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Tag: Wale Edun

  • Edun challenges NDIC management on financial market safety

    Edun challenges NDIC management on financial market safety

    Minister of Finance and Coordinating Minister of the Economy, Wale Edun has inaugurated the new Managing Director of the Nigeria Deposit Insurance Corporation (NDIC), Thompson Oludare Sunday and Executive Director (Operations), Dr. Kabir Katata at the Ministry of Finance, Abuja.

    Edun submitted that the NDIC, as a component of the financial safety-net has a crucial role to play in the nation’s march to economic stability and prosperity. He therefore charged the Management team to bring their diverse wealth of experience to bear on their new assignment while assuring them of the ministry’s full support in the task ahead.

    Responding, Sunday who spoke on behalf of the Management team, expressed appreciation to His Excellency, President Bola Ahmed Tinubu for their appointment. He assured the Hon Minister of the readiness of the Management under his leadership to live up to expectations of the President in particular and the nation in general in the discharge of their duties.

    The Management was later received to the Corporation’s Head Office with a warm welcome by the workforce. Addressing the workers on behalf the Management team, Sunday promised to work in harmony with the staff to move the Corporation to its next level performance.

    He stressed that the Management’s focus would be based on the public policy objectives, functions and mandate devolved on the Corporation by the enabling law that established it.

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    Sunday is a seasoned financial expert with over 30 years of regulatory and supervisory experience. Having cut his teeth with the Central Bank of Nigeria (CBN) in 1989, he went ahead to acquire high-end knowledge in Central Banking, spending 24 unbroken years in banking supervision.

    While his vast experience is in the regulation and supervision of licensed institutions, his deep expertise span corporate governance, risk management and compliance as veritable tool for ensuring the safety and soundness of institutions. He is a highly analytical and cross functional team worker with strong interest in building individual and institutional capacity for transformation and excellence. Thompson’s skills and experience were horned by several key responsibilities and special assignments he handled for the apex Bank before his retirement as a Director 2021.

    The ED (Operations), Kabir Katata is a quantitative energy strategist and computational finance expert with strong power trading and risk management experience.

    He has over 28 years’ experience in the design and management of technically innovative systems in multiple industries including telecommunications, IT, energy (petroleum & power), finance and government. He is a specialist in sophisticated financial optimization, the application of modern statistical techniques and mathematics to energy, deposit insurance and banking sectors.

    Katata joined the service of the Nigeria Deposit Insurance Corporation in 2012 as an Assistant Director in the Research, Policy and International Relations Department and rose to the pinnacle of his career as Director in January 2022, before his new appointment as Executive Director (Operations).

  • Revised GDP figures offer clearer economic view, says Edun

    Revised GDP figures offer clearer economic view, says Edun

    The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has revealed that the revised GDP figures offer a more accurate view of the nation’s economic landscape.

    Edun welcomed the release of Nigeria’s 2024 rebased Gross Domestic Product (GDP) figures and the Q1 2025 GDP growth rate of 3.13 percent as strong indicators of the country’s economic resilience and growing momentum.

    In a statement issued by the Federal Ministry of Finance on Wednesday, the minister commended the National Bureau of Statistics (NBS) for completing the country’s first GDP rebasing exercise since 2014, a process that aligns with global standards and offers a more current and comprehensive reflection of Nigeria’s economy.

    According to the ministry, the updated national accounts better capture the structural shifts that have taken place in the economy over the last decade, including the emergence of digital and creative sectors, increased services activity, and deepening diversification in non-oil segments.

    Speaking on the significance of the rebasing, Mr. Edun noted that the revised GDP figures offer a more accurate view of the nation’s economic landscape.

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    “The rebased GDP provides a clearer lens through which to view Nigeria’s economic performance. It allows policymakers, investors, and citizens to better understand the true size and composition of the economy, so we can plan more effectively and deliver greater prosperity to all Nigerians,” he stated.

    The rebased data shows notable changes in the composition of the economy. The services sector now represents a significantly larger share of GDP, with key contributions from information and communication technology (ICT), financial services, entertainment, and professional services.

    While agriculture and manufacturing remain key pillars, the relative contribution of oil and gas has continued to shrink—an indication that diversification policies are beginning to reshape the economic structure.

    “These changes are not just statistical, they reflect real transitions underway in the Nigerian economy. Our young, tech-savvy population is powering growth in new sectors, and our reforms are unlocking the potential of industries that were previously underrepresented in our GDP figures,” Edun said.

    He further stated that this evolving economic profile reinforces the federal government’s strategy of prioritising investments in productivity-enhancing infrastructure, digital innovation, and human capital development to drive sustainable growth and job creation.

    On the 3.13 percent year-on-year GDP growth recorded in the first quarter of 2025, the Minister said the improved performance compared to the 2.4 percent recorded in Q1 2024 reflects growing strength in the economy, particularly under the Renewed Hope Agenda of the current administration.

    He identified agriculture, telecommunications, construction, and financial services as the major drivers of the growth in the first quarter of 2025.

    “We are encouraged by the broad-based nature of this growth, which is occurring across key sectors and supported by stable macroeconomic reforms. This trajectory reinforces our belief that Nigeria is on the path to rapid, sustained, and inclusive growth,” Edun said.

    The Minister also reiterated the government’s medium-term target of achieving a 7 percent annual GDP growth rate, anchored on sustained structural reforms, fiscal prudence, and focused investment in critical sectors of the economy.

    “Our goal is not just growth, but growth with impact, especially the creation of quality jobs. The new data helps us better track progress, refine our strategies, and ensure that economic expansion translates into more jobs, higher incomes, and better living standards for all Nigerians,” he stated.

    The Ministry of Finance also acknowledged the technical expertise of the NBS in delivering both the rebasing and the Q1 GDP reports, noting that such data sets are vital for evidence-based policymaking and for unlocking the full potential of Nigeria’s vast economic resources.

  • Nigeria needs 7% yearly growth to lift vulnerable populations

    Nigeria needs 7% yearly growth to lift vulnerable populations

    Nigeria must grow its economy by at least seven per cent annually to meaningfully improve the lives of its poorest and most vulnerable citizens, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said.

    Speaking at a high-level policy dialogue on local government fiscal autonomy in Abuja yesterday, he said the administration of President Bola Tinubu has already set the stage for economic stabilisation and long-term resilience through bold early reforms.

    The policy dialogue was convened by Agora Policy in collaboration with the Centre for Fiscal Transparency and Integrity Watch (CeFTiP), TheCable, and the MacArthur Foundation.

    It brought together senior policymakers, civil society leaders, and development stakeholders to deliberate on how fiscal autonomy for local governments can contribute to inclusive growth and effective service delivery.

    According to the minister, the administration’s initial actions addressed major macroeconomic imbalances, such as distortions in pricing and structural bottlenecks that hampered growth and investment.

    “We have made the groundwork for stimulating economic resilience and macroeconomic stability,” Edun said. “The first phase was removing major macroeconomic disruptions in the form of food pricing, employment growth, market pricing, and employment change.”

    He stated that the government is now moving into the second phase of its economic reform agenda, focused on stabilising key indicators, controlling inflation, narrowing fiscal deficits, and boosting revenue.

    “To really help the poorest and most vulnerable, we need to be doing around seven per cent per annum,” he said.

    Edun also spoke about the broader implications of the recent Supreme Court judgment mandating direct funding to democratically elected local governments describing it as a transformative development in Nigeria’s governance structure.

    He said local government autonomy, when properly implemented, has the potential to accelerate development at the grassroots by bringing decision-making and resource control closer to the people.

    “It is the collaboration, professional determination, and willingness of all to achieve success that will be paramount in ensuring that we achieve what those justices of the Supreme Court have laid down for us,” he noted.

    He disclosed that the federal government is pursuing several initiatives to bolster local governance capacity, including a national nutrition programme targeting all 774 local government areas and the 774 Local Government Connectivity Project aimed at improving digital infrastructure.

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    “The construction of critical digital technology to increase connectivity has significantly improved access to markets—both domestic and international—access to education, access to health services, and thereby fostering inclusive economic growth,” Edun said.

    Executive Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, urged local governments to approach their new financial independence with a strong commitment to fiscal discipline and transparency.

    “I passionately urge all local governments in Nigeria to preface the implementation of their autonomy with clear commitments to fiscal transparency, accountability, and prudence,” Muruako said.

    He warned that while autonomy provides local governments the opportunity to engage directly with financial institutions for development financing, borrowing should be carefully managed and aligned with the Fiscal Responsibility Act.

    “With fiscal and financial autonomy, local governments now have the opportunity to approach banks and other financial institutions for borrowing to fund development projects. I strongly advise LGAs to exercise caution and adhere strictly to the terms, conditions, and limitations outlined in the FRA to ensure sustainable fiscal management,” he said.

    Muruako, who previously served as a local council chairman and held leadership roles in the Association of Local Governments of Nigeria (ALGON), stressed that the objective of autonomy is not institutional independence for its own sake, but improved service delivery and human development at the community level.

    Chair of Agora Policy, Ojobo Ode Atuluku, said that Nigeria must look beyond legal rulings to undertake the deeper institutional reforms needed to revitalise local governance.

    “If we are truly committed to restoring the promise of local democracy, then we must pursue a roots-and-branch reform of our local governance system,” she said.

    According to Atuluku, this includes dismantling entrenched systems of political patronage, overhauling local electoral processes, and transforming local councils into responsive and accountable bodies that truly reflect citizens’ needs.

    She announced that Agora Policy will soon launch the Local Governance Accountability (LGA) Portal, an online tool designed to track statutory allocations from the Federation Account Allocation Committee (FAAC), elected officials at the local level, and the historical profiles of all local governments in Nigeria since 1999.

    “It will be a powerful tool for a genuine local governance systems development,” she said, adding that the Abuja event is part of an ongoing effort to make local government institutions more transparent and impactful.

  • UPDATED: Tinubu holds briefing with finance, budget, gas ministers

    UPDATED: Tinubu holds briefing with finance, budget, gas ministers

    President Bola Ahmed Tinubu on Tuesday held closed-door meetings with key members of his economic and fiscal policy team at the State House, Abuja, in what sources described as a routine but strategic briefing.

    In attendance were the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun; the Minister of Budget and Economic Planning, Senator Atiku Bagudu; and the Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo.

    President Tinubu also met with the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso; the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji; as well as the Director General and Global Liaison for the Nigeria-China Strategic Partnership, Joseph Tegbe.

    Although the agenda of the meetings was not officially disclosed, sources indicated that it was part of regular consultations where top government officials occupying sensitive economic portfolios update the President on developments within their respective sectors.

    “The President routinely receives briefings from relevant ministers and heads of economic institutions to stay abreast of policy developments and implementation timelines,” a source said.

    It was gathered that the FIRS chairman, Dr. Adedeji, was expected to brief the President on the effective implementation of the four new tax laws recently signed into law, which are slated to take effect from January 2026. 

    The laws are aimed at broadening the tax net, simplifying compliance, and enhancing non-oil revenue generation in line with the administration’s fiscal reform agenda.

    The Governor of the Central Bank, Mr. Cardoso, was also expected to provide updates on current fiscal and monetary policy dynamics, including efforts to stabilise the naira, manage inflation, and sustain investor confidence.

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    Ministers Edun and Bagudu were expected to present overviews of the broader economic outlook, current budget implementation, and medium-term expenditure projections. 

    The Minister of State for Petroleum Resources (Gas), Mr. Ekpo, was also scheduled to provide updates on investment prospects and gas infrastructure development under the Decade of Gas initiative.

    Each official arrived separately at the Villa for the consultations, reflecting standard protocol for high-level briefings.

    The meeting comes at a time the administration is intensifying its focus on economic recovery, fiscal consolidation, and energy sector reforms under the Renewed Hope Agenda.

  • Tinubu meets finance, economic team amid tax reform preparations

    Tinubu meets finance, economic team amid tax reform preparations

    President Bola Tinubu is currently holding a high-level meeting with key economic and financial officials at the Presidential Villa, Abuja.

    Those in attendance include the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Senator Atiku Bagudu; Minister of State for Petroleum (Gas), Ekperikpe Ekpo; Central Bank of Nigeria (CBN) Governor; and Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji.

    Although the official agenda has not been disclosed, a source within the Presidency described it as a “routine meeting” where key officials regularly brief the President on developments within their respective portfolios.

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    The meeting comes as the government prepares for the implementation of four newly signed tax laws set to take effect in January 2026.

    FIRS Chairman Adedeji is expected to brief the President on implementation strategies, while the CBN Governor will likely provide updates on fiscal and monetary policy trends. 

    Ministers Edun and Bagudu are also expected to present the current state of the Nigerian economy.

  • Fed Govt promises to watch oil prices, others

    Fed Govt promises to watch oil prices, others

    The Federal Government has told the International Monetary Fund (IMF) that it will keep a close eye on changes in global oil prices and trade conditions, and take action when needed to protect Nigeria’s economy and keep growth on track for everyone.

    This promise came after the IMF warned in its latest review in April 2025 Article IV Consultation that sharp swings in crude oil prices could affect Nigeria’s 2025 budget.

    Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, explained that the government is implementing the 2025 budget carefully, with a focus on protecting the progress made through economic reforms and making sure the economy stays steady.

    He said the government remains fully committed to managing the economy in a way that keeps prices stable, supports broad growth, and improves the quality of life for all Nigerians.

    Edun welcomed the IMF’s new report on Nigeria, saying it shows that the government’s reforms over the last two years are paying off. According to him, these efforts have strengthened Nigeria’s finances, attracted more investor confidence, and made the economy stronger against external shocks.

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    The Minister also pointed to the IMF’s positive view of progress in agriculture, especially the increase in food production, which has helped bring down food prices.

    As of May 2025, overall inflation had slowed to 22.9 per cent, while food inflation had dropped to 21.4 per cent — both better than earlier levels during the IMF’s last visit.

    Edun noted that the IMF’s report suggests Nigeria’s economic reforms are helping the country cope better with unexpected global challenges.

    In its April report, the IMF welcomed several steps taken by the government, such as removing fuel subsidies, improving revenue collection, and making the foreign exchange market work better. These steps have helped to stabilise the economy and make it more resilient.

    Still, the IMF warned that Nigeria faces risks from unpredictable oil prices and rising global borrowing costs, which could hurt government finances and economic growth.

    In response, Edun said the government is actively watching the situation and ready to act if needed, to make sure the economy stays on course.

    He added that the government’s long-term goal is to keep reforms moving forward so that growth reaches all parts of the country, with more jobs, better infrastructure, and stronger support for farmers and vulnerable households.

  • FG reports N6.9tn revenue in first four months of 2025

    FG reports N6.9tn revenue in first four months of 2025

    The federal government has recorded N6.9 trillion in revenue between January and April 2025, reflecting a 40 percent year-on-year growth compared to N5.2 trillion during the same period in 2024.

    Minister of Finance and Coordinating Minister of the Economy Wale Edun disclosed this on Monday in Abuja during a Q2 2025 Citizens and Stakeholders’ Engagement Session briefing on the fiscal performance and reform outlook of the current administration.

    According to Edun, the revenue growth is attributable to ongoing reforms, particularly in foreign exchange policy and fiscal governance, as well as the deployment of technology and automation to enhance revenue collection across Ministries, Departments, and Agencies (MDAs).

    There is hope that the government will generate more revenue as the year runs by, following the expected surge in revenue from the Federal Inland Revenue Service (FIRS) when businesses file their tax returns by the end of June.

    “Through improved transparency, automation, and plugging revenue leakages, we’ve moved from an annual revenue of about N12.5 trillion to over N20 trillion in 2024,” Edun stated. He added that the government remains focused on ensuring all revenues due to the Federation are collected and properly accounted for, through revenue assurance mechanisms and stricter compliance monitoring.

    Despite the upward trajectory, Edun noted that delays in revenue remittance by some government-owned enterprises, due to late auditing and reconciliation processes, continue to hinder prompt inflows. “Institutions that are mandated to remit up to 80 percent of their operating surpluses to the federal purse under the Fiscal Responsibility Act and the 2020 Finance Act often delay until audited figures are finalised,” he explained.

    He noted that in such cases, the Auditor-General reviews the financials and issues a demand note for reconciliation. This process introduces a lag in cash inflow, but the government is committed to ensuring eventual compliance without resorting to estimations or unverified assumptions.

    Edun also addressed improvements in debt sustainability metrics, pointing to a significant reduction in the debt service-to-revenue ratio. In the first quarter of 2023, before the current administration took office, the figure stood at 150 percent, meaning debt servicing exceeded total revenue. By the end of 2024, the ratio had dropped to about 60 percent, driven by rising revenue and tighter fiscal discipline.

    He added that the government has discontinued the practice of excessive borrowing through Central Bank overdrafts (Ways and Means), in line with fiscal responsibility legislation. “We now operate within regulated borrowing limits, which enhances debt sustainability,” Edun said.

    The Minister acknowledged that oil revenue performance remains below target due to underwhelming crude oil production and global price fluctuations. “We’re not where we expected to be on oil output. Every effort is being made to raise production, but this has had an impact on short-term revenue projections and debt service funding,” he said.

    Nonetheless, Edun believes long-term gains from Nigeria’s return to value-added exports and industrialisation will strengthen the economy. He referenced the country’s growing domestic refining capacity, led by the 650,000 barrels per day Dangote Refinery and other modular refineries, which collectively provide up to 1.2 million barrels per day in capacity.

    “This reduces raw exports, creates jobs, and boosts foreign exchange earnings by exporting refined petroleum products and supplying domestic industries with inputs,” he said.

    Edun further noted that international rating agencies, including Fitch and Moody’s, have upgraded Nigeria’s credit ratings in response to the ongoing reforms. These upgrades, he said, send strong signals to global investors and reduce the cost of borrowing on international markets. “Better sovereign ratings mean lower interest rates on bonds, both externally and locally, which supports inflation control and macroeconomic stability,” he said.

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    The government’s consumer credit initiative is also gaining traction. Managing Director of CreditCorp, Mr. Uzoma Nwagba, revealed that 400,000 young people are already being targeted under the take-off phase of the scheme. “Though the official launch is pending, eligible beneficiaries can already access credit via our platform,” he said, referring to loan packages of N200,000 to N300,000 available to early applicants, including youth corps members.

    In a related development, the Ministry of Finance Incorporated (MoFI) is intensifying efforts to optimise government assets. Speaking on behalf of the MoFI Managing Director, Dr. Armstrong Takang, Executive Director Tajudeen Ahmed said the asset register has identified N38 trillion worth of government-owned assets over the past two years.

    Ahmed projected that the total value of assets captured could hit N70 trillion by 2026, as more assets are brought into the system.

    The MoFI aims to scale this value to N100 trillion over the next decade, leveraging it to drive investment, transparency, and capital formation.

    Edun concluded that the broader goal is to build a fiscally resilient and inclusive economy, where government revenues are optimised, leakages are curtailed, and resources are directed toward high-impact projects and social investments. He stated that while external risks such as oil price volatility remain, the foundations laid through macroeconomic reforms and institutional restructuring are already yielding measurable results.

  • Edun, Cardoso meet to deepen fiscal-monetary policy coordination as inflation slows

    Edun, Cardoso meet to deepen fiscal-monetary policy coordination as inflation slows

    The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, on Monday visited the headquarters of the Central Bank of Nigeria (CBN) in Abuja to strengthen collaboration between fiscal and monetary authorities, as inflationary pressures begin to moderate.

    A statement from the Ministry of Finance said the meeting comes in the wake of new data released by the National Bureau of Statistics (NBS), which showed that Nigeria’s headline inflation decelerated to 22.97 percent in May 2025—marking a marginal but significant shift in economic direction after months of persistent increases. 

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    During their discussion, both sides examined strategies to consolidate this progress and ensure that macroeconomic gains are not only sustained but translated into tangible benefits for the broader economy.

    According to the statement after the meeting, the Minister and CBN officials reviewed ongoing policy reforms and examined how closer coordination between fiscal and monetary levers can help stabilise prices, restore investor confidence, and unlock new pathways for private-sector-driven growth. 

    The visit also signals an increasing willingness by both institutions to adopt a united front in driving Nigeria’s medium- to long-term economic recovery and development agenda.

  • Reps summon finance, budget ministers, CBN gov over non-payment of contractors

    Reps summon finance, budget ministers, CBN gov over non-payment of contractors

    The House of Representatives on Thursday summoned key government officials to explain the prolonged delay in the payment of local contractors for completed projects since 2024.

    Those summoned include the Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Budget and Economic Planning, Atiku Bagudu; Accountant-General of the Federation, Babatunde Ogunjimi; Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso; and the Auditor-General of the Federation, Shaakaa Chira.

    This resolution followed the adoption of a motion of urgent public importance moved by Hon. Nnamdi Ezechi (APC, Delta), who decried the failure of Ministries, Departments and Agencies (MDAs) to pay contractors for certified projects completed since October 2024.

    The House directed the invited officials to appear before it on Tuesday, May 13, 2025, to explain the reasons behind the non-payment and to present a clear timeline for settling all verified outstanding obligations.

    The House also mandated its Committees on Public Accounts and Budget and Economic Planning to conduct a joint probe into the systemic failures that have hindered the disbursement of funds meant for contractor payments.

    The committees were also tasked with investigating lapses in accountability among MDAs responsible for processing payments and are expected to report back within four weeks with their findings and legislative recommendations.

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    He expressed concern that budgetary releases under the 2024 financial year to MDAs remain below 50 per cent, resulting in widespread project abandonment, financial distress among contractors, and an overall negative impact on the economy.

    According to him, the non-payment has severely hindered the implementation of critical constituency projects, undermined public confidence in government delivery, and weakened investor trust in the nation’s infrastructure sector.

    He said the delay in payment to contractors has resulted in job losses, stalling of infrastructure development, and disruptions to community-based projects across the federation, adding that if left unchecked, the situation could lead to mass protests, legal disputes, and complete paralysis of public projects.

  • Ministry denies awarding N13bn contracts without due process

    Ministry denies awarding N13bn contracts without due process

    The Federal Ministry of Finance has dismissed allegations that it awarded contracts worth N13 billion between February and June 2024 without following due process.

    In a statement issued in Abuja on Monday, the Ministry firmly refuted the claims, stating that at no point were any contracts awarded outside the bounds of established legal and regulatory procedures.

    The reports had alleged that Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Permanent Secretary, Mrs. Lydia Shehu Jafiya, were involved in irregular contract dealings.

    However, the Ministry described the accusations as entirely baseless and misleading.

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    It clarified that all contracts awarded during the period, including those under the Presidential Initiative on Compressed Natural Gas (Pi-CNG), were in full compliance with the Public Procurement Act and other relevant laws.

    “The publication in question is not only unfounded but also malicious,” the Ministry said. “It is aimed at tarnishing the reputation of the Minister and the Permanent Secretary, as well as disrupting the critical initiatives currently underway to revamp the economy under the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.”

    The Ministry stressed that transparency and accountability remain at the core of its operations. It pointed to the ongoing efforts in managing the national economy efficiently as evidence of this commitment.

    While acknowledging the essential role of the media in promoting good governance, the Ministry cautioned media organisations to verify their information before publishing. “We will not hesitate to take legal action against any individual or organisation that seeks to damage the Ministry’s reputation through false and malicious publications,” it warned.

    It further urged members of the public to disregard the report, reassuring Nigerians of its dedication to advancing economic reforms that will positively impact their lives.

    “The Ministry is working diligently to implement the President’s economic vision. Nigerians can rest assured that every decision taken is in their best interest,” the statement concluded.