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  • Edun showcases Nigeria’s economic growth potentials to investors, Turkish delegation

    Edun showcases Nigeria’s economic growth potentials to investors, Turkish delegation

    The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun showcased the country’s economic transformation over the past 18 months during a meeting with a delegation from First Abu Dhabi Bank and Turkish Embassy personnel.

    The delegation, led by the bank’s Group Head of Investment Banking, Martin Tricaud, met with Edun on yesterday to discuss investment opportunities and strategic partnerships.

    The minister outlined key economic reforms, including the adoption of market-driven pricing for foreign exchange and petroleum, increased trade through the African Continental Free Trade Area (AfCFTA), and stronger revenue generation from both oil and non-oil sectors.

    Edun said these measures have played crucial roles in stabilizing the economy, boosting GDP growth, and strengthening Nigeria’s trade balance.

    He assured the delegation of the government’s commitment to enhancing food production and affordability, stressing that these efforts are essential for ensuring long-term economic resilience.

    Read Also: Edun showcases economic growth to investors, Turkish delegation

    On the same day, the Turkish Ambassador to Nigeria, His Excellency Hidayet Bayraktar, led a delegation on a courtesy visit to the minister. The ambassador commended Nigeria’s economic progress and acknowledged President Bola Tinubu’s initiatives in fostering a business-friendly environment.

    The Turkish delegation expressed interest in exploring new trade and investment opportunities to further deepen bilateral economic relations.

    In response, Edun pledged the administration’s commitment to sustainable economic growth under the Renewed Hope Agenda. He assured the Turkish delegation of the Nigerian government’s continued support for foreign businesses and provided strategic insights aimed at strengthening economic ties between both nations.

  • Nigeria’s electricity market open for investment, says Edun

    Nigeria’s electricity market open for investment, says Edun

    Nigeria’s electricity market is open for investment, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said yesterday.

    He assured foreign investors that the country’s electricity sector is ripe for investment and transformative growth.

    Edun spoke at the African Energy Summit in Dar es Salaam, Tanzania.

    He addressed a gathering of selected investors and development partners ahead of the Africa Heads of State Energy Summit.

    The minister spoke on government’s commitment to achieving macroeconomic stability, advancing clean energy goals, and ensuring universal energy access.

    He described the country’s electricity sector as a pivotal area for investment and collaboration, aligning with Nigeria’s broader energy transition goals under the “Mission 300” initiative.

    A statement from the ministry said Edun detailed the Federal Government’s focus on ensuring energy security while pursuing the global shift toward sustainable energy solutions.

    According to the minister, the Nigerian electricity sector offers vast opportunities for foreign and domestic investors.

    With a focus on clean energy transition and grid modernisation, Edun said the government aims to increase the capacity and reliability of the power sector, unlocking its potential to drive economic growth.

    Edun also informed the audience that President Bola Ahmed Tinubu would participate in the summit, signifying Nigeria’s commitment to leading conversations on energy access and clean energy in Africa.

    Read Also: Telecom tariff will be reviewed periodically, says Edun

    The president’s attendance, he stressed, is expected to strengthen collaborative efforts among African nations, investors, and development partners towards achieving the continent’s energy and climate goals.

    “Nigeria’s electricity sector is poised for transformative growth, and investors are invited to be a part of this exciting journey,” Edun said.

    He highlighted Nigeria’s significant strides in reforming its energy sector, attracting private sector investment, and closing the electricity gap.

    “We have partnered with the private sector, and since regulating the sector, we’ve set up 150 mini-grids and connected a million solar panels.

    “What we are focused on is ensuring profitability in energy provision, as this is key to meeting the demand.”

    Edun expressed optimism that Nigeria’s robust investment climate, supported by the government’s economic reforms, would attract global stakeholders to help drive progress in the energy sector.

  • Telecom tariff will be reviewed periodically, says Edun

    Telecom tariff will be reviewed periodically, says Edun

    • Group backs 50% telecom tariff hike

    The Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, has said the tariff in the telecommunications sector will be reviewed periodically.

    Edun spoke at the ongoing 2025 World Economic Forum (WEF) in Davos, Switzerland.

    According to him, the periodic review will ensure the tariff remains balanced and fair to consumers and operators. He urged telcos to enhance service delivery in line with the price increase.

    Edun said: “There has been inflation and rising costs and that has to be reflected for the telcos. There has been a high cost of living that has to be reflected.

    “I think the 50 per cent tariff adjustment is a starting point. It’s about compromise, timing, and sequencing these necessary changes.

    “We want telcos operating efficiently, terminating calls seamlessly, and delivering high-quality services. At the same time, we want them to foster innovation, create jobs, and contribute to GDP.

    “The 50 per cent tariff is a situation that will be looked at on a forward-looking basis. As we go forward there will continue to be review, consultations and discussions in this area.”

    Edun also reaffirmed the government’s commitment to fostering a thriving telecommunications sector that supports innovation, economic growth, and job creation.

    The minister said the goal of the government is to improve the economy and attract investments across sectors.

    Meanwhile, a group, Arewa Youth Assembly has backed the Nigeria Communications Commissions (NCC) for approving the 50per cent hike in telecom tariffs.

    The group stated that it was also an opportunity for the sector’s regulator to insist on fairness, transparency, and accountability in the telecommunications sector.

    The group said the move will open up the sector for robust growth and investment.

    Read Also: Edun backs 50% telecom tariff hike, calls for improved services

    In a statement signed by its speaker, Mohammed Salihu Danlami, the group stated that the increase in telecom tariffs was long overdue and has become necessary.

    The group also called on operators to use the proceeds of the adjusted tariff prices to immediately invest in improving services.

    According to the group, the support of most Nigerians for the tariff adjustment was on the condition that service quality would be improved.

    It also called for calm and understanding from Nigerians, noting that they expect improved growth in the telecom sector, greater protection of customers, improved efficiency of telecom services and ultimately the sustainability of Nigeria’s telecommunication sector. 

    It said: “The telecommunication sector, which employs millions of Nigerians directly, and is responsible for powering other sectors of the country, is the only sector that has maintained status quo in terms of price of its services despite the skyrocketing of the prices of basic requirements for its operations, such as diesel, power, and even manpower costs.

    “The industry was near the point of collapse. The global rise in inflation and rise in cost of its operation, coupled with foreign exchange high costs plus increased network maintenance expenses, was rendering telecommunication companies ineffective to deliver services to Nigerians.

    “No serious regulator that understands the need for prices to be market reflective would have folded its arms to allow such a collapse.”

    The group explained that the tariff adjustment was a fundamental decision that had to be taken to preserve the industry and its impact on the wider economy, noting that “everything in Nigeria today depends on telecoms, whether it is healthcare, education, corporate businesses, and even the government.”

    It said it was imperative for tariffs to be increased to ensure that the industry was made stronger and that service could be improved.

     “Furthermore, this tariff adjustment will help the operators to purchase new equipment to enhance the country’s telecommunication infrastructure. It would also reenergise the sector in a way that would lead to a surge in investments. This will ultimately translate to improved network quality, expanded access and a better experience for consumers. We at the Arewa Youth Assembly are hopeful that the sector would grow beyond expectations, creating more opportunities for our people to get jobs in telecoms.

    “It is ironical that those complaining of tariff increase are the same ones who are complaining of poor service delivery. They are unaware that the telecommunication companies cannot improve their infrastructure to meet growing demand without having cost reflective prices. To address Quality of Service problems, they need a new injection of funds,” the statement read.

    On Monday, the NCC granted approval to telcos to implement a 50 per cent tariff hike.

    The move has sparked several reactions, including the Nigeria Labour Congress (NLC) criticising the Federal Government for approving the increase.

    NLC asked Nigerians to prepare for a possible nationwide boycott of telecom services while describing the decision as a “clear assault” on Nigerian workers’ welfare.

    However, according to the minister, the tariff adjustment was essential for sustaining the sector amid rising operational costs and inflation.

  • Budget 2025 balances revenue, expenditure, borrowing, says Edun

    Budget 2025 balances revenue, expenditure, borrowing, says Edun

    • FEC approves N47.96tr estimated expenditure
    • President takes Bill to lawmakers tomorrow

    The proposed Federal Government expenditure for 2025 will balance revenue, expenditure and borrowing, Coordinating Minister of the Economy Olawale Edun assured yesterday.

    “Like governments around the world, we are concerned about achieving fiscal sustainability. It is about creating a balance between revenue, expenditure, and borrowing to foster an economy that can grow sustainably,” he said.

    Edun spoke to State House reporters after the Federal Executive Council (FEC) approved the N47.96tr projected expenditure for next year.

    President Bola Ahmed Tinubu presided over the meeting.

    According to Edun, the estimates target a revenue of N24.82 trillion, leaving a deficit of N13 trillion.

    The minister said the deficit will be financed through borrowing.

    According to him, the N47.96tr projected expenditure represents a 36.8 per cent increase from this year’s budget.

    He added that the N13.14 trillion deficit is equivalent to 3.89 per cent of the country’s Gross Domestic Product (GDP).

    Edun stated that the 2025 budget reflects the administration’s progress over the past 18 months, focusing on fiscal sustainability and economic growth.

    He emphasized the importance of balancing revenue, expenditure, and borrowing to create a conducive environment for economic expansion.

    The minister highlighted the role of private-sector investment in driving growth, creating jobs, and alleviating poverty, noting that private-sector-led economies, such as Nigeria’s, rely on investors to fund projects that enhance productivity and economic expansion.

    “Investors play a critical role in boosting productivity, creating jobs, and bringing people out of poverty. Our reforms are aimed at creating an environment where private sector investment can thrive,” Edun explained.

    He cited recent reforms under President Tinubu’s administration, including the removal of petroleum subsidy, market-driven foreign exchange policies, and electricity tariff adjustments, as key factors driving economic improvement.

    Edun also pointed to growing investor confidence in the Nigerian economy, referencing announcements by Shell and Total of multi-billion-dollar investments in the country.

    “These investments signal renewed confidence in our economy and are testament to the government’s ongoing reform agenda,” he noted.

    The minister underscored that the 2025 budget prioritises essential government spending while fostering private-sector-led investments.

    He also highlighted a significant milestone in the energy sector, with Nigeria resuming domestic refining of petroleum products for the first time in 25 years.

    “For the first time in about 25 years, we are refining petrol domestically, not just for fuel, but also as raw materials for industries like pharmaceuticals, construction, and textiles,” he added.

    The proposed 2025 budget, according to Edun, is designed to ensure critical government spending while paving the way for robust private-sector participation to drive long-term economic growth.

    What estimates intend to achieve

    Minister of Budget and Economic Planning Atiku Bagudu said FEC debated the proposals as presented by Director-General of Budget Office Tanimu Yakubu, which accommodates the adjustments directed by the President.

    Bagudu, a former governor of Kabbi State and one-time senator, said: “Today, the Federal Executive Council approved the budget proposals for 2025 with amendments which Mr president directed, following a presentation to the Federal Executive Council, led by the Director General of the Budget Office, Tanimu Yakubu.

    “The 2025 framework is based on oil price benchmark of $75 per barrel, oil production of 2.06 million barrels per day and exchange rate of one 1400 naira (to the dollar).

    “All these are already included in the medium term expenditure framework which we have presented here, which have also been approved by the National Assembly.”

    He explained that the 2025 fiscal plan aims to reinforce macroeconomic stability and foster growth across various sectors, including security gains and building on efforts to improve national stability.

    The budget also hopes to enhance critical infrastructure to boost productivity, invest in education, health, and skill-building initiatives.

    Similarly, it hopes to expand industrial activity to create jobs and diversify the economy; strengthen the National Agricultural Development Fund to support food security, and advance the gas and compressed natural gas (CNG) initiatives to reduce reliance on petrol.

    Another area it focuses on is promoting affordable housing schemes to address the housing deficit.

    Bagudu highlighted that these initiatives are designed to expand economic activity, create consumer credit opportunities, and ensure inclusive growth.

    Following a presentation by the Director of the Budget Office, President Tinubu directed amendments to the proposal, incorporating comments from FEC members.

    These adjustments aim to ensure fiscal prudence and alignment with national priorities, Bagudu stated.

    Reflecting on the administration’s economic performance in 2024, Bagudu pointed to successes in reducing the deficit and achieving significant milestones in infrastructure, security, and economic stability.

    “The 2025 budget builds on these gains to ensure sustained growth and development,” he stated. 

    According to the minister, the approved budget proposal will be presented to the National Assembly for legislative approval in the next 48 hours, following consultations with the lawmakers.

    However, the presentation of the 2025 Appropriation Bill to the National Assembly by President Tinubu might not hold tomorrow (today).

    Read Also: Expect better economy next year, Edun assures Nigerians

    Minister of Information and National Orientation, Mohammed Idris, said discussions were ongoing that might lead to the postponement of the budget presentation to Wednesday.

    The minister, who noted that the discussions were yet to be concluded, said the possibility is there that the budget will be presented to the National Assembly on Wednesday instead of the Tuesday earlier announced by the President of the Senate, Godswill Akpabio.

    Akpabio, during plenary last week, announced that President Tinubu would present the 2025 budget on Tuesday.

  • Expect better economy next year, Edun assures Nigerians

    Expect better economy next year, Edun assures Nigerians

    Nigerians yesterday got an assurance of a better economy next year from the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.

    The minister expressed optimism that the country was gradually moving away from factors that has impacted negatively on its economy and the citizenry.

    Edun gave the assurance at a meeting with the House of Representatives Joint Committee on National Planning and Economic Development and Finance on the proposed N47.9 trillion 2025 Budget.

    The minister gave an overview of next year’s Appropriation Bill.

    He said that going by the projection on increased revenue next year and as other measures being taken by the government, there are indications that the country was moving away from factors that had in the past impacted negatively on the Nigerian economy and affected its people.

    Edun said the signs show positive indications of a positive performance of the country’s economy in 2025.

    Read Also: Why Africa must act collectively to tackle debt challenges, by Edun

    He said: “We do have market pricing and foreign exchange that has resulted in a situation whereby upwards of five per cent of the Gross Domestic Product (GDP) has been lost to plurality of factors benefiting just a few and created long-sighted incentives against growth and investment.”

    The minister assured that as government revenue goes up, it will help lower debt servicing and borrowing because as the economy improves, it will become more competitive.

    He said: “The deficit of that increase which we hope to achieve less but right now we are assuming is about 9.3 trillion naira in new borrowings and the debt service of about two trillion naira.

    “In a nutshell, that backdrop gives you the optimism that the 2025 budget estimates, particularly the one on revenue, will be achieved and the economy will be strong. It will fast up to an inclusive and sustainable growth”.

    Chairman of the House Committee on National Planning and Economic Development, Ibrahim Ayokunle (APC, Ogun) asked the minister to give an appraisal of the economy.

    Ayokunle said: “But briefly, as we have said, what is the state of our economy, number one, as in our finances. Then number two, in terms of our revenue so far with the projections we have for 2025.

    “Let us have an insight into the previous, into whether we are looking good, especially in terms of our GDP and in terms of inflation rates as submitted. So that we can note all this down and we’ll be able to submit our report.”

    The committee chair urged the minister to uphold sense of patriotism and continue with the giant strides aimed at ensuring results from President Bola Ahmed Tinubu administration’s efforts at putting a smile on the faces of Nigerians.

    Chairman of the House Committee on Finance, James Abiodun Faleke said the committees are looking at the revenue performances of the MDAs as regards the 2024 Budget ahead of the implementation of the proposed 2025 Budget in January.

    Faleke said: “We are now in December. By now, the agencies should be able to provide to us with what revenue we have generated between last year and November.

    “At least, for 11 months, we should be able to have that. We are just interested in the revenue we have been able to get.

    “Apart from that, we also want to see the expenditures as it works. Apart from those who have some levels of percentage collection. We are interested in whether agencies are able to do that.”

    The Committee has directed the Managing Director and Chief Executive Officer (MD/CEO), Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho to appear before it today.

    Faleke gave the order when he turned back Dantsoho’s representative, Sabiu Musa Danbatta who informed the committee that, the MD/CEO was on a special assignment, hence his absence.

  • Why Fed Govt is borrowing, by Edun, Bagudu, FIRS boss

    Why Fed Govt is borrowing, by Edun, Bagudu, FIRS boss

    • ‘Forensic audit of NNPCL’s N8tr debt claim ongoing’

    The Federal Government yesterday defended its decision to seek more foreign loans, saying they are a component of the 2024 Appropriation Act.

    It explained that apart from using the loans to partly fund N9.7 trillion deficit in the budget, they would be used to further enhance  infrastructure and help the poorest and most vulnerable Nigerians.

    Minister of Finance and Coordinating Minister of the Economy Wale Edun; his Budget and Economic Planning counterpart, Atiku Bagudu and Federal Inland Revenue Service (FIRS) Chairman, Zacch Adedeji, gave the reasons at an interactive session on 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for revenue generating agencies at the National Assembly in Abuja.

    Zacch Adedeji

    The session was organised by the National Assembly Joint Committees on Finance, National Planning, and Economic Affairs.

    President Bola Tinubu had in two letters to the National Assembly requested a nod to borrow $2.209 billion.

    The explanation by Edun, Bagudu, and Adedeji, who are members of the Economic Team of the President, followed a question asked by Senator Adamu Aliero on why the government needed more loans when its revenue agencies had surpassed their revenue targets for this year.

    Read Also: Tinubu hails Q3 GDP growth, vows to improve living standards

    Adedeji, who the question was directed at, said: “The fact that we meet revenue targets, that does not mean we should not go and borrow and the reason is simple. The budget we have has both a borrowing component and an internally generated revenue component.

    “So, it is a total package. Our borrowing target is there in the budget as approved by the National Assembly.”

    Edun and Bagudu thereafter stepped in, saying that borrowing was still needed for proper funding of the budget, despite excess revenues made by some of the revenue agencies.

    Bagudu

    Bagudu said: “Despite surpassing revenue targets by some of the revenue generating agencies, the government still needs to borrow for proper funding of the budget, particularly in the area of deficit and provision for the poorest and most vulnerable.

    “We have a long-term development agenda 2050 aiming at GDP (Gross Domestic Product) per capital of $33,000.”

    Edun also expressed optimism about the country’s economic future, citing a strategic budget for 2025.

    According to him, Nigeria has changed fundamentally under President Tinubu’s leadership 

    The minister emphasised the importance of market pricing of petroleum products and foreign exchange, which, he said, had sent the right signals to investors.

    “Just today (yesterday), the National Bureau of Statistics (NBS)  announced that GDP growth in the third quarter was 3.46 percent, let’s say, for the sake of round numbers, 3.5 percent.

    “That means that the GDP per capital is increasing. The economy is moving in the right direction.

    “Inflation is too high and that is why interventions are being made particularly for the most vulnerable.

    “Let me just summarise the change by saying that in Nigeria, for the first time in four decades, we have market prices of petroleum products being determined by market forces because of the local refinery which is not only producing Premium Motor Spirit (petrol), but also diesel and Jet A1 (Aviation fuel).  It is also producing raw materials for industries and agriculture.

    “In addition, we have market pricing of foreign exchange. 

    “For the first time in 40 years, no Nigerian can wake up and think that his way to fortune and the quickest path he can take to getting rich is by getting an allocation of foreign exchange from the Central Bank of Nigeria (CBN).

    “Likewise, no Nigerian can wake up and feel that his quickest path to riches is to look for a subsidised allocation from the Nigerian National Petroleum Corporation Limited (NNPCL) and make money.”

  • Edun blames economic hardships on past policy failures

    Edun blames economic hardships on past policy failures

    Finance Minister, Wale Edun, has attributed the current economic hardships faced by Nigerians under President Bola Tinubu’s reforms to the failure of previous administrations to implement critical economic policies.

    Speaking on Friday in Abuja at the launch of the Federal Civil Service Policies and Guidelines on Rewards, Edun highlighted the challenges stemming from recent reforms, including the removal of fuel subsidies and the floating of the Naira in June 2024.

    These policies caused fuel prices to soar from ₦234 to over ₦1,060 per litre and the Naira to devalue from ₦195 to ₦1,652 per dollar.

    Read Also: Edun: Tinubu’s economic reforms have cleared way for foreign investors

    He acknowledged the resulting difficulties but emphasized that the reforms were long overdue.

    Edun stated: “After 18 months of bold and necessary reforms that Mr. President has implemented, the country has changed.

    “Yes, the reforms were so long overdue that they caused an element of pain, discomfort, difficulty, and increased cost of living. But the successes and the gains are coming through.”

    He pointed to the positive impacts of market-based pricing for foreign exchange, which has boosted federal, state, and local government revenues by saving approximately 5% of GDP previously spent on subsidies.

  • Tinubu’s economic reforms will unlock Nigeria’s growth potential – Edun

    Tinubu’s economic reforms will unlock Nigeria’s growth potential – Edun

    The Minister of Finance and Coordinating Minister of the Economy, Dr. Wale Edun, stated that President Bola Tinubu’s economic reforms will continue to enhance Nigeria’s growth potential.

    He emphasised that the president is actively working to lift many Nigerians out of poverty.

    According to Edun, the President is committed to making life easier for Nigerians by introducing policies and programs that are beneficial to all.

    He noted that the key policy changes implemented by the Tinubu-led administration have contributed to stabilizing the economy and creating opportunities for investment and development.

    During the opening ceremony of the National Council on Finance and Economic Development (NACOFED) 2024 conference held in Bauchi on Monday, the Minister explained that the measures taken have placed the country on a sustainable path toward industrialization and poverty reduction.

    He acknowledged that the administration inherited considerable economic challenges but acted swiftly to address them.

    Edun highlighted that critical reforms, including the removal of fuel and foreign exchange subsidies, were necessary to stop an annual economic drain of 5% of GDP.

    “These subsidies were benefiting only a few people and neighbouring countries, while the majority of Nigerians saw no value from them,” the Minister noted.

    The savings from the reforms, the minister added, are now being channelled into infrastructure development and essential social services like education and healthcare.

    “The federation account is already benefiting from increased resource flows to federal, state, and local governments, enabling broader investment opportunities,” the Minister said.

    The Minster highlighted efforts to attract private sector investments, both domestic and foreign, to boost productivity and create jobs.

    Edun commended the progress in local petroleum refining, describing it as a significant step in reducing crude exports while providing raw materials for industrial use.

    Read Also: Edun: Fed Govt to settle pension arrears before Dec 31

    “The road is clear for private sector investors. We now have a more stable, sustainable macroeconomic environment that supports competitive production for the domestic market and export opportunities,” the Minister stated.

    In his remark, Bauchi State Governor, Sen. Bala Mohammed appreciated the Federal Government’s decision to host the prestigious event in Bauchi.

    He also commended Dr. Edun’s efforts in addressing Nigeria’s macroeconomic challenges, affecting the lives of ordinary Nigerians.

    This is as he urged the federal government to implement more effective strategies to optimize the oil and gas sector for the benefit of the masses.

  • FEC approves $2.2bn external borrowing plan – Edun

    FEC approves $2.2bn external borrowing plan – Edun

    The Federal Executive Council (FEC) has approved $2.2 billion financing programme for external borrowing, including a potential Eurobond and Sukuk bond offer.

    Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this known while briefing newsmen after the FEC meeting on Wednesday at the Presidential Villa, Abuja.

    “We just had the Federal Executive Council meeting, and I am privileged to present two memoranda to the Federal Executive Council.

    ” The first one was to complete the borrowing programme of the Federal Government in terms of external borrowing with the approval of a $2.2 billion financing programme.

    ” It is made up of access to the international capital market for some combination of the Euro bond offer and the Sukuk bond offer, and perhaps a Euro bond of about $1.7 billion.

    “Sukuk financing of another $500 million the actual makeup of the financing which will be done as soon as the National Assembly has considered and hopefully approve the borrowing plan.

    “If the external borrowing approval is given, it will be done this year, as soon as possible after approval.”

    He explained that the actual combination of instruments that would be raised would depend on what the advisors would say about market conditions at the time of the decision to enter the market.

    “Of course, earlier in the year, we had shown the resilience of the Nigerian financial markets, and the depth of their capacity, the increased complexity and sophistication by having a domestic issuance of dollar bonds, which attracted Nigerian investors from far and wide.

    “Likewise, being able to access the international capital market is also a sign of the acceptance and the support for the macroeconomic programmes of President Bola Tinubu-led administration,” he said.

    The minister said that the economic recovery and revival programme to turn around the economy focused on macroeconomic pillars of market pricing of the PMS and of foreign exchange.

    He also disclosed that FEC had approved the Ministry of Finance’s incorporated real estate investment fund.

    According to him, the fund is the basis for the revival and the return of long-term mortgage financing to the Nigerian economy.

    “The Morph Real Estate Investment Fund is going to be, in the first instance, a N250 billion fund that will provide low-cost and long-term mortgages to Nigerians that want to acquire houses.

    Read Also: FEC okays $2.2b new borrowing plan

    ” It will help to complete or help to fill part of the gaping 22 million unit housing deficit. Of course, it will create jobs and stimulate economic growth.

    “It will also pave the way for other investors in the private sector to come in and participate in the all-important housing construction industry with huge benefits and knock-on effects throughout the whole economy.

    “Long-term investors have the opportunity to earn market rates of interest on investment.

    “This is going to be blended with seed funding of N150 billion,” he said.

    (NAN)

  • FG will settle pension arrears by end of 2024—Edun

    FG will settle pension arrears by end of 2024—Edun

    The Federal Government has promised to settle the N88 billion budgeted for pension arrears in 2024.

    Minister of Finance and Coordinating Minister of the Economy Wale Edun made the promise in Abuja on Tuesday when hundreds of retirees from Nigeria’s Contributory Pension Scheme (CPS) gathered at the Federal Ministry of Finance to protest prolonged delays in pension arrears payments. 

    The retirees, frustrated by the lack of action, blocked the ministry’s main entrance and insisted on address by Edun.

    Edun explained from the N88 billion budgeted for pension arrears in 2024, N22 billion has already been paid. 

    He said the remaining amount will be disbursed by year’s end. Payments will commence next week, he promised.

    He attributed the pension backlog to issues within the older system and assured them that the Federal Government was committed to resolving the issue.

    Read Also: Edun defends FG’s key economic reforms

     “There has been a committee under the Head of Service, which has met with the Minister of Budget and myself. We have a plan for dealing with the backlog under the Contributory Pension Scheme,” he stated.

    For a long-term solution, Edun disclosed that the government is considering raising funds through the capital market to address the backlog fully. 

    “We’re working on a viable solution using the financial market to take care of the huge backlog under the Contributory Pension Scheme,” he said.