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Tag: Wale Edun

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Nigeria will borrow to fund N13trn 2025 budget deficit — Minister

The federal government has announced that the N13 trillion deficit in the N48 trillion 2025 budget proposal will be financed through borrowing. The Minister of Finance and Coordinating Minister for the Economy, Wale Edun made this disclosure shared on Monday after the Federal Executive Council meeting, which was presided over by President Bola Tinubu at […]

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Edun urges Lagos to lead Nigeria’s economic expansion

Minister of Finance Wale Edun, has urged Lagos State to lead efforts in expanding Nigeria’s economic base during the Eko Revenue Plus Summit. Speaking on Tuesday at the two-day Eko Revenue Plus Summit, themed: ‘Unlocking New Revenue  Streams for Lagos State’, Edun, represented by the Chief Executive Officer of Nigeria’s Ministry of Finance Incorporated, Dr […]

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Nigeria’s macroeconomic environment now attractive to investors — Minister

The Minister of Finance and Coordinating Minister for the Economy, Wale Edun, has said that the country’s macroeconomic environment is now stable and conducive to investment. Speaking at the 2024 National Council on Finance and Economic Development conference in Bauchi on Monday, Edun stated that recent economic reforms have created a foundation for local investments […]

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Naira-for-crude initiative kicked off October 1 — Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that the sale of crude oil and refined petroleum products in naira officially commenced on October 1, 2024. Edun shared this update in a statement on his official X handle on Saturday. This initiative follows a meeting of the Implementation Committee, […]

Dangote Refinery loses N32.5bn after petrol price cut
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Dangote: Minister foresees drop in fuel cost

The Minister of Finance and Coordinating Minister of the Economy,  Wale Edun has announced that the federal government is allowing stakeholders time to address and potentially reduce petrol prices now that the Nigerian National Petroleum Corporation Limited has begun lifting refined petrol from the Dangote Petroleum Refinery. Edun disclosed this in an interview with Channels Television on […]

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Nigeria’s economy flourishing under President Tinubu’s leadership – Finance minister 

The Minister of Finance, Wale Edun, has assured Nigerians that the economy is flourishing under President Bola Tinubu’s leadership, highlighting that the country achieved a remarkable $55 billion in non-oil exports last year. Edun revealed this in his address to press men at the State House, Abuja on Tuesday on the outcome of President Tinubu’s […]

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Direct disbursement of LG funds yet to begin – Wale Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has stated that the Supreme Court’s proceedings granting financial autonomy to Local Governments is yet to be conveyed to the Attorney-General of the Federation to examine and put into effect. This disclosure was made by Edun while addressing pressmen in Abuja on Thursday, […]

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FG to raise $500m in domestic foreign currency bonds

The federal government has said it intends to issue $500 million in bonds denominated in foreign currencies in three to four weeks’ time. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun during a quarterly press briefing themed ‘Economic Recovery and Growth: Progress and Prospects 2024,’ in Abuja, […]

Nigeria remains safe investment destination, says finance minister Edun Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has reaffirmed the country’s position as a secure and promising destination for investment, citing ongoing reforms and renewed economic momentum. Speaking at the Nigeria Investment Forum on the sidelines of the World Bank/IMF Spring Meetings in Washington, D.C., Edun highlighted the government’s commitment to fiscal stability and structural reforms aimed at revitalising the economy. “One of the reasons for the new leadership at the Nigerian National Petroleum Company Limited (NNPCL) is to increase production and reduce costs,” Edun said, adding that the administration is also intensifying efforts to diversify the economy and attract private sector participation. According to the minister, the government is focused on optimising state-owned assets to close budgetary gaps and remains committed to upholding the sanctity of contracts — a principle key to building investor trust. “We are committed to stabilising the economy so the private sector will find it attractive to invest,” he said. “Our goal is to ensure fiscal congruence and support sustainable growth.” Edun outlined President Bola Tinubu’s reform agenda, which he said is already producing positive signs of recovery. These include narrowing budget deficits, a stabilising exchange rate, and an improved trade balance. “The economy is showing signs of growth. We are targeting seven per cent annual growth, and the policies we’ve implemented have laid the groundwork to achieve this,” he stated. He identified agriculture as a top priority, emphasizing the importance of boosting local production across the entire value chain to enhance food security. “We aim to close the food supply gap not through imports, but by enabling domestic producers to scale and innovate,” Edun said. Highlighting digital infrastructure as another cornerstone of economic growth, the minister revealed that 90,000 kilometres of fibre optic cable have been deployed nationwide to strengthen connectivity and support Nigeria’s growing tech ecosystem. In addition, 4,000 kilometres of roads have been put forward for private sector participation, with 1,000 kilometres already approved for delivery. Meanwhile, Central Bank Governor Yemi Cardoso echoed Edun’s optimism, noting that the government's tough economic decisions are starting to yield results. “The difficult reforms undertaken have begun to bear fruit,” Cardoso said. “We’ve managed to stabilise the macroeconomy. Fitch’s recent upgrade of Nigeria’s credit rating reflects the progress we’re making.” He acknowledged the challenges of the past 18 months but stressed the administration’s resolve to build a stronger, more resilient economy. “This is about building trust and moving forward with confidence. If we stay the course, we will achieve our goals,” he concluded.
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Nigeria to install $2bn fibre-optic infrastructure – Wale Edun

The Federal Government has proclaimed its intention to make Nigeria the third-largest terrestrial fiber-optic infrastructure nation in Africa, with a proposed installation reaching 90,000 kilometers. This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during the Fibre Forward Strategic Development Workshop on Wednesday, according to The Punch. The […]

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Standard Chartered to fund key Nigerian infrastructure projects — Wale Edun

The coordinating minister of the economy and finance, Wale Edun has announced that Standard Chartered Bank has expressed interest in financing key infrastructure projects in Nigeria, including the Lagos-Calabar coastal highway, the Port Harcourt-Maiduguri rail line rehabilitation, and the provision of $3 billion in innovative financing for the NLNG dividend initiative. This was disclosed by […]

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FG offers N1bn loan at 9% interest – Wale Edun

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the federal government is offering credit facilities worth up to N1 billion at an interest rate of 9% to major businesses, including manufacturers. This was disclosed by the minister during a live appearance on Channel TV on Sunday. Edun stated […]

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FG begin fresh audit of N2.7tn subsidy debt

The Federal Government is ready to embark on a fresh audit of the N2.8tn fuel subsidy claim by the Nigerian National Petroleum Company Limited. A first audit was carried out by KPMG reducing the claims from N6 trillion to N2.7 trillion, according to The Punch. The Federal Government is also considering appointing an external auditor […]

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