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Tag: FG

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FG hit 1.8mbpd oil production via foreign investments – Minister

The Minister of State for Petroleum Resources, Heineken Lokpobiri, revealed that the Federal Government attracted foreign investors to increase oil production to 1.8 million barrels per day. This marks a rise from one million barrels per day in 2023, including condensates. This was disclosed by Lokpobiri in a statement by on Monday. The oil minister […]

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FG borrowings may exceed N13tn target – Report

Borrowings by the federal government in 2025 could exceed the planned N13 trillion to address the budget deficit. According to Afrinvest Research’s 2025 Outlook Report, net issuances of at least N13.7 trillion may be required to close the gap between projected expenditure and revenue, with a potential Eurobond issuance also on the table. The 2025 […]

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FG can keep current VAT formula 100% – Oyedele

The Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has suggested that the current Value Added Tax structure might remain unchanged due to the controversies it has generated. Oyedele disclosed this on Sunday during an interview on Arise TV while discussing the tax reforms proposed by President Bola Tinubu. In […]

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FG allocates N105bn to aviation, plans Kebbi refund

The Federal Government has allocated N105,953,496,365 to the aviation industry in the 2025 budget, marking an increase from N63,317,450,275 in 2024. The FG’s budget also includes a plan to refund N4bn to the Kebbi State Government for the construction of Sir Ahmadu Bello International Airport, Birnin Kebbi. This, however, contradicts advice from stakeholders urging the […]

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Finance ministry launches N250bn housing fund

The Federal Government of Nigeria has launched a N250 billion Real Estate Investment Fund through the Ministry of Finance Incorporated. This was disclosed in a statement signed by the Director of Information and Public Relations at the Ministry of Finance, Mohammed Manga on Tuesday. According to the statement, The initiative, announced on December 31, 2024, […]

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FG sees economic gains from Saudi Arabia diplomatic efforts – Edun

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun announced on Sunday that the country’s recent economic diplomacy with Saudi Arabia had started to deliver positive outcomes, including investments, foreign exchange inflows, and job creation. Edun had led a high-level delegation to Saudi Arabia to follow up on President Buhari’s prior […]

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Vandalism derails FG’s 6,000MW power generation goal, says minister 

The Minister of Power, Adebayo Adelabu, has identified vandalism of critical power transmission infrastructure as a significant barrier to achieving the target of 6,000 megawatts of electricity generation by December 2024. He noted that while the government had taken steps to meet this goal, repeated attacks on electricity towers have derailed progress. The was disclosed […]

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FG assures manufacturers free trade zones will boost exports

The Federal Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, has reassured manufacturers that Nigeria’s free trade zones are aimed at boosting exports and will not undermine local industries. Speaking at a press briefing in Lagos, she emphasized that the zones are designed to operate within guidelines that promote economic growth and address stakeholders’ […]

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FG, Bloomberg partner to attract foreign investment

The Federal Government has entered a two-year partnership with Bloomberg to promote foreign investment and highlight Nigeria’s economic opportunities. This collaboration was announced following a meeting between the Finance Minister and Coordinating Minister of the Economy, Wale Edun, and Bloomberg’s Global Director, Nicole Keefe, held in Abuja. The initiative aims to leverage Bloomberg’s global reach […]

FG deducts N256.5bn for gas projects in six months
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FG allocates N180bn to agric versities, research institutes in 2025

The Federal Ministry of Agriculture and Food Security has allocated N180 billion for Federal Universities of Agriculture and research institutes in its proposed 2025 budget. Out of the ministry’s total budget of N636 billion, N54.38 billion is dedicated to Federal Universities of Agriculture, emphasizing the importance of education and research in agriculture. The allocations were […]

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FG disburses ₦16.1bn to 22 manufacturing firms

The Federal Government has allocated ₦16.1 billion to 22 manufacturing companies as part of the ₦75 billion earmarked to boost the real sector. Additionally, ₦3.5 billion was distributed to 11,000 individuals within five days through the Consumer Credit Scheme, aimed at benefiting over 80 million Nigerians. Furthermore, 25 million people have reportedly received assistance under […]

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FG lifts five-year mining ban in Zamfara

The Federal Government has lifted the five-year ban on mining activities in Zamfara State, aiming to boost the local economy and tackle security challenges. The was disclosed in a statement by the Minister of Solid Minerals Development, Dele Alake, via X (formerly Twitter) on Sunday. Imposed in 2021, the mining ban sought to curb the […]

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