The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has disclosed that Federal Government has taken bold steps towards reducing the N7.3 trillion Ways and Means it inherited with the
payment of the sum of N4.8 trillion.

He stated this on Tuesday in Abuja during the Ministerial Press Briefing on the achievements of his Ministry in the one year administration of the President as activities marking the celebration continues

He indicated that another N2.5 trillion will be paid in the second quarter of 2024
According to him, due to improved fiscal discipline, the Government has largely financed debt service obligations. including foreign debt service, without resort to Ways and Means Account

Such payments he added included outstanding commitments/shareholding to multilateral development banks
(MDBs) and international organizations, including over US$200m to Islamic Development Bank.

Wale Edun stated that on the National Single Window, the Federal Government launched the NSW, a technology platform for trade facilitation and import administration with the potential of annual economic benefit of US$2.7 billion.

He added that, the Presidential Fiscal Policy and Tax Reforms Committee (PFPTRC) is in the process of tax Harmonization and streamlining of tax collection processes which he said has come up with strategies for broadening tax net as well advanced in the single-digit tax system to reduce the number of taxes in the country,

Briefing on the Oil Revenue Increases, the Minister noted that Oil revenue of N1,1 trillion was achieved in the first quarter of 2024, as against N460 billion in the same period of the preceding year (2023),

Edun maintained that the oil revenue flowed from an impressive increase in oil production, which recorded 1.7mbpd in the first quarter of this year, up from 1.3mbpd in June 2023.

The Minister indicated that Federal Government revenues from GOEs also substantially
increased (Q1’2024 ₦835.7B vs ₦154.3B Q1’2023).
The impressive revenue record of the period under consideration was made possible by the introduction of technology-driven strategy systems to automatically deduct revenue due toFGN.
Similarly, he said the FGN has earned more FX income under the new revenue model.
“Specifically, the Nigeria Customs Service recorded unprecedented increases in the first quarter 87% Increase in 2023 revenue mobilization, as well as a 122% revenue increase in Q1 2024 compared to Q1 2023

In addition, he said that the Federal Inland Revenue recorded a 107% achievement of 2023 target and a 56% revenue improvement in Q1 2024 compared to Q1 2023.

Under the Fiscal Policies & Financial Management Edun said, the administration launched the Incentives Monitoring & Evaluation Platform (IMEP) to prevent the misuse of tax incentives by blocking and limiting access to those who do not qualify for the incentives.

“We also strengthened the implementation of fiscal policies around the Import Duty Tax Incentive to boost key economic sectors and deliver more sustainable socio-economic impacts.

He disclosed that the FGN, via the Debt Management Office (“DMO”), raised ₦4.8 trillion from domestic capital markets to repay outstanding obligations to the Central Bank of Nigeria as it
works towards bringing the Ways and Means balance within legal limits and progressed to the final approval stages of a $2.25 billion single-digit interest loan from the World Bank for a 40-year-term with 10 years moratorium at 1% interest rate.

On Domestic USD Bond Issuance, the Minister revealed that the President has issued an executive order for local issuance of foreign-denominated securities. In a move that will showcase the resilience of Nigerian capital markets, the issuance of the first domestic foreign currency debt instrument is being processed by the capital marketfirms.
These bonds will be mainly marketed to both Nigerian and non-Nigerian investors with foreign exchange balances abroad* he said.

FDIs, MoF, under the leadership of Mr. President, he said, has actively engaged with a broad range of international investors from the Middle East, Europe and India to showcase the reformed economic policies of the FGN.
*It is anticipated that well advanced discussions with investors from the Middle East will yield positive results in the near term* Edun affirmed

He said that Infrastructure/Housing Finance Fund (MOFI) is partnering with Government Agencies and the private sector to boost investment in infrastructure, housing,
and to provide 25-year low interest rate mortgages.
“It is anticipated that long term funding from institutional investors will be mobilized via capital market funding”, he noted

While briefing on Improved Credit Rating, the Minister stated that over the last 12 months, two international credit rating agencies have reviewed Nigeria’s credit rating from ‘stable’ to ‘positive’ outlook.

Wale Edun, who was accompanied to the media briefing by the Permanent Secretary Federal Ministry of Finance Mrs Lydia Shehu Jafiya and the Permanent Secretary Special Duties, Federal Ministry of Finance, Mr Okokon Ekanem Udo,
Heads of Agencies under his supervision as well as Directors of the Ministry explained to the media on the issue of Coordination of Fiscal and Monetary Policies, that through the issuance of government debt securities by the DMO at higher interest rates, MoF has supported monetary policy authorities in attracting the inflow of foreign exchange from FPIs; and in stabilizing the exchange rate of the Naira.
New Monetary and Fiscal Coordination Committee was established.

He stated that on Financing of Major Infrastructure Projects,
MoF has provided from internal finances critical initial funding to kick-start major infrastructure projects such as the Lagos-Calabar Coastal Road.

In his closing remarks, the Honourable Minister of Information and National Orientation Mohammed Idris stated that the detailed presentation by the Honourable Minister of Finance and Co-ordinating Minister of the Economy Mr Wale Edun on the state of the Economy in year review has shown the commitment of the President Bola Ahmed Tinubu-led Administration in its avowed determination to ensure the general improvement in the lives of Nigerians and as such deserves our commendation.

He assured that Government will continue to formulate and implement policies, initiatives, programmes and projects that will impact positively on the lives of the citizenry in line with its Renewed Hope Agenda.

To ensure full implementation of President Bola Ahmed Tinubu’s 8-Point Agenda which is aimed at boosting economic growth and development to attract foreign investors and expertise into the country, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has urged Heads of Agencies and Parastatals under his Ministry to work together.
Speaking during a quarterly performance review briefing with Heads of Agencies and Parastatals in Abuja, the Minister emphasized the importance of synergy and effective implementation to achieve the goals outlined in the President’s blueprint.
Director of Information and Public Relations, Mohammed Manga in a statement quoted the minister to have described the gathering as very crucial benchmark where they can brain storm on where they need to get to and how they intend to get there

He highlighted the progress made so far under the present Administration and encouraged the Agencies and Parastatals within his jurisdiction to continue working together so as to drive economic growth and prosperity for all Nigerians.

He indicated that the meeting would also serve as a benchmark towards the implementation of the performance bond signed by Mr. President, which is aimed at reviewing the achievements made in the last one year, address challenges and chart a way forward for improved performance of the Ministry.

“We have all signed performance bonds. We all know the plan and blueprint, which are the eight point agenda of Mr. President. It has been categorised as a house. “The pillars are the fundamentals that you need for the Economy and society to thrive that is, security, rule of law, and at the very top is the roof, that is, the outcomes: food security and other measures of a good standard.
“Our collective efforts and shared commitment is not only pivotal in ensuring the efficient and effective management of the nation’s economy, but should also go a long way in facilitating the realization of the agenda of Mr. President*, he said

Edun explained further that the
call to action was imperative, especially as it is expected to galvanize the agencies to work collaboratively and efficiently towards achieving the objectives of the 8-point agenda.

The Minister pointed out that by working together, the Agencies can help create a conducive environment for economic growth, attract investors, and make opportunities available for Nigerians to thrive.

“President Bola Ahmed Tinubu led-Administration has helped stabilize the exchange rate and is working towards lower interest rates that would invite the bases for additional investments in the nation.

“It is, therefore, incumbent upon us to pursue the achievements of our deliverables with diligence and determination by establishing clear targets, timelines, and consequences for non- compliance with our respective Agencies/Parastatals.
“We can help to create a framework that incenticizes excellence and service delivery as well as build the needed synergy and partnership that can facilitate the implementation of the transformative economic policies of this administration.” Edun said

The Minister expressed optimism that with the calibre of persons heading the Agencies under his stewardship, the Ministry is sure to deliver on its mandate in compliance with the Renewed Hope Agenda of the present administration.

Earlier in her welcome address, the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, stated that the
engagement would provide a unique platform for robust discussions, especially in the area of implementation of the transformative policies of the present administration, which she said, aims at improving the nation’s economy, promoting job creation, and poverty reduction as well as a safety environment that will attract investments into the country.

She assured that the Ministry will continue to provide an enabling environment for the full implementation of the policies, programmes and projects of the Federal Government, in line with its mandate.

Also speaking, the Ministry’s Permanent Secretary, Special Duties, Mr. Okokon Ekenam Udo advised the Agencies to collectively align their efforts with the fiscal goals set by the Federal Government with a view to ensuring the realization of its policy objective.

He therefore called on them to bring in their wealth of experience to bear in making sure that the Agencies deliver on their respective mandates in accordance with the policy thrust of the present administration.

***Says, APC ABRACADABRA Propaganda can not solve the problem

The National Secretary of the Coalition of United Political Parties (CUPP) High Chief Peter Ameh has bemoaned the downturn in the investment climate occasioned by insecurity that is causing apprehension among foreign investors who are now leaving Nigeria in droves to other African countries.
Ameh spoke against the backdrop of the News that Microsoft is closing its office in Nigeria which he said is very disturbing.
The organization announced that they will close their Ikoyi office this week.
Ameh quoted the Managing Divecter of Okomu Oli Palm Pic, Graham Holter, who said it is absurd that they pay over N12 billion in taxes to government annually and still are left to fend and seek security for equipment and personnel themselves.
“What kind of Investment-friendly environment are you providing?”
Ameh lamented that situation is devastating and there is no end in sight.
“70% of crisis the country is facing today is the result of insecurity. Government must take the bull by the horn to address it now before it’s too late but those in Government will rather prefer to be harassing Journalists and opposition parties/leaders.

‘Without effective Security Measures for the country we are in danger of losing Foreign Direct Investments (FDI) and at risk of losing the investors confidence in our economy.

“Security, good roads and train services will remain essential to ensure that we are able to protect our country from being abandoned by investors.”