Tag: Wale Edun

FG secures $7bn foreign direct investment to boost oil sector – Edun

Aminu Imam
Minister Edun

Minister of Finance, Wale Edun, has said that Nigeria secured a $7 billion Foreign Direct Investment, (FDI), in order to boost the country’s oil and gas sector. Edun disclosed this during an interview in a television programme at the weekend. “In terms of figures, seven billion dollars is estimated to come in from the oil sector, with another major improvement in the economic environment, the national single-window project, which is an e-community and trade facilitation platform, which will revolutionise what goes on at the ports”, he said. Meanwhile, in the…

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Tinubu’s anniversary: FG restarts N75,000 cash payment to 75m Nigerians – Edun

Aminu Imam
Wale Edun

…Recruits Mobile Network operators to fasten roll-out of the scheme Minister of Finance, Wale Edun, has disclosed that the Federal Government has restarted the provision of conditional N75,000  direct cash transfers to 75 million Nigerians towards tackling the impact of inflation. Edun disclosed this on Tuesday, during a ministerial sectoral briefing to mark the first year in office of the President Bola Tinubu administration in Abuja. He noted that the beneficiaries of the social investment scheme are 15 million households nationwide. Edun, who is the chairman of the Presidential Panel…

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Despite Finance Minister’s claims, data shows FG borrowed N3.8tr from CBN in 6 months

Aminu Imam
The Central Bank of Nigeria governor Olayemi Cardoso has confirmed the next monetary policy committee meeting will be held very soon on 25 and 26 March 2024 e1709054272891

In the last six months of 2023, the Federal Government received an additional N3.8 trillion in what appeared to be a fresh Ways and Means borrowing, according to a provisional data published in the latest statistics bulletin for the 4th quarter of the year recently released by the Central Bank of Nigeria, (CBN). This is despite claims by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, that the President Bola Tinubu?administration had not borrowed money from the CBN. The CBN’s provisional data showed that the total…

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Nigeria set to receive fresh $2.2bn World Bank loan – Edun

Aminu Imam
9ja map green

The Federal Government is set to receive around $2.2 billion single-digit interest loan from the World Bank and another budget support facility from the African Development Bank, (AfDB). Minister of Finance, Wale Edun, disclosed this during a press briefing at the end of Nigeria’s activities at the World Bank/International Monetary Fund, (IMF) Spring meeting in Washington DC, the United States on Saturday. Speaking on the sources of international funding to the Nigerian economy, Edun listed diaspora remittances, foreign portfolio investments, and facilities from the World Bank and other international development…

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Poverty Alleviation: ‘Wale Edun frustrating FG’s fight’ – S’West group tells Tinubu

Aminu Imam

A group, the Southwest Youth Advocacy Network, has accused the Minister of Finance, Wale Edun, of frustrating the Federal Government’s fight against poverty. In an issued statement signed by its convener, Comrade Seun Adeaanu, the group asked the president to take action against the recent controversial decisions made by Edun. The group expressed deep concern over the proposed relocation of the National Social Investment Programmes (NSIP) and other actions taken by the minister. It said: “The decision to transfer the NSIP from the Ministry of Humanitarian Affairs and Poverty Alleviation to…

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FG agencies, parastatals to remit 50% gross IGR – Wale Edun

Aminu Imam

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has directed all self-funded Federal Government Agencies/Parastatals (receiving no allocation from the Federal Government Budget) to remit 50percent of their gross Internally-Generated Revenue (IGR) to the Sub-Recurrent Account. The Minister, in a signed circular, dated December 2021 on Revenue, Expenditure and Internally-Generated Revenue (IGR) Remittances to the Consolidated Revenue Fund (CRF); the following guidelines are hereby issued for immediate compliance by all Federal Government Agencies/Parastatals for the collections, utilisation and remittances of IGR, stated that  all Ministries, Departments…

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Kaduna: Gov. Sani parleys with Finance Minister on poverty eradication, rural economies revival

Aminu Imam

Minister of Finance, Wale Edun, has expressed the commitment of the Federal Government to partner with the Kaduna State Government to address its key developmental and security challenges in the State. The Minister dropped the hint when Kaduna State Governor, Uba Sani, visited his office in Abuja to discuss some pertinent economic issues for the good of the State and its people. Edun commiserated with the government and people of Kaduna State over the unfortunate Tudun-Biri military drone attack, and prayed for the repose of the souls of those who…

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‘Why FG is embracing Islamic finance’ – Finance Minister

Aminu Imam

Minister of Finance, Wale Edun, has said the world can no longer afford the “elevated high levels” of interest-based financing. Edun stated this at a programme organised in Abuja by the Security Exchange Commission (SEC) and the Islamic Financial Services Board, (IFSB). The Minister noted that man-made and natural shocks that have pushed rates sky-high, adding that development is also constrained by the soaring cost of borrowing. Edun stressed the detrimental impact of high interest rates, saying, “make it impossible to access the funds needed for development, infrastructure, and even…

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‘Nigerians to pay less for transportation with CNG buses’ — Minister

Aminu Imam

The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, has announced that the introduction of Compressed Natural Gas (CNG)-powered buses will lead to reduced transportation costs for Nigerians. This was made known by the Minister during a town hall meeting with the Ministry’s management and staff in Abuja.  The Director of Press and Public Relations at the Ministry, Stephen Kilebi, released this information yesterday. In his address, Minister Edun sought the cooperation and support of the Ministry’s staff to facilitate the fulfillment of the mandate entrusted to…

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Nigeria expecting World Bank’s $1.5bn budget support loan, Edun confirms

Aminu Imam

Minister of Finance and Coordinating minister for the Economy, Wale Edun, at the weekend confirmed ongoing talks with the World Bank for a $1.5 billion concessionary loan to support budget funding and signaled that the money will likely come in soon. Edun, who confirmed the development during a press meeting on the sidelines of the annual meetings of the World Bank and International Monetary Fund (IMF) in Marrakech, Morocco, said the loan request will possibly be discussed as the Federal Executive Council (FEC) met yesterday. “On the talks with the…

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