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Nigeria is still falling significantly short of its statutory tax revenue targets despite the implementation of extensive fiscal adjustments. Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, disclosed the ongoing deficit during a courtesy visit in Abuja on Thursday. The minister hosted the leadership of the Chartered Institute of Taxation of Nigeria…
The International Monetary Fund has cautioned the Federal Government over its proposed 5 billion dollar structured financing agreement with the First Abu Dhabi Bank. Christian Ebeke, the fund’s resident representative in Nigeria, warned on Tuesday that the complex derivatives-based transaction carries severe hidden fiscal risks. Speaking during a media briefing on the 2026 Article IV…
The Federal Government has cleared more than 700 billion naira in verified debts owed to domestic contractors to inject immediate liquidity into the private sector. The massive fiscal release represents a coordinated effort by the treasury to settle long-standing obligations accumulated across various Ministries, Departments, and Agencies. Finance ministry records show that payment processing accelerated…
The Federal Government has slashed the maximum reimbursable imprest for ministers to 700,000 naira as part of a severe fiscal tightening campaign. This cash ceiling represents a key pillar of a new regulatory strategy designed to curb institutional waste across Ministries, Departments, and Agencies. The sharp reduction appeared in the 2026 Annual General Imprest Warrant…
Three years after a court order and months into contempt proceedings, the Socio-Economic Rights and Accountability Project (SERAP) has issued a fresh 48-hour ultimatum to the Federal Ministry of Finance, demanding full disclosure of all Nigerian contractors, subcontractors, consultants, and vendors who received payments under the controversial $460 million Abuja CCTV project. In a…
The Federal Government has unveiled an online mediation platform to handle rising disputes between citizens and revenue agencies without charge. Minister of Finance Taiwo Oyedele launched the digital portal, toll-free call centre, and case management system for the Office of the Tax Ombud yesterday in Abuja. The newly established agency will act as an independent…
S&P Global Ratings raised Nigeria’s long-term sovereign credit rating to ‘B’ from ‘B-‘, citing three years of sustained structural adjustments. The American ratings agency affirmed the short-term outlook as stable. This decision follows similar upward revisions by Fitch Ratings and Moody’s Investors Service, signaling a broader recovery of international confidence in the management of the…
Nigeria will not return to the ruinous era of fuel subsidies or state-mandated price controls. Finance Minister Taiwo Oyedele confirmed this stance to global investors in Paris this week. He argued that subsidies create economic distortions that the country can no longer afford. The government remains convinced that market forces are the only credible way…
Taiwo Oyedele has officially taken the helm as Nigeria’s Minister of Finance and Coordinating Minister of the Economy. He succeeds Wale Edun following a formal handover ceremony held in Abuja on Thursday. The transition aligns with the timeline established by President Bola Ahmed Tinubu for the cabinet reshuffle. Ministry officials confirmed the orderly completion of…
The Presidency has dismissed reports suggesting that Wale Edun and Ahmed Musa Dangiwa were dismissed from the Federal Executive Council. Presidential spokesperson Bayo Onanuga confirmed that both ministers submitted their resignations voluntarily. Mr. Edun, who turned 70 on Monday, cited deteriorating health as the primary driver for his exit. He intends to shift his focus…
