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Tag: Wale Edun

  • FG taps global capital, boosts healthcare investment

    FG taps global capital, boosts healthcare investment

    The federal government has outlined plans to secure long-term funding, strengthen governance, and expand Nigeria’s access to global debt markets, including Islamic finance

    These priorities were discussed when the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, met with top executives of First Abu Dhabi Bank (FAB) as part of efforts to strengthen financial cooperation and widen Nigeria’s access to international capital.

    During the meeting, the minister welcomed the opening of FAB’s representative office in Lagos, describing the move as a positive signal of growing investor confidence in Nigeria’s economy.

    He said the bank’s increasing involvement in energy and infrastructure projects aligns with the government’s development goals.

    “The decision by First Abu Dhabi Bank to establish a presence in Lagos sends a strong message of confidence in Nigeria and its economic direction,” Mr. Edun said. “It also opens new doors for accessing global capital, including Sharia-compliant financing.”

    Both the government and the bank agreed to work more closely to develop funding solutions that improve public finances, support infrastructure projects, and encourage private sector investment. The discussions also covered Nigeria’s interest in tapping deeper into global debt markets to fund development in a sustainable way.

    In another engagement, the finance minister described healthcare as not only a social necessity but also a sector with strong potential to drive economic growth. He said building local capacity in healthcare improves productivity, keeps money within the country, and strengthens human capital over the long term.

    Mr. Edun spoke at the signing of a major agreement involving the Nigeria Sovereign Investment Authority (NSIA), the International Finance Corporation (IFC), and MedServe. The agreement is designed to expand access to diagnostic services, cancer treatment, and heart care across the country.

    “Healthcare is critical to national development, and investing in it helps our people live healthier lives while supporting economic growth,” the minister said. “When we build strong healthcare systems at home, we reduce the need to seek treatment abroad and retain valuable capital within our economy.”

    He said President Bola Ahmed Tinubu remains committed to improving healthcare through increased funding and well-structured partnerships between the public and private sectors. According to him, recent budget improvements show the administration’s focus on strengthening social infrastructure.

    The minister pointed to the growing network of cancer treatment centres developed by the NSIA as evidence that high-quality healthcare facilities can be built in Nigeria. He said such investments create jobs, attract funding, and help cut the country’s heavy spending on medical tourism.

    “Our experience with the NSIA oncology centres shows that world-class healthcare services can be delivered locally,” Mr. Edun said. “This creates employment, draws investment, and saves billions of naira spent on treatment outside the country.”

    He also praised the IFC for its role in the partnership, describing the agreement as a model that blends funding with technical expertise to encourage private investment and widen access to quality care. He noted that the initiative also benefits from support provided by the World Bank.

    The minister called for the NSIA–MedServe model to be adopted in other sectors of the economy, saying it offers a practical approach to inclusive growth, better public services, and long-term economic stability.

    According to him, partnerships that combine public oversight with private sector efficiency will be central to Nigeria’s efforts to build a stronger, more resilient economy.

  • Edun: Fed Govt will rely less on borrowing to drive growth

    Edun: Fed Govt will rely less on borrowing to drive growth

    • We will depend more on our own resources than on international institutions

    The Federal Government will cut down on borrowings and increase mobilisation of foreign and domestic investments under a comprehensive strategy to accelerate economic growth.

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun, spoke in an interview with Bloomberg yesterday at the ongoing World Economic Forum (WEF) in Davos, Switzerland.

    He also said the government’s fiscal strategy prioritises revenue generation and sustainable financing.

    According to him, while Nigeria remains open to international capital markets, borrowing is no longer the first option, but rather the mobilisation of domestic resources to fund development.

    “The issue now is to focus on revenue and domestic resource mobilisation. We’re hoping to rely less on borrowing,” Edun said.

    He said the government is implementing reforms to strengthen fiscal sustainability amid mounting global economic pressures.

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    The minister pointed at ongoing efforts to raise tax revenue and expand the government’s fiscal space, noting that stronger revenue generation would automatically lead to a reduction in borrowing.

    Edun said Nigeria was looking to wealthy regions, especially the Middle East, to bring in private investment.

    He pointed to the recently signed Comprehensive Economic Partnership Agreement (CEPA) with the United Arab Emirates as an important step in attracting foreign companies and investors to Nigeria.

    He said: “We are looking to rely more on our own resources than on international institutions. We also want to make better use of our regional market in ECOWAS and the wider African market under the African Continental Free Trade Area (AFCTA).”

    He said Nigeria’s economy has been growing stronger, moving from about two per cent growth in early 2023 to over four per cent in the first half of 2025.

    He added that the country is also making progress in becoming more industrialised, pointing out that Nigeria is no longer just exporting crude oil but is now refining about 650,000 barrels of oil daily.

    “In terms of value, we now take oil that used to be exported as raw crude and refine it here into fuel and other chemical products. We are getting back on the path of industrial growth,” Edun said.

    He said despite global challenges, Nigeria still has a lot to offer international partners, especially because of its natural resources and important minerals.

    “We are confidently telling a story of real economic reform that we plan to continue. We have a large market, we have natural resources, and we now have a better environment for investment. We are ready to do business,” Edun said.

    He added that in the long run, the government wants to raise the tax-to-GDP ratio even higher, so it can spend more than 20 per cent of the country’s total economic output on social services and infrastructure.

    The minister said the Tinubu Administration has introduced a series of economic reforms targeted at stabilising public finances and driving growth.

    These included the removal of currency restrictions, elimination of fuel subsidies, and a comprehensive overhaul of the country’s tax framework designed to increase revenue to about 18 per cent of Gross Domestic Product by next year, up from approximately 14 per cent currently.

    Edun said the policies were designed to achieve long-term economic sustainability, reduce reliance on external debt, and boost investor confidence.

    He added that the reforms form part of broader efforts to modernise Nigeria’s economy.

    Edun is expected to use the Davos meeting to engage investors and address concerns around policy consistency, inflation, foreign exchange stability, and fiscal sustainability.

    Recent economic forecasts support a steadily improving macroeconomic outlook.

    The International Monetary Fund has upgraded Nigeria’s growth projection to 4.4 per cent for 2026, compared to an estimated 4.2 per cent in 2025, despite weaker global oil prices.

    The IMF noted that ongoing government reforms are expected to stabilise revenue collection and support fiscal sustainability.

    According to IMF, the combination of domestic resource mobilisation and ongoing reforms underscores Nigeria’s effort to reduce debt dependence and strengthen its economic foundations.

    The National Bureau of Statistics indicated that Nigeria’s public debt-to-GDP ratio stood at 39.4 per cent in the first quarter of 2025, following the successful rebasing of the country’s Gross Domestic Product (GDP).

    The Debt Management Office (DMO) reported that total public debts stood at N152.4 trillion or $99.66 billion by the second quarter of 2025.

    These included external debts of N71.85 trillion, 47.14 per cent of total debts. Thus, domestic debts amounted to N80.55 trillion, representing 52.86 per cent of total debts.

    A breakdown indicated that the Federal Government accounted for N64.49 trillion out of the external debts, while state governments and the Federal Capital Territory (FCT) were responsible for N7.36 trillion.

    Out of the domestic debts, the Federal Government accounted for N76.59 trillion, while states and FCT borrowed N3.96 trillion.

    The 2026 Appropriation Bill projects total revenue of N34.33 trillion, total expenditure of N58.18 trillion, N15.52 trillion for debt servicing, recurrent non‑debt expenditure of N15.25 trillion, capital expenditure of N26.08 trillion, and budget deficit of N23.85 trillion, representing 4.28 per cent of GDP.

  • Edun: Building on reform gains for better results, our goal

    Edun: Building on reform gains for better results, our goal

    • Cost-of-living pressures remain elevated, says NESG

    Nigeria has entered a phase of economic consolidation following two years of reforms that helped to steady inflation, stabilise the exchange rate and restore investor confidence.

    Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, gave the outlook while delivering the keynote address at the presentation of the Nigerian Economic Summit Group (NESG) 2026 Macroeconomic Outlook Report in Lagos yesterday.

    He said that after two years of tough but necessary reforms, Nigeria has recorded measurable macroeconomic stability and is now positioned to build on those gains.

    According to him, the focus has shifted to sustaining the reforms already implemented and translating economic stability into growth that creates jobs and improves living standards.

    Looking ahead to 2026, Edun projected stronger economic performance, with GDP growth expected to reach 4.68 per cent, inflation averaging 16.5 per cent, and the exchange rate stabilising around N1,400 to the dollar.

    “Nigeria,” Edun stressed, “cannot afford to pause or retreat,” adding that “success in consolidation will determine whether stability becomes sustained growth and creates jobs.”

    He noted that recent economic indicators show improvement, explaining that inflation has slowed, pressure on the foreign exchange market has eased, external reserves have strengthened and investor confidence is gradually returning.

    Addressing concerns over the size of Nigeria’s debt, Edun said much of the N152 trillion public debt figure is the result of improved transparency and changes in exchange rate policy, rather than reckless borrowing.

    He explained that about N30 trillion of the figure represents previously unrecorded Ways and Means advances that have now been properly captured, while close to N50 trillion arose from the revaluation of foreign loans following exchange rate reforms.

    Edun added that Nigeria’s debt profile remains moderate when viewed against the size of the economy, noting that the debt-to-GDP ratio has declined to 36.1 per cent, which, in his words, “is among the lowest in Africa and far below the global average.”

    He pointed to stronger macroeconomic indicators as evidence that the economy is on a stable path.

    Inflation, he said, fell from 33.18 per cent in 2024 to 14.45 per cent by November 2025, while economic growth averaged 3.78 per cent by the third quarter of 2025, with 27 sectors, including manufacturing and agriculture, recording expansion.

    He added that Nigeria’s external reserves rose to $45.5 billion, the exchange rate stabilised below N1,500 to the dollar, and the country recorded a trade surplus of N19.33 trillion in the first nine months of 2025.

    According to him, market capitalisation on the Nigerian Exchange also grew by almost 60 per cent year-on-year.

    Despite revenue challenges, particularly in the oil and gas sector, Edun said the Federal Government maintained fiscal discipline in 2025, with the fiscal deficit kept at about 3.4 per cent of GDP, while non-oil revenue performance improved.

    He said allocations to states increased to strengthen fiscal federalism and support subnational governments, while capital budget implementation improved, with about 84 per cent of 2024 capital projects executed during the transition period.

    Edun said the 2026 budget, presented by President Bola Ahmed Tinubu, is designed as a Budget of Consolidation, Renewed Resilience and Shared Prosperity.

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    The budget proposes total spending of N58.18 trillion, with N26 trillion allocated to capital expenditure, representing about 44 per cent of total spending.

    He added that the projected budget deficit of about four per cent of GDP is tied directly to Nigeria’s development needs, especially investment in infrastructure and growth-supporting sectors.

    Outlining key structural reforms planned for 2026, Edun said the measures are aimed at improving efficiency and protecting vulnerable Nigerians.

    Government revenue collection will be fully digitised, treasury operations will become more transparent, and opaque deductions and leakages will be eliminated.

    He said the government will also implement tax laws designed to protect low-income earners and small businesses, noting that essential food items and small enterprises will be exempted, while efforts will be intensified to fairly widen the tax base.

    According to him, the overall goal is to build a stronger, more resilient economy that delivers growth and shared prosperity for Nigerians.

    After two years of implementing transformative and politically difficult reforms, Edun said the administration has delivered significant macroeconomic stabilisation.

    He said the country is now at the threshold of stabilisation, which demands discipline and policy consistency, stressing that Nigeria cannot afford to pause, retreat or relapse.

    “And that’s a big undertaking, and success here will determine whether stability is converted into sustained growth, whether growth delivers productive jobs, and whether poverty is reduced at scale,” he said.

    He added that the government’s task is to consolidate reform gains and turn economic stability into prosperity.

    “And of course, prosperity becomes shared prosperity, where millions are lifted out of poverty,” he said.

    Despite global headwinds and domestic constraints, Edun said Nigeria’s fiscal position has demonstrated resilience and marked improvement, reflecting discipline, improved transparency and focused reforms.

    NESG: reforms unavoidable

    Chairman of NESG, Mr Olaniyi Yusuf, said the timing of the outlook was deliberate.

    “This report is not intended as a forecast in isolation, but as a strategic lens through which to assess where the Nigerian economy stands today, how far we have come, and what the next phase of reforms must deliberately achieve,” he said.

    Yusuf said Nigeria has just emerged from one of the most disruptive adjustment periods in its recent economic history.

    He explained that NESG frames the reform journey along a Stabilisation–Consolidation–Acceleration continuum, stressing that economic transformation is a sequenced and perpetual process.

    He said the 2024–2025 period was defined by adjustments and corrections, with major structural reforms undertaken to address long-standing distortions in the exchange rate regime, energy pricing and monetary conditions.

    “These reforms were not painless, but they were unavoidable. They represented the stabilisation phase of our reform journey,” he said.

    According to him, signals of stabilisation began to emerge in 2025, with macroeconomic conditions reflecting a gradual transition from reform-induced dislocation, although structural weaknesses persist.

    Following rebasing, he said headline inflation moderated sharply, falling from over 33 per cent in 2024 to around 21 per cent in 2025, supported by exchange rate stabilisation, slower administered price increases, particularly fuel, and other factors.

    “FX market conditions improved, supported by policy reforms, elevated interest rates, reserve accretion and reduced petroleum import demand.

    “The external balance strengthened, though largely through import compression rather than export diversification,” he said.

    “The task ahead is to ensure that these sacrifices translate into opportunity, productivity and shared prosperity. Consolidation is the hard work of turning reform into results.”

    NESG Chief Executive Officer, Dr Tayo Aduloju, said the 2026 Macroeconomic Outlook presents an opportunity to consolidate recent gains and advance Nigeria’s multi-year economic transformation roadmap, moving decisively from crisis-era stabilisation towards a more durable and inclusive growth path.

    He said the report underscores the urgency of locking in fragile improvements, closing remaining macroeconomic and structural gaps, and avoiding policy reversals that could return the economy to instability.

    According to him, while stabilisation efforts are beginning to yield results, persistent structural vulnerabilities remain.

    He said: “Growth remains below the level required for meaningful job creation and poverty reduction, fiscal pressures continue to constrain development spending, productivity in agriculture and manufacturing is subdued, and cost-of-living pressures remain elevated.

    “These realities make consolidation not a pause in reform momentum, but a decisive push to solidify gains and accelerate transformation.”

    Aduloju said the outlook provides an evidence-based assessment of Nigeria’s macroeconomic conditions, evaluates the outcomes of recent reforms and sets out a strategic framework for consolidation, including scenario-based projections for 2026 and beyond.

    “At its core, the report emphasises that sustained growth will depend on credible macroeconomic anchoring, structural transformation of key sectors, stronger institutions, and deliberate investments in human capital and social protection,” he said.

    He added that stronger exports, reduced fuel imports and higher foreign exchange inflows supported a trade and current account surplus, contributing to the gradual rebuilding of external buffers.

    “Foreign reserves reached their highest level in several years, and the spread between the official and parallel market exchange rates narrowed significantly, reflecting greater transparency and improved policy credibility,” Aduloju said.

    According to him, the NESG Macroeconomic Conditions Index corroborates Nigeria’s transition from acute instability to a state of relative, though still fragile, macroeconomic stability.

  • EU removes Nigeria from terrorism financing list

    EU removes Nigeria from terrorism financing list

    • ‘It’s a boost for nation’s financial standing

    The Federal Government has lauded European Union (EU)’s removal of Nigeria’s from the high-risk and terrorism financing list.

    The decision is contained in a European Commission Delegated Regulation amending Regulation (EU) 2016/1675.

    It follows Nigeria’s removal in October 2025 from the Financial Action Task Force (FATF) list of Jurisdictions under Increased Monitoring after completing its Action Plan.

    The Federal Government described the removal of Nigeria from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) as a major boost to the country’s global financial credibility.

    Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga, said in a statement that the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, attributed the action to the leadership of President Bola Ahmed Tinubu.

    According to Edun, the milestone reflects the President’s “extraordinary leadership, unwavering political will and clear reform vision,” which prioritised AML/CFT reforms as a core element of Nigeria’s economic governance and financial stability agenda.

    He said the administration ensured strong inter-agency coordination, sustained engagement with international partners and the implementation of critical legal, regulatory and institutional reforms to address deficiencies previously identified in Nigeria’s AML/CFT framework.

    The European Commission, in its assessment, concluded that Nigeria had strengthened the effectiveness of its AML/CFT regime and addressed identified technical and strategic gaps, leading to its removal from the EU high-risk list.

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    Edun said the development would ease enhanced due diligence requirements for Nigerian individuals, businesses and financial institutions dealing with European counterparts, improve correspondent banking relationships, boost investor confidence and further integrate Nigeria into the global financial system.

    He also commended financial sector regulators, law enforcement agencies, the Nigerian Financial Intelligence Unit, supervisory bodies, the judiciary and private sector operators for their roles in achieving the reforms.

    The minister added that Nigeria would sustain the momentum by deepening reforms and strengthening engagement with the FATF, the EU and other international partners to ensure a resilient, transparent and globally aligned financial system.

    The Federal Government said Nigeria’s removal from both the FATF grey list and the EU’s high-risk list sends a strong positive signal to the international community and underscores ongoing efforts to improve financial governance under the Tinubu administration.

  • Tinubu congratulates Wale Edun on British royal honour

    Tinubu congratulates Wale Edun on British royal honour

    President Bola Ahmed Tinubu has congratulated the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on his appointment to the Royal Victorian Order by King Charles III.

    In a statement yesterday in Abuja by his Special Adviser on Information and Strategy, Bayo Onanuga, the President welcomed the conferment of the honour on Edun, describing it as a recognition that reflects both his longstanding commitment to youth development and the priorities of the current administration.

    King Charles III appointed the Nigerian minister as a Commander of the Royal Victorian Order (CVO) in recognition of his sustained contributions to the Duke of Edinburgh’s International Award. This global youth development initiative equips young people with life skills, character, and leadership capacity.

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    The programme operates in several countries, including Nigeria, where thousands of young people are currently benefitting from its leadership and personal development framework.

    President Tinubu noted that the honour bestowed on Edun, a key member of his economic management team, aligns with his administration’s emphasis on youth empowerment, opportunity creation, and national renewal.

    The President applauded the minister’s industry and dedication, describing the recognition as well-deserved, and reaffirmed his government’s commitment to nurturing Nigeria’s youth as leaders of today and tomorrow.

  • Edun, NSC mourn victims of Lagos–Ibadan crash, console Anthony Joshua

    Edun, NSC mourn victims of Lagos–Ibadan crash, console Anthony Joshua

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

    In a condolence message issued on behalf of the Nigerian boxing community, Edun described the incident as deeply distressing and extended sympathies to Joshua and the bereaved families, offering prayers for comfort and healing.

    “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 message read. “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.

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

    Similarly, the Director General of the NSC, Hon Olopade, conveyed profound sympathy to Joshua and the families of the victims of the accident, which occurred on Monday, December 29.

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

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

    “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,” 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.”

    Olopade also used the occasion to stress the importance of road safety, urging motorists to exercise patience, caution, and responsibility at all times.

  • 16th  Governor’s Belt : Edun lauds  LBHF’s organisers on successful tourney

    16th  Governor’s Belt : Edun lauds  LBHF’s organisers on successful tourney

    Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has lauded the organisers of the Lagos Governor’s Belt, describing the competition as a vital platform for youth development and the growth of amateur boxing.

    Speaking at the 16th  edition of the Lagos Governor’s Belt, organised by the Lagos Boxing Hall of Fame in conjunction with the Lagos State Boxing Association on Boxing Day at the Molade Okoya-Thomas Indoor Sports Hall, Teslim Balogun Stadium in Lagos,  Edun praised the consistency and impact of the championship, noting that it has become a key fixture on the Lagos sporting calendar.

     “It’s a yearly event for the top players of the amateur boxing championship, and many more are still to come,” Edun  who is  also  President of the Nigeria Boxing Federation (NBF), said. “Let me congratulate everybody involved in this 16th  edition of the annual  Governor’s Boxing Hall of Fame and Governor’s Belt. In particular, David Mohammed, the coordinator of the Lagos Boxing Hall of Fame, has done a wonderful job.”

    He linked the success of the event to broader government efforts at both the federal and state levels to empower young people through sports. “Under the leadership of President Bola Ahmed Tinubu and the Lagos State Governor, Babajide Sanwo-Olu, young people and sports people are being encouraged. This event is another manifestation of that commitment,” Edun stated. “Half of Nigeria’s population is under the age of 19years, over 100 million people. That is a huge demographic opportunity, and platforms like this help channel that energy positively.”

    According to him, the Lagos Boxing Hall of Fame has remained consistent in providing opportunities for young athletes to showcase their abilities and dream bigger.

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    “They are the future. They are to be supported, they are to be helped. Some of these youngsters will go on to national and international glory, even fame and fortune,” he said.

    Director of the Lagos Boxing Hall of Fame, David Mohammed, expressed excitement over the successful staging of the event, describing the Governor’s Belt as a tradition that continues to grow in stature. “This is the 16th Governor’s Belt, and it has been consistent every year. On Boxing Day, Lagos knows they come to enjoy top-class amateur boxing. That’s how it’s been for the past 15 years, and that’s how it’s going to continue for the long foreseeable future,” he said.

    Looking ahead to 2026, Mohammed revealed plans aimed at raising the competitive standard of the championship. “We’re introducing a new format based on the administrative divisions in Lagos State. We’ll hold individual championships for each division to get the best of the best. We want talent, we want competition, we want excitement, and we believe this new format will give us just that,” he explained.

    The highlight of the annual LBHF tournament  saw  Faruk Ajibuwon, gold medallist at the African Youth Games, being  crowned best boxer of the year, claiming the prestigious ₦1m Governor’s Belt jackpot.

  • FG records sharp revenue shortfall in 2025 as oil taxes underperform — Edun

    FG records sharp revenue shortfall in 2025 as oil taxes underperform — Edun

    The federal government has recorded a significant revenue shortfall in the 2025 fiscal year, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed.

    Edun made this known on Tuesday while appearing before the House of Representatives Committees on Finance and National Planning during an interactive session on the 2026–2028 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).

    According to him, the federal government initially projected revenue of ₦40.8 trillion for 2025 to fund the ₦54.9 trillion “budget of restoration” aimed at securing peace and rebuilding prosperity. 

    However, current performance indicates that total revenue for the year is likely to end at about ₦10.7 trillion, he said.

    The minister attributed the shortfall mainly to weak oil and gas revenues, particularly Petroleum Profit Tax (PPT) and Company Income Tax (CIT) from oil and gas companies, as well as underperforming subheads.

    “The current trajectory indicates that federal revenues for the full year will likely end at around ₦10.7 trillion, compared to the ₦40.8 trillion projection,” Edun told lawmakers.

    He added that while the government had also borrowed about ₦14.1 trillion, the combined inflows remained far below what was required to fully fund the 2025 budget.

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    Despite the shortfall, Edun said the government had met key obligations through what he described as prudent treasury management. 

    He noted that salaries, statutory transfers, and domestic and foreign debt service had been paid as and when due through “skillful, imaginative and creative handling” of available resources.

    Providing an update on expenditure performance, the minister said capital releases to Ministries, Departments and Agencies (MDAs) in 2024 stood at ₦5.2 trillion out of a budgeted ₦7.1 trillion, representing 73 per cent performance, while total capital expenditure, including multilateral and bilateral projects, reached ₦11.1 trillion out of ₦13.7 trillion, or 84 per cent.

    Edun urged that expenditure plans tied to oil revenues should remain flexible, cautioning against committing government to obligations based on projections that had repeatedly failed to materialise.

    “We must be ambitious, but given the experience of the past two years, spending linked to these revenues must depend on the funds actually coming in,” he said.

    Minister of Budget and National Planning, Atiku Bagudu, said the MTEF and FSP were developed through extensive consultations with government agencies, the private sector, civil society and development partners.

    Bagudu acknowledged the debate within the Economic Management Team over revenue assumptions, noting that while some advocated conservative projections based on past performance, others argued for ambitious targets to compel revenue agencies to improve performance.

    He explained that for the 2026 budget, the government retained a target oil production of 2.06 million barrels per day but adopted a more cautious production assumption of 1.84 million barrels per day for revenue calculations.

    Bagudu urged that more be done to drive revenue generating agencies to do more. 

    Earlier Chairman of the Committee, Rt Hon James Faleke, said at this critical time of the country’s economy, there should be a critical analysis to guide against bloated budgets and to help take the proper decisions to move the country forward. 

  • Contractors still marching on Finance Ministry

    Contractors still marching on Finance Ministry

    The protest by members of the Indigenous Contractors Association of Nigeria (ICAN) entered its second day yesterday with the protesters finally getting an audience with the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, over their demand for the payment of 2024 contracts executed for the Federal Government.

    The demonstration, which brought activities at the Federal Ministry of Finance in Abuja to a standstill, resumed with even greater intensity as early as 8:00 a.m.

    On Tuesday, the contractors had blocked the main entrance of the ministry, restricting vehicular movement and forcing staff and visitors to struggle to access the building. That action set the tone for a continued push for payment of outstanding contract fees.

    Yesterday morning, the contractors escalated their protest by erecting a canopy directly at the ministry’s main gate before proceeding to their scheduled meeting with the minister.

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    The canopy created a blockade that prevented workers and visitors from entering the premises. Those who earlier managed to enter the building found themselves unable to exit, as the contractors kept the area firmly cordoned off.

    Tensions rose further when the protesters placed a white casket at the entrance of the ministry—an unusual and symbolic gesture intended, according to them, to demonstrate the seriousness of their demands. The act drew the attention of security officials and passersby, reinforcing the high stakes of the standoff.

    The contractors insist that they are owed for projects completed in 2024 and say the funds should be sourced from revenue already generated by the Federal Inland Revenue Service (FIRS). They argue that many of their members are facing severe financial strain due to the non-payment and that the continued delay has become unbearable.

    When The Nation visited the ministry on Wednesday, a cluster of protesters remained stationed outside the blocked entrance. They confirmed that their leaders had gone inside to meet with Mr. Edun. Several of them expressed optimism that the engagement with the minister would yield a positive outcome.

    One of the protesters said: “Our leaders are with the minister now and we believe they will speak for all of us. We just want to be paid for the work we have already done.”

    Another contractor added that the group was prepared to remain at the ministry for as long as necessary until concrete assurances were given. “We came here again today because yesterday showed that the government is hearing us. We won’t leave until we get a clear way forward,” he said.

    As at the time of filing this report, the meeting between the leaders of the contractors and the minister was still ongoing. Staff of the ministry continued to operate under restricted movement, with access to the building tightly controlled due to the continued presence of the protesters.

    The outcome of yesterday’s talks is expected to determine the next steps in the confrontation, which has already disrupted operations at one of the government’s most strategic ministries for two consecutive days.