#Wale Tinubu

[tracknews1]

HM Wale Edun Charts Path From Macro Economic Stability to Growth at 30th Nigeria Economic Summit

At Tuesday’s 30th Nigeria Economic Summit, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, presented a roadmap towards ensuring Nigeria’s macroeconomic stability and growth under President Bola Tinubu’s administration. The summit, themed “Collaborative Action for Growth, Competitiveness, and Stability,” gathered prominent leaders from public and private…

[morganablenewsmedia]

Dangote Will Only Sell Petrol To NNPC — FG

Dangote Will Only Sell Petrol To NNPC — FG Sales And Distribution Commence Today Federal Government of Nigeria, through the Minister of Finance and Coordination Minister of the Economy, Wale Edun, revealed on Friday that the distribution of Premium Motor Spirit (petrol) will start on Sunday. This disclosure was made by the Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch…

[goldmynetv]

FG spent N3.6 trillion on fuel subsidy in 2023, projects N5.4 trillion in 2024 - Wale Edun

The Federal government said fuel subsidy is projected to gulp about N5.4 trillion in 2024 as against the N3.6 trillion budgeted for the same intervention in 2023. This is contained in a draft copy report of the Accelerated Stabilization and Advancement Plan (ASAP) presented to President Tinubu by the finance minister, Wale Edun, on Tuesday. The report showed that the estimated expenditure on…

[ejesgistnews]

Tinubu's Bold Reforms Spark Hardship but Promise Long-Term Gains — Finance Minister Wale Edun. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has attributed the economic challenges facing Nigerians under President Bola Tinubu's administration to the delayed implementation of critical reforms by past governments. Speaking on Friday in Abuja at the launch of the Federal Civil Service Policies and Guidelines on Rewards and Recognition; Policy and Guidelines/Incentives and Consequences; Management Policy and Guidelines, Edun emphasized that the economic hardships currently being experienced stem from years of inaction. NIMC Gives Reasons Why All Nigerians Must Pay for New National ID Cards He noted that previous administrations lacked the courage to implement necessary reforms, leaving Nigerians to bear the brunt of overdue policy adjustments. Reforms and Their Impact President Bola Tinubu, in his inaugural speech on May 29, 2023, announced the removal of the petroleum subsidy. This decision led to a sharp increase in fuel prices, rising from ₦195 per litre to the current ₦1,100. Edun described the subsidy removal as a bold but overdue step, stating that it was vital for economic recovery despite the discomfort it has caused. BREAKING: Armed Herdsmen Resume Attacks On Enugu Community, Kill Three Farmers, Injure Others He remarked: "After 18 months of bold and necessary reforms implemented by Mr. President, the country has changed. Yes, these reforms caused pain, discomfort, and an increased cost of living, but the successes and gains are beginning to materialize." Edun highlighted that market-based foreign exchange pricing and subsidy removal had already yielded financial benefits for federal, state, and local governments. "Subsidies accounted for 5% of GDP, approximately $20 billion, which could now be redirected into infrastructure, health, education, and social services," Edun explained. He stressed that these funds are already flowing into government coffers to address key developmental needs. Civil Service Reforms Launched The event also served as an opportunity to celebrate the strides made in civil service reform under Folasade Yemi-Esan, the Head of Civil Service of the Federation (HCSF). Edun lauded Walson-Jack for her leadership in introducing transformative policies aimed at enhancing public service efficiency. He described the policies as pivotal to achieving President Tinubu’s broader economic goals of reducing inflation, creating jobs, and lifting Nigerians out of poverty. Head of Service Speaks on Public Service Transformation In her remarks, the Head of Service, Yemi-Esan, expressed her commitment to redefining public service delivery in Nigeria. She described the newly launched policies as tools designed to embed excellence, accountability, and integrity at the core of government operations. "Today’s event is part of a collective journey to transform the civil service into a globally competitive and responsive institution, aligned with the aspirations of Nigerians," she said. She encouraged newly promoted directors to view themselves as role models and urged all civil servants to strive for excellence. "The recognition of newly promoted directors today underscores our dedication to rewarding excellence and providing clear pathways for professional growth," Yemi-Esan added.

[akeliciousmedia]

Wale Edun Calls Fuel Subsidy Removal a Key Step Toward Stabilizing Nigeria's Economy

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has said that the initiative of President Bola Tinubu stopped the country from bleeding (referring to stoppage of imported fuel) which he said was costing five per cent of the GDP of the country every year. The Minister was speaking on Monday in Bauchi during the opening ceremony of the National Council on Finance and…

[oelnet]

Nigeria : Bola Tinubu aux anges ; 3600 milliards bientôt dans les caisses de l’État grâce à…

Au Nigeria, le président Bola Tinubu peut être aux anges puisque les caisses de l’État pourraient bientôt recevoir l’importante somme de 3600 milliards. Mais d’où va provenir cette somme ? Concrètement, le gouvernement nigérian vient d’approuver un ambitieux plan d’emprunt extérieur de 2,2 milliards de dollars (3600 milliards de nairas). C’est ce qu’a annoncé Wale Edun, ministre des Finances et…

[jayessentialsblog]

Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has stated that the current administration's reforms in the forex and oil and gas sectors will not be reversed

Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, has pledged to carry out the recent administration’s reforms in the oil and gas and foreign exchange industries. He declared that Nigeria now has deregulated oil market pricing and a market-based foreign exchange rate, two long-overdue changes being carried out by President Tinubu. Edun thinks that cooperation…

[gurutrends]

Striking SSANU, NASU Ask Wale Edun To Pay Withheld Salaries

Two striking university unions in Nigeria have asked the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to pay their four months’ withheld salaries, following an approval of the payment by President Bola Tinubu. The striking unions ruled out the possibility of any meeting or negotiation with the Federal Government, insisting that the Ministry of Finance “do the needful”…

[smlblogtv]

Economic Reform: Edun, Tinubu Meet Afreximbank Boss Oramah

Finance Minister, Wale Edun and Oando Group President, Wale Tinubu recently held a high-level meeting with Afreximbank President, Prof. Benedict Oramah during the World Bank-IMF Annual Meetings in Washington, D.C. The session focused on securing funding to advance President Bola Tinubu’s economic reforms, specifically aimed at strengthening Nigeria’s energy and trade sectors. During the meeting,…

[tracknews1]

The Federal Government is set to initiate cash transfers aimed at assisting 20 million poor Nigerians.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has stated that the rise in Nigeria’s revenue for the 2024 fiscal year is being thoughtfully distributed across several social intervention programs designed to enhance the quality of life for citizens and tackle urgent societal challenges. The minister announced that the social investment program aims to benefit 60…

[morganablenewsmedia]

Federal Government, Dangote Agree On Petrol Sale

Federal Government, Dangote Agree On Petrol Sale Agreement reached On September Petrol Sale Federal Government inaugurated committee has reached an agreement with Dangote Petroleum Refinery to supply crude oil to local refineries. It is understood that the committee was set up to oversee the implementation and sale of crude oil to local refineries in Nigeria which is expected to commence next…

[lagmennet]

Trinidad Shortlists Final Bidders for Petrotrin Refinery

Trinidad’s government has announced three final finalists for the state-owned Petrotrin refinery. According to Naija News, Nigeria’s Oando Plc, owned by Wale Tinubu, President Bola Ahmed Tinubu’s nephew, was one of the three final bids for the refinery takeover. During a recent national budget presentation on Monday, Trinidad’s Finance Minister, Colm Imbert, named the bids. Petrotrin is a defunct…

[ejesgistnews]

Nigeria's public debt stock has escalated to N134.3 trillion ($91.3 billion) as of the end of the second quarter of 2024. This marks a significant increase of 10.35% from N121.7 trillion ($91.5 billion) recorded in the first quarter, as reported by the Debt Management Office (DMO). An exclusive document from the Ministry of Finance obtained by Nairametrics reveals that this rise is primarily attributed to the devaluation of the naira, underscoring persistent challenges related to exchange rate fluctuations. Read Also: BRICS Expands to 13 New Countries as Nigeria’s Inclusion Sparks Controversy The document states, “In Q2 2024, the debt stock grew in naira terms to N134.3 trillion from N121.7 trillion in Q1 2024, driven mainly by exchange rate devaluation. The dollar amount of debt was roughly the same.” This indicates that while the total debt has increased in naira, its dollar value has remained stable, reflecting the effects of currency dynamics on debt valuation. Domestic and External Debt Analysis Within the debt structure, domestic debt constitutes 53% of the total, amounting to N71.2 trillion ($48.4 billion), while external debt represents 47%, or N63.1 trillion ($42.9 billion). Notably, Nigeria's debt-to-GDP ratio continues to rise, now exceeding 50%, raising concerns regarding fiscal sustainability. Pay Attention To: Tinubu Appoints Former NFF Official Shehu Dikko, Dismissed Over Corruption Allegations, as Sports Commission DG FGN Bonds, which comprise 78% of domestic debt, highlight the government’s reliance on local bond markets for funding. Other instruments in the domestic portfolio include Nigerian Treasury Bills, Savings Bonds, Sukuk, Promissory Notes, and Green Bonds, illustrating a diverse borrowing strategy. On the external front, multilateral loans account for the largest segment of external debt at 50.4%, with bilateral loans and commercial loans contributing 13.7% and 35.9%, respectively. This balance between concessional and market-based borrowing allows Nigeria to effectively manage its debt obligations while navigating the complexities of global financial markets. Continued Activity in the Debt Market During a recent press conference at the IMF/World Bank annual meetings in Washington D.C., Tobias Adrian, the IMF’s financial counsellor, noted that Nigeria and other frontier markets have remained active in the debt market throughout 2024, despite increased financing costs compared to pre-2021 levels. He stated, “Frontier markets, including Nigeria, have been active in the debt market this year, and though access to financing is still more expensive than before, the overall issuance levels have been encouraging.” Additionally, the Ministry of Finance announced that Mr Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, will advocate for adequate and affordable financing to support Nigeria’s ongoing reforms. The statement highlighted that Edun would lead discussions aimed at bolstering Nigeria’s economic resilience, particularly in light of the nation’s structural adjustments. Recent reports indicate that Nigeria’s debt servicing payments surged by 69% in the first half of 2024, reaching N6.04 trillion, a significant increase from N3.58 trillion in the same period of 2023. This sharp rise in debt service obligations, driven largely by naira devaluation affecting foreign debt repayments, reflects a mounting burden on the Federal Government, with debt repayment consuming a considerable portion of its financial resources. Data from the Central Bank of Nigeria (CBN) reveals that debt service in H1 2024 constituted 50% of the total expenditure of N12.17 trillion and an astonishing 162% of the N3.73 trillion total revenue generated during this timeframe. Stay informed with Ejes Gist News – Your Source for Credible News in Nigeria.

[socialistworld]

Protest and Repression in Nigeria

Protest and Repression in Nigeria

From Socialism Today, magazine of the Socialist Party (CWI England & Wales).    It has been a tale of woes and anguish in Nigeria as the government, led by Bola Tinubu, has continued to unleash multiple […] Special financial appeal to all readers of socialistworld.net Support building alternative socialist media Socialistworld.net provides a unique analysis and perspective of world events. Socialistworld.net also plays a crucial role in building the struggle for socialism across all continents. Capitalism has failed! Assist us to build the fight-back and prepare for the stormy period of class struggles ahead. Please make a donation to help us reach more readers and to widen our socialist campaigning work across the world. Donate via Paypal

[accuratenewsng]

FEC Okays Disasters Relief Fund

The Federal Executive Council (FEC) has approved the setting up of a Disasters Relief Funds that is aimed at engendering quick response to victims of disasters across the country. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated this on Monday while briefing State House Correspondents shortly after the FEC meeting chaired by President Bola Tinubu at the…

[mynewshq]

September rollout: Tinubu panel, Dangote refinery brainstorm on petrol pricing

There are indications that the Federal Government’s committee which was set up to ensure the implementation of crude oil sales to local refineries in naira will further discuss the pricing of Premium Motor Spirit, popularly called petrol, to be released by the Dangote Petroleum Refinery next month. Multiple officials, both among oil marketers and members of the Implementation Committee on crude oil sales in naira, under the leadership of the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, confirmed that the panel would be holding a series of meetings this week and in coming weeks on the development. They also stated that the committee would be concluding a framework that would put a benchmark on the amount which the Dangote refinery would pay for crude in naira, adding that the Federal Government would have to decide whether to pay subsidies for petrol from the plant or to allow Nigerians buy the product at the market price. However, oil marketers declared that the cost of Dangote petrol would be higher than the current pump prices of the commodity, stressing that it would be tough for dealers to buy the commodity from the plant if the Federal Government fails to intervene in the price. Petrol sells at between N600 and N700/litre depending on the area of purchase across the country. The landing cost of the commodity, according to data released by the Major Energies Marketers Association of Nigeria recently showed that the cost of PMS was N1,117/litre. Marketers say this is the actual market price of the commodity and explain that the cost of the product from the Dangote refinery should be around this figure. The Nigerian National Petroleum Company Limited is the sole importer of petrol into the country. Other marketers stopped importing the commodity due to their inability to access the United States dollar required for petrol imports. But last week at the presentation of the audited report and accounts of NNPC for the 2023 business year in Abuja, the firm’s Chief Financial Officer, Umar Ajiya, admitted that the oil firm was shouldering a heavy subsidy burden on petrol imports. He said NNPC had been making PMS available for retail distribution at about half of the landing cost under an agreement with the government. He explained that the company had been offsetting the shortfall in landing price and sale price through a reconciliation arrangement between the government and the company. He said the company had not paid any money to any marketer in the name of petrol subsidy in the last eight to nine years. While the official pump price of petrol is about N600/litre, the average landing cost is about N1,200/litre. Ajiya said the company covered about N7.8tn in “shortfall” in the first seven months of this year. “I think there is one fact that I need to make very clear, in the last eight or nine years, this company, even as a corporation as it were, has not paid anybody a dime or one naira as subsidy.“No one has been paid a kobo by the NNPC in the name of subsidy. No marketer has received money from us by way of subsidy,” Ajiya said. He said the government directs NNPCL to sell the petrol it imports, at a price that is half of the landing price. According to him, at times the Federal Government pays the money and it could as well net off for it. “What has been happening is that we have been importing PMS, landing at a certain price, and the government is telling us to sell it at half price. So, that gap between that landed price and the half price is what we call shortfall or we call it a subsidy,” the CFO explained. On August 20, 2024, News HQ reported that the Federal Government’s committee which was set up to ensure the implementation of crude oil sales to local refineries in naira has reached an agreement with the Dangote Petroleum Refinery for the rollout of petrol in September this year. The Federal Government also disclosed that the sale of crude oil to Dangote Refinery and other local refineries will commence on October 1, 2024.O n Sunday, impeccable sources among oil marketers, the Federal Ministry of Petroleum Resources, and the Presidency confirmed to our correspondent that the cost of petrol from the $20bn plant would be discussed by the government and the management of the plant in the coming weeks. They said the options before the government are to either pay subsidies on petrol without piling the burden on NNPC or to allow Nigerians to buy the product at the market price to be released by the Dangote refinery, which, of course, will be high. “The only way the government can intervene is to subsidise. There is nothing NNPC can do. I mean this. Do you want to kill the NNPC? Do you want the company to continue carrying the subsidy burden after the explanation it gave last week? It is not sustainable.“ Except you are saying NNPC will start doing whatever it can and nobody will expect profit from the company,” a source at the FMPR, who spoke in confidence due to lack of authorisation to speak on whether the NNPC would intervene in PMS price from Dangote, stated. Asked to state a possible solution to the matter, the official replied, “The solution is for Nigerians to pay the real cost of petrol. But then you know, other things will come into play, because, you know, our economy is not that good. Things are not good for everyone. “However, it is for Nigerians to pay the real cost of petrol or for the government to bring back subsidies. I don’t know, but it’s just those two things. They may consider this at the meeting, but for now the major discussions centre on crude supply in naira, which should be finalised in a few weeks.” The source said the sale of crude to Dangote in naira had been settled, stressing that “his (Dangote) own portion will be sent to him. But they are still working on the framework, I know, we’ve been having meetings. So we’re having meetings. So hopefully, I think by next week we should be able to get a clearer picture on the modalities. We meet almost every two or three times a week. ”The source noted that one major challenge is the lack of the United States dollar, but stressed that the committee “will benchmark the exchange rate for crude sale to Dangote.” The official added, “All the framework will be sorted and you know AfreximBank is with us in this. ”Also commenting on the development when contacted and asked if marketers had reached a price for Dangote petrol ahead of its release next month, a senior official of the Major Energies Marketers Association of Nigeria explained that though members of the association were willing to load from the plant, it would be tough due to the price.“ There are two things: the first one is logistics and cost-taking. We’ve been taking AGO (diesel), ATK (aviation fuel) by vessel and truck. By now, we all know ourselves and we understand how it works. So that one is not a problem. When PMS starts, it will not be changed from what we were doing before. The methodology of picking it from them (Dangote) has already been worked out and it is already in place and play. Now, when it comes to price, that’s the second thing and the third one is, in what currency are we paying? That one is going to be between Dangote and the government because as the government has just confessed to you, there is a subsidy. So, Dangote cannot clear the subsidy by himself. In order to deal with it, I think the government is trying to intervene, though still in denial. “However, I do not think the subsidy is a good policy. I do not think anything has changed concerning the subsidy. Subsidy shortchanges the country. The government still must recognise that things are very tough on Nigerians right now and must find a way. If it wants to remove the subsidy, what can it do to mitigate the challenges?” The official, who also spoke in confidence, said the government had introduced the Compressed Natural Gas initiative to tackle the cost of subsidy on PMS. “So, what he’s (President Bola Tinubu) trying to do is he’s trying to push CNG which is possible so that he can stop paying subsidies for PMS. The CNG uptake is going a lot slowly; but that is the solution, to move quickly with the alternative CNG, especially for commercial transportation and long-distance movement of foodstuffs from the bread baskets to the urban centres so that you can manage your inflation.“ But, can the government continue with a subsidy of N7.7tn? I don’t think so, and anybody who says that is not being fair to Nigerians. The government is just a temporary group of people in power; they will soon go when their time finishes but our country will still be here. “It is government policy. Currently, the government policy is that there is no subsidy; there is no subsidy provided for in the budget. How much will Dangote sell for? Dangote is not prepared – I don’t think – to sell at below the cost of production. So, we will need to wait to see what the government will do,” the source stated. Asked whether there would be an intervention from the government, the official replied, “There may be an intervention, yes. Refined crude will still be at the international market price, as it should be.” On whether marketers are ready to buy petrol at the international market price form Dangote, the MEMAN official said, “No, marketers will not buy at higher than our pump prices and sell at our prices. But we don’t know how marketers will buy it.” When probed further to tell if there is a pricing template for petrol now from Dangote, the official said, “No law allows you to have a pricing template; we have PIA (Petroleum Industry Act). The prices of diesel and aviation fuel are the market price. There is no official market price for PMS as we speak, no. ”On his part, the National Operations Controller of the Independent Petroleum Marketers Association of Nigeria, Mustapha Zarma, said unless there is an intervention by the government in the price of Dangote petrol, marketers will not be able to buy it if the policy on capping is not lifted.“ Nobody can start discussing petrol pricing modalities with Dangote now because you cannot buy their product. At the prevailing retail price in Nigeria now, you cannot buy their PMS. So they can only go into agreement with the government on pricing. Otherwise, the policy on capping of petrol prices will have to change. “There is a cap on the price of petrol in Nigeria now, and I don’t think that as a businessman who is into business to make a profit, Dangote will want to sell his product below the market price. We all know NNPC has been shouldering subsidies on petrol.” A post on the official X (formerly Twitter) page of the finance ministry about two weeks ago, stated that the meeting of the committee on crude sale in naira was to review progress on key initiatives. At the meeting, key roles were outlined for stakeholders, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Central Bank of Nigeria, Nigerian Upstream Petroleum Regulatory Commission, and the African Export-Import Bank to ensure smooth implementation. The post read, “The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, today led the Implementation Committee meeting on the transition to crude oil sales in naira.“ The meeting reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024. ”Also, the Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Chairman of the Technical Sub-Committee reported that “The first PMS delivery from Dangote is expected next month under existing agreements.” On August 15, News HQ reported that the finance minister inaugurated a technical sub-committee tasked with developing the framework for the sale of crude oil to local refineries in naira. This initiative aligns with the recent presidential directive aimed at enhancing Nigeria’s refining capacity and promoting economic growth. Crude oil supply to domestic refineries has been an issue for months, particularly since the multi-billion dollar Dangote Petroleum Refinery came on board. Domestic crude oil refiners, including the $21bn Dangote refinery, have repeatedly complained about the poor supply of crude to their plants. Read the full article