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Tag: Edun

  • Edun charges new SEC board on innovation

    Edun charges new SEC board on innovation

    The federal government has called on the newly inaugurated board of the Securities and Exchange Commission (SEC) to prioritize innovation to effectively regulate the dynamic capital market.

    This directive was given by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during the board’s inauguration in Abuja on Monday.

    Mr. Edun expressed enthusiasm about the board’s composition and urged its members to demonstrate courage, boldness, openness to innovation, and readiness to tackle the challenges of regulating new financial areas.

    He noted the rapid advancements in financial technology and communications, including the advent of artificial intelligence and digital currency, which now requires a knowledgeable regulator capable of providing guidance and necessary approvals.

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    “The top minds go into finance and technology because these areas are advancing rapidly. Unlike basic industries with settled technologies like steel making or manufacturing, financial technology, communications, artificial intelligence, crypto, and digital currency are evolving swiftly. Therefore, you must stay vigilant,” Edun stated. He added, “For a transaction to gain approval, it must be understandable to the end investor, issuer, and regulator.

    This ensures clarity and comfort in the financial market.”

        The Finance Minister also highlighted the importance of regulating fast-moving, complex areas like cryptocurrency and warned against regulatory arbitrage. He noted that companies might seek the lowest level of registration to claim they are licensed and regulated. Edun emphasized the necessity of top-notch corporate governance practices, prompt conflict resolution, and adherence to global best practices to avoid becoming stumbling blocks to processes and approvals.

        Mr. Mairiga Katuka, the Chairman of the SEC Board, assured the Minister that the new board would leverage their collective expertise, innovation, and passion to drive growth in line with the Commission’s mandate of developing and regulating a fair and efficient capital market. “We will pursue a comprehensive agenda aimed at advancing investor interests, safeguarding market integrity, promoting capital formation, and enhancing regulatory oversight,” Katuka stated.

        He also expressed optimism about Nigeria’s economic future, driven by the current administration’s reforms in inflation management, social protection, macroeconomic stability, and private sector development. These initiatives, he noted, would foster economic growth and a more prosperous financial ecosystem.

        President Bola Tinubu approved the appointment of seven individuals to the SEC Board on April 19, 2024. The appointees include Mr. Mairiga Katuka (Chairman), Mr. Emomotimi Agama (Director-General), Frana Chukwuogor (Executive Commissioner, Legal and Enforcement), Mr. Bola Ajomale (Executive Commissioner, Operations), Mrs. Samiya Usman (Executive Commissioner, Corporate Services), Mr. Lekan Belo, and Mr. Kasimu Kurfi (Non-Executive Commissioners).

  • Investigation into N30tr Loans to Buhari’s administration progressing – Edun

    Investigation into N30tr Loans to Buhari’s administration progressing – Edun

    The Minister of Finance and Coordinating Minister for the Economy, Dr Wale Edun on Wednesday told Senators that the Federal Government has made progress in its ongoing forensic investigation into the N30trillion Ways and Means loans advanced to the immediate past administration by the Central Bank of Nigeria (CBN).

    He also said that the take off of the electric and Compressed Natural Gas (CNG) vehicles has been held up by a spike in the freight costs.

    He pledged that his ministry would intensify efforts in monitoring the revenue generating agencies to be up and doing.

    Edun made these assertions when he and the Accountant General of the Federation, Dr. Mrs Oluwatoyin Madein, appeared before the Senate Committee on Appropriation Abuja over budget performance.

    The Minister added that debt service was up to date.

    Edun said: “The procurement of electric and CNG buses and conversion kits, more importantly, has been held up by a spike in the freight costs.

    Read Also; Obaseki/Oba of Benin’s faceoff: Edo withdraws charges against palace officials

    “It’s just the ingenuity of one of the young men that is in that business that we have got a bulk carrier that has a lower freight cost.

    “Otherwise, the trade cost per bus became daunting and it made people just hold up to see whether in fact this procurement was profitable for them.”

    On debt payments, he said, “We have paid $700 million in debt services for 420 national development agencies and others.”

    Speaking on the ways and means, Edun said: “We are also interrogating the N22.7 trillion that we met on the ground. We had instituted forensic audit to see the impact.

    “We are also interrogating the revenues that are due to us from everybody because we need to in view of the fact that Ways and Means is going down rather than up. So we are servicing all the debts.”

    On its part, the Senate Committee on Appropriation urged the Federal Government to intensify efforts in funding the capital components of the three national budgets which are running concurrently in the country.

    The Chairman of the Senate Committee, Senator Solomon Adeola who made this assertion lamented the poor funding of the capital components of the budgets and urged the Coordinating Minister for the Economy to improve on it.

    Adeola said,: “It is the capital component of the budgets that will showcase this government largely in terms of performances.

    “The capital components tends to showcase various projects that will be executed by this government and people can say, oh, the government is doing this, it’s doing that.

    “That is why we are emphasising on the performance of 2024 capital component of the project.

    “The N1.84billion achieved so far out of a N9 trillion capital expenditure component is nothing to write home about.

    “I would want you to please look towards this direction. And I want you to do more engagement with the ministries and departments and agencies of the government.”

  • Edun calls for collaborative efforts for social welfare improvement

    Edun calls for collaborative efforts for social welfare improvement

    …as FG, UNICEF, others commit to enhanced social protection

    The minister of finance and coordinating minister of economy, Wale Edun, has called for collaborative efforts to address the multifaceted needs of children and families.

    He made the call over the weekend at the third edition of the Social Protection Cross-Learning Summit in Abuja.

    It would be recalled that in response to the challenges, the federal government introduced a cash transfer programme, providing N25,000 over three months to poor and vulnerable households.

    The initiative aimed at alleviating immediate economic pressures and mitigating the socio-economic impact of recent economic reforms, according to the Minister.

    “Our goal is to create a comprehensive support network that addresses the multifaceted needs of children and families, ultimately leading to improved outcomes in health, education, and overall well-being. We must work together to bridge gaps and strengthen coordination,” Mr. Edun said while emphasising the importance of integrated social protection systems. 

    Being the most populous country in Africa comes with significant challenges in human capital development, and deprivations in health, education, nutrition, child protection, and more.

    This situation underscores the urgency for comprehensive and effective social protection strategies. This was the focus of the third edition of the summit

    In the same vein, the Federal Government, in collaboration with UNICEF and other partners not only emphasised the critical need for strengthened social protection systems to address the pressing issues of poverty.

    For UNICEF Representative in Nigeria, Cristian Munduate, who spoke on behalf of the Social Protection Development Partners Group, “Social protection is crucial in realizing the rights of every child. Child-sensitive social protection is key to ensuring that every child reaches their full potential. We commend the government for significant strides in the development of several programs and a single registry. However, there is a need to ensure stronger linkages between social protection and essential social services with a focus on health, education, and nutrition.”

    Despite advancements, according to UNICEF, social protection coverage remains low, with only 7 percent of children covered; adding that coordination mechanisms are weak, leading to fragmentation and inefficiency.

    Read Also: Standard Chartered offers to finance infrastructure projects, says Edun

    Therefore, the summit aimed towards generating actionable insights and fostering collaboration among key players to enhance coverage, coordination, and financing of social protection interventions.

    Nigeria’s government, UNICEF, and partners reaffirmed their commitment to advancing social protection aligned with essential services for comprehensive support.

    “A communique was signed to introduce Universal Child Benefit and increase public spending in social protection by 2 percent aiming to reduce multidimensional poverty and promote equitable development,” according to UNICEF.

  • Edun lauds progress on AKK gas pipeline project

    Edun lauds progress on AKK gas pipeline project

    The minister of finance and coordinating minister of the economy, Wale Edun, has expressed satisfaction with the progress made so far on the AKK Gas Pipeline Project, spearheaded by the Nigerian National Petroleum Company Limited (NNPC Ltd). 

    He also commended the team for their doggedness and dedication.

    This was contained in a statement signed by Mohammed Manga, 

    Director, Information and Public Relations in the ministry of finance. 

    The minister, who gave the  commendation on Saturday, June 22, in Kaduna, emphasised the importance of the project to President Bola Tinubu’s administration strategy to grow the economy and create jobs. 

    He stated that the federal government is committed to providing all necessary support towards ensuring the completion of the project within six to nine months.

    Edun, alongside the Minister of State for Petroleum Resources (Gas), Minister of Information and National Orientation, and the GCEO of NNPCL, had earlier, visited the Kaduna state section of the Ajaokuta-Kaduna-Kano (AKK) Gas  Pipeline Project and were  received by the Kaduna state deputy governor, Hadiza Balarabe, who represented Governor Uba Sani 

    The AKK Gas Pipeline Project, spearheaded by the Nigerian National Petroleum Company Limited (NNPC Ltd), aims at expanding Nigeria’s gas pipeline network in response to growing power demand and the need for gas-based industries. This ambitious project features a 40-inch by 614-kilometer pipeline stretching from Ajaokuta to Kano, complete with intermediate and terminal gas facilities.

    Expected impacts of the AKK Gas Pipeline Project

    *Economic Growth*

     The AKK project will boost power generation, revitalize dormant industries, promote new industrial development, and provide alternative transportation fuels along its corridor.

    *Job Creation*

     Thousands of employment opportunities will be created, significantly reducing poverty.  

    *Energy Sustainability*

    The AKK pipeline will stem the rate of deforestation and provide an alternative fuel for power, cooking, transportation and industrial activities in key States like Abuja, Kaduna, and Kano, transforming Nigeria’s energy landscape. 

    *Challenges Overcome*

    Despite challenges like COVID-19, global inflation, and extreme weather conditions, the project has advanced employing over 2000 workers, 1925 of whom are Nigerians. 

    The project also engaged 61 local contractors, showcasing the resilience of the support from federal government.

  • Nigeria conducive for business, Edun tells multinationals

    Nigeria conducive for business, Edun tells multinationals

    The Federal Government remains committed to creating a conducive environment for foreign investors to expand their business in Nigeria,  Finance Minister and Coordinating Minister of the Economy Wale Edun has said.

    “The government is dedicated to fostering an environment that supports the expansion and operations of multinational companies, ’’ Edun told a delegation from Microsoft Nigeria in Abuja yesterday.

    He said that meeting  with the Microsoft team led by its Country Manager, Olatomiwa Williams, ‘’signifies a crucial step towards establishing a collaborative relationship that will drive economic growth and innovation in Nigeria.”

    The minister, who highlighted government’s recognition of the strategic importance of industry multinational firms in the nation’s economic space, acknowledged Microsoft’s sustained commitment to Nigeria and its role in various critical sectors.

    Edun said:   “Our administration is committed to ensuring that multinational companies find Nigeria a viable and supportive place to operate and expand.

    “We are determined to work closely with companies like Microsoft to achieve our economic objectives and enhance the overall business landscape in Nigeria.

    “We understand the strategic importance of sector leaders like Microsoft. Their commitment and potential to collaborate with us in areas such as cyber security and youth up-skilling are vital for our economic agenda.”

    Read Also: Tinubu appoints Argungu new Police Service Commission Chair

    Williams restated  Microsoft’s dedication to its operations in Nigeria despite recent media speculation.

    “We are here to clear any doubts arising from recent media reports and to express our continued commitment to Nigeria. Microsoft remains dedicated to its operations and is keen on exploring areas of mutual interest with the Federal Government,” she said.

    Williams emphasised the importance of partnerships in enhancing the technological landscape of Nigeria.

    “We believe in the potential of Nigeria and are eager to collaborate with the government in areas such as cyber security and youth upskilling. These initiatives are crucial for fostering innovation and equipping the Nigerian workforce with essential skills for the future,”  the Country manager added.

  • Edun: Fed Govt facilitating funding of power sector

    Edun: Fed Govt facilitating funding of power sector

    The Minister of Finance and Coordinating Minister for the Economy, Dr. Wale Edun, yesterday told the Senate that the Federal Government is helping to facilitate liquidity required by the nation’s ailing power sector.

     Dr. Edun spoke during a session with the Senate Committee on Power investigating the controversial Make Up Gas (MUG) Reprocessing Deal involving the Ministry of Finance, Niger Delta Power Holding Company (NDPHC), Calabar Generation Company Limited and ACUGAS Limited in Abuja.

     The Minister of Finance who was represented at the session by his Special Assistant, Mallam Dahiru Moyi, said the agreements on gas supply between NPDHC and ACUGAS Limited was signed in 2011 during President Goodluck Jonathan’s administration and was inherited by former President Muhammadu Buhari in 2015.

     Edun said: “Just as the Ministry of Justice was not aware of the contract agreement, the Ministry of Finance was also not part of it from the beginning but since government is a continuum, Ministry of Finance later came into it for the purpose of facilitating the required liquidity.

     “The issue on ground about contract agreements being investigated by the Senate Committee on Power is not about restructuring but providing the required liquidity which the Ministry of Finance is doing through collaboration with the Nigerian Liquified Natural Gas (NLNG).

     “Since NLNG pays Gas in dollars, the Ministry is collaborating with it for practical solution of bringing liquidity into the age-long contract agreement through Deed of Transfer.

     “Make Up Gas (MUG) belongs to Calabar, Calabar belongs to NDPHC and NDPHC belongs to Federal and State governments with Federal Government having 52.68 per cent.”

    Read Also: Police recruitment: No fixed date for training yet, says PSC

     In his own submission before the committee, the Managing Director of  NDPHC, Chiedu Ugbo, said the company as a result of the gas supply agreement with ACUGAS Limited, is taking Gas from three out of five units and generating power from Calabar Plant to the National Grid which according to him, “is the best power plant in the entire country.”

     Ugbo said: “NDPHC went out of its way to construct 80 kilometres gas pipeline for utilization of MUG in Calabar and Alaoji Power Plants.”

     He however lamented that problems relating to systemic transition, frequency and voltage issues, have not made the firm to achieve the desired results.

     In his remarks, the Chairman of the Committee, Senator Enyinnaya Abaribe (APGA – Abia South), thanked the stakeholders for giving the committee clarity on the issue but added that it is still an ongoing investigation.

  • FG facilitating liquidity into power sector, says Edun

    FG facilitating liquidity into power sector, says Edun

    …As NDPHC declares Calabar as best power plant

    The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, on Monday, June 10, told the Senate that the federal government is helping to facilitate liquidity required by the nation’s ailing power sector.

    Edun spoke during a session with the Senate Committee on Power investigating the controversial Makeup Gas (MUG) Reprocessing Deal involving the Ministry of Finance, Niger Delta Power Holding Company (NDPHC), Calabar Generation Company Limited and ACUGAS Limited in Abuja.

    The minister, who was represented at the session by his Special Assistant, Mallam Dahiru Moyi, said the agreements on Gas supply between NPDHC and ACUGAS Limited was signed in 2011 during President Goodluck Jonathan’s administration and was inherited by former President Muhammadu Buhari in 2015.

    Edun said: “Just as the Ministry of Justice was not aware of the contract agreement, the Ministry of Finance was also not part of it from the beginning but since government is a continuum, the Ministry of Finance later came into it for the purpose of facilitating the required liquidity.

    “The issue on the ground about contract agreements being investigated by the Senate Committee on Power is not about restructuring but providing the required liquidity which the Ministry of Finance is doing through collaboration with the Nigerian Liquified Natural Gas (NLNG).

    “Since NLNG pays Gas in Dollars, the Ministry is collaborating with it for a practical solution of bringing liquidity into the age-long contract agreement through a Deed of Transfer.

    “Makeup Gas (MUG) belongs to Calabar, Calabar belongs to NDPHC and NDPHC belongs to Federal and State governments with the federal government having 52.68 percent.”

    Read Also: New minimum wage cost implications: Tinubu meets Edun, Bagudu at the Villa

    In his submission before the committee, the Managing Director of NDPHC, Chiedu Ugbo, said the company as a result of the Gas supply agreement with ACUGAS Limited, is taking Gas from three out of five units and generating power from the Calabar Plant to the National Grid which according to him, “is the best power plant in the entire country.”

    Ugbo said: “NDPHC went out of its way to construct 80 kilometres gas pipeline for utilization of MUG in Calabar and Alaoji Power Plants.”

    He however lamented that problems relating to systemic transition, frequency, and voltage issues, have not made the firm achieve the desired results.

    In his remarks, the chairman of the committee, Senator Enyinnaya Abaribe (APGA – Abia South), thanked the stakeholders for giving the committee clarity on the issue but added that it is still an ongoing investigation.

  • Edun to present new wage template

    Edun to present new wage template

    The Federal Government will today present figures to Labour to back its minimum wage offer.

    President Bola Ahmed Tinubu yesterday directed the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, to calculate the cost implications.

    The President gave the directive when he met with members of the Federal Government’s negotiation team.

    The two labour centres – Nigeria Labour Congress (NLC) and Trade Union Congress (TUC) – announced a suspension of the strike for a week after the President intervened.

    The Tripartite Committee met to adopt an agenda mandating its members to continue an all-week-long negotiation as part of the pact.

    The Senate promised to fast-track passage of a new Minimum Wage Bill when agreed upon.

    Labour on Monday embarked on strike to register its displeasure over the outcome of last Thursday’s meeting by the wage committee.

    The Federal Government and the private sector proposed N60,000, but labour demanded N494,000.

    The strike led to the shutting down of the national grid and disruption of flights.

    Minister of Information and National Orientation, Mohammed Idris, said President Tinubu asked Edun to provide the figures, which will guide the government’s negotiation with Labour.

    At the meeting were Secretary to the Government of the Federation (SGF) George Akume; Minister of Budget and Economic Planning Atiku Bagudu; Minister of State for Labour and Employment Nkeiruka Onyejeocha; and Group Managing Director of the NNPCL, Mele Kyari.

    Idris said: “It’s been quite challenging, but we thank God that we’re at this point.

    “We thank Labour that true to their words, they have suspended the strike.

    “The President summoned a meeting of all those who negotiated on behalf of the Federal Government, led by the SGF.

    “The President directed the Minister of Finance to do the numbers and get back to him between today (yesterday) and tomorrow (today) so that we can have some figures ready for negotiation with Labour.”

    Idris stressed that the President was committed to a realistic and acceptable new minimum wage.

    He said: “The government is not opposed to discussions or wage increase, but is desirous of ensuring that there is a balance.

    “Therefore, we’ll work assiduously to ensure that whatever we do, whatever promises the government makes, will be kept. That’s the idea of this meeting.

    “A wage award is not just that of the Federal Government. The sub-nationals are involved. The organised private sector is involved. Labour is involved.

    “It was Labour that staged a walkout during those proceedings.

    “Now that we’ve come back to the negotiating table, all of us will work together again, assiduously, within the next one week to ensure that we have a new wage for Nigeria that is acceptable, sustainable and also realistic for all Nigerians.”

    The NLC and TUC decided to suspend the strike after an emergency National Executive Council meeting yesterday.

    In a communique signed by NLC President Joe Ajaero and his TUC counterpart Festus Osifo, labour said it suspended the strike to create the right ambience for negotiation to continue unhindered.

    The communique reads: “The NEC in session resolved that there is a greater need to create the right ambience for negotiation to continue unhindered.

    “The indefinite nationwide strike action is, therefore, relaxed for one week from today (yesterday) to allow the Federal Government to commit to a concrete and acceptable National Minimum Wage; take definitive steps to reverse the electricity tariff hike back to N66/kWh and abolish the discriminatory classification of electricity consumers into bands.

    “The NLC and TUC national leadership are mandated to continue to maintain open channels of communication with the Federal Government to negotiate and secure favourable outcomes for Nigerian workers and people.

    “All affiliate unions and state councils are, therefore, directed to relax the indefinite nationwide strike and return to their respective workplaces immediately.

     “The NEC-in-Session expresses profound gratitude to Nigerian workers and the general public for their unwavering support and solidarity in this critical struggle for improved living and working conditions.

     “The NLC and TUC remain committed to pursuing all necessary actions to protect the rights and welfare of all Nigerian people and workers as we urge all to await further directives while the negotiation continues.”

    Osifo said Labour was not fixated on N494,000.

    Speaking on Channels last night, he said: “At the tripartite meeting last Friday, they told us they could not do more than N60,000.  All pleas and reasoning fell on deaf ears.

    “When that happened, we had no choice but to call the strike. On Monday, we met with the SGF where they committed to do more than N60,000.

    “The government knows very well that we are not fixated on the N494,000 we proposed.

    “We also know that not all stakeholders, I mean employers of labour, can afford that sum.

    Read Also: Why we suspended nationwide strike for one week, by Labour

    “What should determine where we will end is the principles. We want the government to apply common principles to her proposal.

    “When you’re going for negotiations, you go with your best-case scenario.

    “So, we have gone with our best case; it is now left for the government to come up with theirs.

    “But what we will use for the national minimum wage borders on the principle of the value of whatever is being offered and we have a system of calculating it.

    “Whatever the Federal Government will be offering us must not be less than the worth value of the minimum wage of 2011 and 2019 can take.”

    We will consider capacity of states, OPS to pay

    Senate President Godswill Akpabio said the lawmakers would speed up the legislative process on the new wage law when it comes.

    He spoke during plenary following a motion calling on the NLC and TUC to suspend the strike.

    It was sponsored by Senator Diket Plang (PDP – Plateau Central), who chairs the Senate Committee on Labour and Employment.

    During the debate, information got to the chamber that the strike had been suspended, and the motion was stepped down.

    Akpabio said: “Taking it (motion) will mean that we are jumping the gun and we are trying to settle the issues for them.

    “There are many variables that they will look at – the capacity of states, local governments and the private sector to pay.

    “The last minimum wage which was fixed at N30,000.00 by this parliament, but how many states were able to pay?

    “How many local governments were able to pay? How many employers were able to pay?

    “We’ll be looking at those things holistically. We should not rest until we arrive at an amicable resolution of the issue.

    “I want to thank Labour for listening to the voice of Nigerians and the international community by calling off the strike to enable negotiations to continue and we wish them well in the negotiations.

    “We will continue to do our best by making contributions and at the same time awaiting the incoming Bill on Minimum Wage for us to enact for the benefit of all Nigerians.”

  • JUST IN: Nigerian economy grew by 2.9%, says Edun

    JUST IN: Nigerian economy grew by 2.9%, says Edun

    Nigeria’s economy is on an upward trajectory, growing at a rate of 2.98 percent in the first quarter of this year and surpassing both the population growth rate of 2.4 percent and last year’s GDP growth rate of 2.31 percent.

    This positive development was announced by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the ministerial scorecard presentation in Abuja on Tuesday, May 28.

    Edun attributed this growth to the effective policies and strategies initiated by President Bola Tinubu’s administration.

    He highlighted the importance of agriculture in driving economic progress and reducing inflation, noting that while agriculture grew by 1.8 percent in the first quarter of this year—up from a decline of 0.9% in the same period last year—there is still significant untapped potential in this sector.

    He said: “Talking to the Minister of Agriculture and Food Security, I learned that the ongoing dry season harvest is promising. Coupled with state-level initiatives, such as special agriculture processing zones, we expect a significant increase in food production. This will not only boost the economy but also help tackle inflation, as food prices constitute 50 percent of our inflation index.”

    Edun expressed optimism that a good wet season would further reduce inflation by increasing food availability.

    “Lower inflation, in turn, would allow monetary authorities to stabilize the exchange rate, lower interest rates, and spur investment. This chain reaction is expected to boost productivity, create jobs, and ultimately reduce poverty.

    “Continuing on President Tinubu’s agenda, both at the state and federal levels, is crucial for sustaining this growth and improving living standards across Nigeria”, Edun stressed.

    In detailing the Ministry of Finance’s efforts to deliver on the President’s agenda, Edun highlighted several key initiatives.

    One of the top priorities is protecting the poor and vulnerable during these times of high inflation.

    As the chair of the presidential panel on social investment programmes, Edun announced the restart of direct payments to the poorest households.

    This programme, he said, aims to assist at least 75 million Nigerians (15 million households) with N75 million in immediate payments. To ensure transparency, the program leverages a robust system developed in collaboration with various ministries, including Communications and Digital Economy, Health, and Youth.

    Read Also: Edun challenges DMO, SEC, FIRS, others on economy

    Edun also reported a substantial revamp in Nigeria’s revenue generation, allowing the government to service its debts without resorting to borrowing especially from the Central Bank of Nigeria (CBN) through Ways and Means.

    Both international and domestic debt obligations are being met promptly, thanks to improved financial management and the National Assembly’s insistence on proper handling of public funds, he stated.

    Moreover, Nigeria has cleared outstanding payments, including a $200 million shareholding in the Islamic Development Bank, which has restored international confidence and national pride.

    Regarding wages, Edun clarified that the recently introduced wage award sets a minimum standard for both the private and public sectors. This measure ensures fair compensation and sets the stage for ongoing discussions to reach satisfactory conclusions.

  • Why agencies must work together to boost economy, by Edun

    Why agencies must work together to boost economy, by Edun

    The Finance Minister and Coordinating Minister for the Economy, Wale Edun, has met with leaders of government agencies under his ministry to discuss how to improve Nigeria’s economy. 

    Some of the agencies under the Ministry of Finance are the Office of the Accountant General of the Federation (AGF), Debt Management Office (DMO), Ministry of Finance Incorporated (MOFI), Nigeria Deposit Insurance Corporation (NDIC), the Federal Inland Revenue Service (FIRS), Development Bank of Nigeria (DBN), the Nigeria Customs Service (NCS) among others.

    The meeting focused on President Bola Tinubu’s plan for economic growth, called the “8-Point Agenda.”

    Edun stressed that different government agencies need to work together as a team to achieve the President’s goals. 

    He said this meeting was a chance to check progress and figure out how to move forward.

    The Minister discussed the government’s progress so far and encouraged the agencies to keep working together to create a stronger economy that benefits all Nigerians.  He also explained that the meeting would be used to review goals and address any challenges faced by the agencies.

    He simply explained the President’s plan. 

    According to him, the plan is like a house, with security and the rule of law being the foundation. 

    The roof represents the ultimate goals, such as ensuring everyone has enough food.

    The minister emphasized that everyone working together is crucial for success. 

    He said by joining forces, the agencies can create a better environment for businesses to grow, attract more investment from other countries, and create more opportunities for Nigerians.

    The Minister highlighted the government’s efforts to make it cheaper for businesses to borrow money.  He said lower interest rates would encourage more investment, which would further boost the economy.

    Read Also: Dwindling revenue: We must check waste, corruption, says Edun

    Edun stressed the importance of setting clear goals and timelines for each agency.  He said there should also be consequences if agencies don’t meet their goals. 

    This system is meant to encourage excellent service and ensure everyone is working towards the same objectives.

    The finance minister expressed confidence that the leaders of the government agencies are up to the task.  He believes that by working together, they can achieve the goals set out in President Tinubu’s plan.

    Before the Minister spoke, other government officials addressed the meeting. 

    They all emphasized the importance of working together to achieve the President’s goals, which include creating more jobs, reducing poverty, and making Nigeria a safer place to attract investment.