan currently being designed.

    This emerged on Wednesday in Abuja at the 2025 Joint Annual Health Sector Review (JAR), themed ‘All Hands, All Mission’, where Coordinating Minister of Health and Social Welfare, Prof. Ali Pate, highlighted the government’s commitment to better health outcomes through creative initiatives in the last two and a half years.

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    Noting that the JAR underscores the shared responsibility of all stakeholders, government, private sector, development partners, and citizens, Pate said 84 percent of key health reform indicators are on track under President Bola Tinubu’s leadership, with 35 States conducting annual reviews and citizens monitoring outcomes.

    “All 36 States and the FCT now have operational plans aligned with national priorities,” he said, adding that 72 percent of states have mechanisms for managing non-communicable diseases.

    Pate reported a 17 percent decline in maternal deaths and a 12 percent reduction in newborn deaths across 172 high-burden Local Governments, while over 15,000 new health workers have been recruited, 435 primary healthcare facilities revitalized, and access to skilled birth attendants increased by 33 percent.

    Visits to primary health facilities funded through the Basic Health Care Provision Fund rose from 10 million in early 2024 to 45 million by mid-2025, he said, adding that routine immunisation coverage for measles, yellow fever, and HPV improved, while family planning uptake grew by 10 percent.

    Citizen trust is rising, with 55 percent of Nigerians now expressing confidence in government health reforms, and patient satisfaction standing at 74 percent, he noted.

    Pate acknowledged ongoing challenges in affordability and insurance coverage, currently at 12 percent, but said efforts are underway to expand coverage and enhance accountability.

    “In the past year, over 20,000 frontline workers have been recruited in federal tertiary hospitals. The President has also approved over ₦50 billion to clear outstanding allowances and address workforce challenges that have persisted for years,” he said.

    The Coordinating Minister of the Economy and Finance, Wale Edun, said the 2025 Federal health budget rose nearly 60 percent, with the BHCPF increasing from ₦131.5 billion in 2024 to almost ₦299 billion in 2026, and health’s share of the national budget rising to 5.2 percent from just over 3 percent.

    “The turnaround in the economy has begun. Distortions are being removed, the economy is stabilizing, and social sectors like health are benefiting significantly,” he stressed, urging States and Local Governments to channel more of their increased revenues into health and education.

    Minister of Budget and Economic Planning, Sen. Atiku Bagudu, described Nigeria’s low revenue-to-GDP ratio, below 8 percent since 2007 as a key growth constraint.

    “The President has unfolded a vision for Nigeria to build an economy comparable in size and productivity to others around the world within the next five years. We are focusing on mobilising revenue and investing strategically to fund our development aspirations, including the 2026–2050 National Development Plan currently being designed,” he said.

    Bagudu emphasised that mapping 8,809 wards nationwide ensures coordinated plans feeding into state and national priorities, while states and local councils must invest more in health, education, and agriculture to guarantee inclusive growth.

    Minister of State for Health and Social Welfare, Dr. Adekunle Salako, said the Renewed Hope Agenda is transforming Nigeria’s health sector, with infrastructure, workforce, and system reforms underway.

    “The Renewed Hope Agenda is not just a promise, it is a covenant to safeguard the health of our people,” he stated, disclosing over 500 new high-impact projects, 13 tertiary health institutions, six cancer centres of excellence, and 21 strategic policies driving health system reforms.

    Primary Healthcare revitalisation and digital health initiatives are connecting thousands of facilities, improving access and accountability, Salako added, noting that NHSRII implementation could save ₦4.8 trillion annually from preventable diseases and retain ₦850 billion currently lost to medical tourism.

    He urged State governments to increase counterpart funding for the BHCPF, expand insurance coverage, and strengthen primary healthcare delivery, while calling on development partners and private investors to align with national priorities.

    The highlight of the three-day event was the expansion and endorsement of the Health Sector Renewal Compact by Local Governments, traditional rulers, private sector leaders, and civil society groups, first signed in 2023 by the Federal Government, States, and international development partners.

  • Edun unveils next phase of economic reforms, targets seven percent growth by 2027

    Edun unveils next phase of economic reforms, targets seven percent growth by 2027

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Thursday, announced that the next phase of President Bola Tinubu’s economic reforms will focus on removing barriers to investment, optimising national assets and stimulating productivity across key sectors to accelerate growth to seven percent per annum by 2027.

    Addressing the Federal Executive Council (FEC) just before its meeting commenced at the State House, Abuja, Edun said the forthcoming reforms will include tariff and import policy reviews, improved fiscal reporting, tighter expenditure controls, and a detailed reassessment of both federal and federation balance sheets to ensure inclusive and sustainable growth.

    “The next phase of reforms will remove barriers holding back investors. We will review tariffs and import restrictions to stimulate productivity and investment. A detailed review of the Federation and Federal Balance Sheets is underway to optimize asset management for inclusive growth,” the Minister said.

    He added that Ministers overseeing infrastructure, mining, education, health, agriculture, blue economy, digital innovation, and culture must work with State Governments to package investment-ready projects capable of crowding in large-scale domestic and foreign capital.

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    Edun reaffirmed the Tinubu administration’s commitment to achieving a $1 trillion economy by 2030, saying that Nigeria must “accelerate output to 7% per annum growth by 2027, not just as an economic target but as a moral imperative to end poverty.”

    Providing an update on key economic indicators, the Minister reported that Nigeria’s GDP grew by 4.23% in Q2 2025, the highest in a decade outside the COVID rebound, with 13 sectors recording growth above 7%. 

    The industrial sector, he said, nearly doubled its growth from 3.72% to 7.45%, reflecting strong investor confidence.

    He also disclosed that inflation eased to 18% in December, external reserves topped $43 billion, and trade surplus rose to ₦7.4 trillion, marking clear evidence of macroeconomic stability.

    Edun noted that the recent $2.35 billion Eurobond issuance, which was oversubscribed by over $13 billion, demonstrated international confidence in Nigeria’s economic direction and in President Tinubu’s leadership, “despite political headwinds.”

    “The market shrugged off those political considerations and focused on the economic fundamentals of Nigeria,” he said, adding that the removal of Nigeria from the Financial Action Task Force (FATF) grey list and the IMF’s revised growth forecast were further proof that “global leaders commend our reforms and progress.”

    He emphasised prudent fiscal management, saying “every naira must be optimised to sustain momentum amid global liquidity constraints, where there is less coming from multilateral institutions, we have to depend on our own resources.”

  • Edun lauds CBN’s monetary policy stance, steps to tackle inflation

    Edun lauds CBN’s monetary policy stance, steps to tackle inflation

    • Minister, CBN deputy governors, 19 others awarded Honorary CIBN Fellows

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has lauded the efforts of the  Central Bank of Nigeria (CBN) at sustaining monetary discipline.

    Speaking yesterday at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) held at the Wole Soyinka Centre for Culture and Creative Arts, Iganmu, Lagos,  he described the CBN’s monetary policy tightening  as critical in tackling inflation, stabilising the financial system, and restoring investors’ confidence.

    The Finance Minister reiterated the Federal Government’s plan at sustaining ongoing economic reforms and expanding access to credit.

    Edun, was alongside Central Bank of Nigeria (CBN) Deputy Governor, Corporate Services, Ms. Emem Usoro and CBN Deputy Governor, Operations, Dr. Bala Bello awarded Distinguished Honorary Fellows of the CIBN.

    CBN Director of Strategy and Innovation Management, Monsurat Modesola Vincent, was honoured  as an Honorary Senior Member.

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    Edun further disclosed that the reforms under President Bola Tinubu have begun to yield tangible progress since May 2023 adding that inclusive growth remains critical to sustaining the recovery.

    “We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.

    The awardees received the awards alongside other 19 Honorary Fellows, 440 Elected Fellows, and 225 Honorary Members.

    Speaking after conferment of the awards on the awardees, CIBN President/Chairman of Council, Prof. Pius Olanrewaju, congratulated them for the feat and drive to see a better financial services sector.

    He said the institute shares in their moment of joy, and urged them to role models and brand ambassadors of the institute, their respective orgnisations and the nation.

    “Always discharge your duties upholding ethical conduct and professional values helping to raise the brand equity of our highly revered Institute and the banking profession as a whole”, Olanrewaju said

    In their citation, the institute acknowledged their contributions to the banking profession, and commitment to economic and business growth.

    The Group Managing Director/CEO United Bank for Africa (UBA), Oliver Alawuba, said banks are no longer place where people go, but the quality of service they experience.

    He said that banking technology should be a bridge, not a barrier to providing banking services to the populace.  Alabuba, who is the Chairman, Body of Bank CEOs in Nigeria, said “Let’s build trust in a borderless world, and collaborate as we compete”.

    The Guest Speaker, CEO Future Africa & Co-Founder, Andela, Dr. Iyinoluwa Aboyeji, advised banks to move beyond what is tested and trust by harnessing new business opportunities inherent in Nigerian youths. 

    “Banks should learn to finance young people with ambition for society. Go for transactions that build value instead of focusing solely on profitability,” he advised.