The Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, has within one year of President Bola Tinubu’s administration, the financial processes of the country have significantly improved with substantial and sustainable increase in Government revenues.
This was as stated that the heart of President Bola Ahmed Tinubu’s eight point agenda falls squarely within the purview of his Ministry on which lies the imperative for effective economic management and strategic coordination.
The Minister made the disclosure at Radio House, Abuja during the Sectoral Briefing on the achievements of his Ministry in celebration of the one year anniversary of the President Bola Ahmed Tinubu-led Administration.
A statement by the Director, Information and Public Relations, Mohammed Manga pointed out that the Minister, who rolled out the state of the Economy for the year in review
informed indicated that expenditure processes have been tightened through automation.
“From economic revitalization to social development, from infrastructure enhancement to good governance. This administration’s bold reform measures reflect a commitment to building a more prosperous, equitable and resilient Nigeria” he said

Edun explained that the President Bola Ahmed Tinubu-led Administration within the year under review was able to boost oil revenues through increased oil production of 1.65mbd as at January 2024.

He assured that the country’s economy is growing with a Gross Domestic Product (GDP) growth rate of 2.98 per cent in the first quarter of 2024, which is higher than the population growth rate of 2.4 per cent and last year’s growth rate of 2.31 per cent.
“The economy is growing at 2.98 per cent for the first quarter of this year, which is higher than the population of 2.4 per cent. It is higher than last year’s 2.31 per cent.
“So, on balance, we can say that the President’s policy strategies and his programmes have turned the country in the right direction, upwards, growing” he said.

The Minister maintained that the Ministry, under his stewardship will continue to ensure the full implementation of the reform policies and programmes of the government in order to restore stability to the economy, in line with the Renewed Hope Agenda of the present administration.

Edun noted that the reforms have led to an increase in revenue, enabling the government to pay its debts and invest in infrastructure.

The Minister explained further that the government has also implemented social investment programmes to protect the poor and vulnerable, with direct payments of N75,000 to 15m households.

Additionally, he said, efforts are being made to improve food security, with 200bn Naira allocated to intervention programmes.

Edun added further that access to credit has also been improved, with N100bn allocated to consumer credit and grants of N50,000 being given to one million nano industries.

He pointed out that the government has implemented a system of payment to ensure that Nigeria’s money is spent wisely and accountably.

The Minister who emphasised the importance of infrastructure in growing the economy and creating jobs, added that the fund has been set up to provide institutional long-term funds to support housing construction and low-interest mortgages for the average Nigerian.
“The government’s efforts have led to an improvement in Nigeria’s international credit rating, with Moody’s and Fitch increasing and improving Nigeria’s rates to positivity”

The Minister who was accompanied to the event by the Permanent Secretary, Federal Ministry of Finance, Mrs Lydia Shehu Jafiya, the Permanent Secretary, Special Duties, Mr. Okokon Ekenam Udo, Heads of Agencies under his supervision as well as Directors of the Ministry, expressed optimism that continuing on this path will lead to a growing economy and improved living standards for all Nigerians.

“We have room to feel that continuing on these paths, redoubling our efforts, following Mr President’s agenda at the state and federal level, will lead us to a growing economy that takes us out of poverty and produces a better life for all Nigerians* Edun emphasized.

In his closing remarks, the Honourable Minister of Information and National Orientation, Mohammed Idris, urged journalists to ensure they provide wider publicity for the Briefing through patriotic and positive reportage for the benefit of the country.

He assured that the President Bola Ahmed Tinubu-led Administration is determined to improve the lives of its citizens through deliberate strategic initiatives, programmes and projects that have direct impact on their lives.

Explore more effective and robust administrative mechanisms with capacity to eliminate waste and corrupt tendencies in public finances, the Minister of Finance and Co-ordinating Minister of the Economy, Mr Wale Edun, has charged Internal Auditors working in its Ministries, Departments and Agencies (MDAS).
Director of Information and Public Relations, Mohammed Manga, in a statement in Abuja quoted Edun to have given the charge in his remarks at the opening ceremony of the 4th Internal Auditors Retreat held in Abeokuta, the Ogun State Capital

The Minister, who was represented at the event by the Permanent Secretary, Special Duties, Federal Ministry of Finance, Mr Okokon Ekanem Udo, observed that
Judging from the retreat, it is indeed very evident that the treasury is demonstrating full knowledge of the dire needs of the nation. It captures its mood, given the dwindling revenue profiles of the country and the attendant challenges on the cash flow
“These challenges call for prudent management of what is available through the Public Financial Management Reforms as being developed and coordinated by the Office of the Accountant-General of the Federation
“Therefore, we must all devise better, more effective, and robust administrative mechanisms that will reduce, if not eliminate waste and corrupt tendencies by using effective reforms”

He commended the Accountant-General of the Federation, Oluwatoyin Madein’s efforts in implementing reforms and strategies that will ensure efficient management of the nation’s financial resources.

Declaring the retreat open, the Ogun State Governor, Dapo Abiodun, said his administration will continue to ensure probity and judicious spending of public funds and other resources by avoiding reckless spending.
The Governor, who was represented by his Deputy, Engr. Noimot Salako-Oyedele noted that accountability, transparency, and probity are pivotal elements that enhance good governance and promote sustainable development.

He emphasized the aptness of the theme of the retreat assuring internal auditors of his administration’s continued support enabling them to discharge their duties efficiently as partners in prudent financial management practices.

The Governor encouraged participants to put into good use the knowledge garnered at the retreat as representatives of various MDAs of governments at the federal, state, and local levels

The Accountant General of the Federation, Oluwatoyin Madein, in her remarks at the occasion, said the overall objective of the retreat was to promote accountability and transparency in all facets of the nation’s public finance and management architecture.

She charged participants at the retreat to appreciate that accountability and transparency remain major watchwords for prudent financial management practices, stressing that they are the major prerequisites for economic growth and development.

Also speaking, the Chairman, Economic and Financial Crimes Commission, Mr Olaonipekun Olukoyede, represented by the Director, Internal Audit of the Agency, Mrs Idowu Apejoye, said that the retreat would help curb corruption and achieve stability in public finance.

The four-day retreat with the theme: Enhancing Efficiency and Effectiveness in the Administration of Public Resources: The Role of Internal.Auditors was organized by the Office of the Accountant General of the Federation.

The three tiers of government have shared a total sum of N1,208.081tr as Federation Allocation for the month of April, 2024 from a gross total of N2,192.007 Trillion, during the Federation Account Allocation Committee (FAAC) May 2024 meeting chaired by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.
A statement by the Director of Information and Public Relations, Mohammed Manga indicated that from the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference (ED), the Federal Government received N390.412 Billion, the States received N403.403 Billion, the Local Government Councils got N293.816 Billion, while the Oil Producing States received N120.450 Billion as Derivation, (13% of Mineral Revenue).

“The sum of N80.517 Billion was given for the cost of collection, while N903.479 Billion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of April 2024, was N500.920 Billion as against N549.698 Billion distributed in the preceding month, resulting in a decrease of N48.778 Billion.

“From that amount, the sum of N20.037 Billion was allocated for the cost of collection and the sum of N14.426 Billion given for Transfers, Intervention and Refunds. The remaining sum of N466.457 Billion was distributed to the three tiers of government, of which the Federal Government got N69.969 Billion, the States received N233.229 Billion, Local Government Councils got N163.260 Billion.

Accordingly, the Gross Statutory Revenue of N1,233.498 Trillion received for the month was higher than the sum of N1,017.216 Trillion received in the previous month of March 2024 by N216.282 Billion. From the stated amount, the sum of N59.729 Billion was allocated for the cost of collection and a total sum of N889.053 Billion for Transfers, Intervention and Refunds.

The remaining balance of N284.716 Billion was distributed as follows to the three tiers of government: Federal Government got the sum of N112.148 Billion, States received N56.883 Billion, the sum of N43.855 Billion was allocated to LGCs and N71.830 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N18.775 Billion from Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N2.704 Billion, States got N9.012 Billion, Local Government Councils received N6.308 Billion, while N0.751 Billion was allocated for Cost of Collection.

The Communique also disclosed the sum of N438.884 Billion from Exchange Difference, which was shared as follows: Federal Government received N205.591 Billion, States got N104.279 Billion, the sum of N80.394 Billion was allocated to Local Government Councils, while N48.620 Billion was given for Derivation (13% of Mineral Revenue).

Oil and Gas Royalties, Companies Income Tax (CIT), Excise Duty, Petroleum Profit Tax (PPT), Customs External Tarrif levies (CET) and
Electronic Money Transfer Levy (EMTL) increased significantly, while Import Duty and Value Added Tax (VAT) recorded considerably decreases.

According to the Communique, the total revenue distributable for the current month of April 2024, was drawn from Statutory Revenue of N284.716 Billion, Value Added Tax (VAT) of N466.457 Billion, N18.024 Billion from Electronic Money Transfer Levy (EMTL), and N438.884 Billion from Exchange Difference, bringing the total distributable amount for the month to N1,208.081 Trillion.

The balance in the Excess Crude Account (ECA) as at May 2024 stands at $473,754.57.