Nigeria’s N152tn debt largely inherited – Edun tells Senate
The Minister of Finance, Wale Edun, told the Senate that Nigeria’s N152 trillion debt is mostly inherited, with only about N20 trillion borrowed since 2023. Exchange rate fluctuations also increased the naira value of foreign loans, contributing to the debt growth. Edun explained that the proposed N58.472 trillion 2026 budget focuses on growth-enhancing projects aimed […]
Nigeria Takes Over G-24 Leadership, Promises Global Economic Reforms
Nigeria has officially assumed the leadership of the Intergovernmental Group of Twenty-Four (G-24), pledging to push for major reforms in the global economic system that will benefit developing nations. The announcement was made on Wednesday during the G-24 Ministers and Governors meeting held in Washington D.C., on the sidelines of the World Bank and International […]
Wale Edun: Nigerian Finance Minister flown to UK for treatment
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reportedly been flown to the United Kingdom for medical treatment. According to reliable sources who spoke with The West Post on Tuesday, the minister left the country following health concerns that required urgent attention abroad. This development comes just days after presidential […]
Nigerian Government’s proposed 5% fuel tax angers citizens
The Federal Government’s proposal to introduce a five percent fuel tax has sparked outrage across the country. Finance Minister Wale Edun explained last week that the surcharge was not a new levy, but an old provision under the 2007 Federal Road Maintenance Agency (FERMA) Act, now being included in the 2025 Tax Administration Act for […]
FG secures $747m loan for Lagos-Calabar highway
The Federal Government of Nigeria has secured a $747 million loan to help fund the first part of the Lagos-Calabar highway project. The Ministry of Finance shared the news on July 9, saying the loan was arranged through Deutsche Bank. This section of the highway runs from Victoria Island to Eleko Village, forming part of […]
No going back on Naira-for-crude implementation – FG
The Nigerian government has made it clear that it will not change its decision to start selling crude oil and refined petroleum products in naira. This was confirmed by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. This plan is a major part of President Bola Tinubu’s economic reforms. The goal […]
Inflation and global economic disruptions hindering ECOWAS single currency launch – Wale Edun
The Economic Community of West African States (ECOWAS) has been working toward introducing a single currency, the Eco, to improve trade and economic stability in the region. However, the plan has faced multiple delays due to economic challenges. Nigeria’s Finance Minister, Wale Edun, recently explained that inflation and global economic disruptions are key obstacles preventing […]
Comply with FG’s cash policy or risk access to funding – Edun warns MDAs
The Nigerian government has issued a strong warning to ministries, departments, and agencies (MDAs) to comply with the revised cash management and bottom-up cash planning policies. Failure to do so could result in losing access to capital funding. At a recent stakeholders’ review meeting, Finance Minister Wale Edun expressed concern that some MDAs were not […]
Telecoms tariff will be reviewed periodically — Edun
The Nigerian Minister of Finance, Wale Edun, announced that telecom tariffs will be reviewed periodically. This comes after the Nigerian Communications Commission (NCC) approved a 50% increase in telecom tariffs on January 20, 2025. The decision has sparked reactions, with the Nigeria Labour Congress (NLC) calling it an attack on workers’ welfare and threatening a […]
Increased Borrowing Required Despite Agencies’ Revenue Gains – Edun
The Nigerian government says it still needs to borrow money to fund its budget, even though several agencies are generating more revenue than expected. This announcement came from Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during a meeting with Senate committees on the 2025-2027 Medium-Term Expenditure Framework and Fiscal Strategy […]