Nigeria’s Minister of Finance, Wale Edun has declared that the Federal Government has as at September 2025, implemented about 80 per cent of the 2024.
The Minister who spoke to newsmen shortly after himself and Minister of Budget and National Planning, Atiku Bagudu engaged with the House of Representatives Committee on Appropriation over the implementation pace of 2024–2025 Appropriation Acts.
The roundtable engagement was for a review of the 2024 budget performance done by all relevant stakeholders present.
“Basically, overall it is around 80 per cent implemented; as you know, the budget for 2024 was extended by the National Assembly till December, so it is still running. So it is still a work in progress.
“We looked at 2025 budget and we ensured that, projects that touch the grassroots, provide support, resources and facilities such as roads, irrigation, other infrastructure projects are given adequate attention and priority,” he said.
On his part, Bagudu said that members of the committee appreciated all the achievements under President Bola Tinubu’s administration.
He said that the lawmakers commended the Executive’s respect for the National Assembly and the excellent working relationship between the Federal Government and the Legislature.
Bagudu said that the lawmakers have supported all the major reform initiatives which have produced the result, including the latest tax reforms.
The minister said that the committee and the executive have interfaced and noted areas for improvement.
Earlier, the House of Representatives Committee on Appropriation had engaged Minister of Finance, Mr Wale Edun and Minister of Budget and National Planing, Mr Atiku Bagudu over the implementation pace of 2024–2025 Appropriations Act
Addressing newsmen after the roundtable held behind closed doors in Abuja on Wednesday, the Chairman of the committee, Rep. Abubakar Bichi (APC–Kano), said that Nigerians were deeply concerned about the budget execution.
He said that the engagement was in line with the National Assembly’s constitutional mandate to monitor budget performance and ensure effective service delivery to Nigerians.
“We have engaged with the Minister of Finance and the Minister of Budget; both of them acknowledged the concerns and agreed to work harder so that Nigerians can begin to see visible results from the budget.
“Basically, members are concerned seriously about that and the Minister of Budget and the Minister of Finance also confirmed to us that Nigerians will see a lot of changes and developments for this budget.
“Before we stretched to 2026, you will see serious changes between now to the end of the year, they have made their promises to us so let us see how far we can go,” he said.
The Federal Government is working towards removing all stumbling blocks against seamless digital payments and e-commerce across the country.
The Deputy Chief of Staff to the President, Ibrahim Hadejia, said this in Abuja on Wednesday during a stakeholders’ roundtable.
The effort being spearheaded by the Office of the Vice-President through the Ministry of Industry, Trade and Investment, and development partners aims at ensuring that the citizens seamlessly transfer money using their mobile phones and other devices.
Hadejia reiterated the resolve by the administration of President Bola Tinubu to drive financial inclusion, using different strategies for different digital payment infrastructure. This, according to him, is with a view to essentially reach the last mile and serve the financially excluded.
He said that there were very few countries in the West that have the kind of ease of payment and banking that is available in Nigeria.
“It doesn’t happen anywhere in the world, and by the time we begin to address these issues, we can use that reach to enter into the e-commerce stage.
” And like I said, from our own perspective we are also worried about the exclusion that is inherent in that so that every Nigeria, no matter where he is, can have access to quality, simple financial services that are beyond educational and poverty levels.
“From the Office of the Vice-President’s perspective, we look at the Digital payment and identity as really the last stumbling block in opening up e-commerce in Nigeria.
“Yes, there is e-commerce going on, but I think the biggest impediments surround the ease of payment, the identity issue, and several things we are pushing, which are all interlinked.
“We are pushing and driving financial inclusion in the Office of the Vice President, which has to do with the strategy for different digital payment infrastructure that will essentially reach the last mile and serve the financially excluded.
“So, resolving these will amount to killing several birds with one stone. We have been to India and seen what robust PPI can do to e-commerce, and not just e-commerce but trade generally,” he said.
Hadejia assured that by the time the government was able to make payment seamless, cell phone users would be able to receive and make payment easily.
He added, ” We have seen situation where hawkers’ RQ code on their trade, taxes, and statistics are staggering.
” You have a situation where, in a few years, the amount or volume of transaction from that platform is even in excess of the traditional credit card.
” So, you have the likes of Wizard and Master card taking an interest, jumping into their space.
“And, of course, to also identify why the African Free Continental Trade Agreement has simply refused to gain the traction that it should have several years after it was established.
“We can also point to the fact that the issues have to do potentially with the cross-border payment and the identity issue. We are hoping that discussions like this will offer solutions.”
Hadejia further stated that the roundtable would enable the government to gather enough information and data to make a case from its perspective in regulation and, infrastructure.
He said, ” This includes enacting laws to ensure that most of the issues that have been stagnating the expulsion of e-commerce are addressed.”
The Principal Research Fellow, International Economic Development Group, Dr Max Mendez-Parra, ODI Global, said the organisation had been working with the African Continental Free Trade Secretariat and other African countries on Digital Trade.
Mendez-Parra explained that the implementation of the AFCTA was transformative for the African economy, especially on the Nigerian economy.
He added that the ODI was assisting government and AFCTA Secretariat in Accra on different aspects associated with the AFCTA.
Mendez-Parra said,”In particular, we are supporting the negotiations and implementation of the investment protocol and the digital trade protocol as well.
“So, we have been working with the AFCTA. And this is what has brought us to Nigeria.
“Already, this is our fourth year that we have been here, and we are teaming up with the Office of the Vice President to basically enhance different aspects associated with the implementation of the Digital trade protocol in Nigeria.”
The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, said the ministry and the AFCTA secretariat had come up with an initiative called the ‘AFCTA DG pass’.
According to her, the initiative is aimed at operationalising the digital identities.
Oduwole, represented by her Special Adviser, Patience Okala, explained that the initiative was still at its infant stage, expressing hope that the conversations at the roundtable, as well as the concerns that are raised could fill into the process.
The Special Assistant (SA) to the President on Information Communications Technology (ICT) Policy, Salisu Nakande, said the project came into light two years ago, with the support of the Vice-President, Kashim Shettima.
“And this year is more importantly about the conversation across the payment which we are doing in alignment with the Federal Ministry of Industry, Trade and Investment.
” We believe that as much as Nigerians want to trade, they need to be able to make payments in a seamless way across board, and there is a lot of economy to tap in there. So, that is the basic for this conversation,” he said.
Nigeria’s Vice-President, Kashim Shettima, has hailed Gov. Uba Sani of Kaduna State for establishing and chairing the state’s first Council on Skills.Shettima made the commendation during the 7th meeting of the National Council on Skills (NCS) at the Presidential Villa, Abuja, describing Sani’s leadership as exemplary and urging other states to replicate the initiative.
He emphasised the need for collective action to drive the administration’s skills acquisition agenda under President Bola Tinubu’s Renewed Hope Agenda.
“The era of operating in silos is over.
“We must collaborate across agencies, ministries, and sectors to empower Nigerians with the skills they need to thrive,” Shettima said.”
The vice-president highlighted the importance of inter-agency harmony and stressed that no funding or progress could be achieved without a unified approach.
“This goes beyond our own convenience.
“It’s about empowering the ambitious artisan in Kaura Namoda, supporting the mid-career professional in Ebute-Metta, and equipping technical colleges across Nigeria to become true centres of excellence,” he added.
Sani, in his remarks, noted that the Kaduna Vocational and Skills Development Institute had recently enrolled more than 30,000 students.
He thanked the vice-president for his support in advancing the council’s job creation goals.
Minister of Education, Dr Olatunji Alausa, also commended Sani for his role in the commissioning of the Institute of Vocational Training and Skills Development.
He announced that technical colleges had been directed to focus solely on relevant skills-based courses for the new academic year.
African health leaders have stressed the urgent need to strengthen national epidemic surveillance and research systems as the foundation for regional and global preparedness.
They made the call at a high-level panel on epidemic surveillance at the 2nd Lassa Fever International Conference in Abidjan, Côte d’Ivoire, on Wednesday.
The event convened by the West African Health Organisation (WAHO), has the theme: “Beyond Borders: Strengthening Regional Cooperation to Combat Lassa Fever and Emerging Infectious Diseases.”
The gathering seeks to reaffirm regional commitment, mobilise political will, and drive collective action against Lassa fever and other emerging infectious diseases.
West Africa, experts said there is urgent need to strengthen response to VHFs, including Lassa fever.
Experts from Liberia, Guinea, Sierra Leone, Nigeria, Côte d’Ivoire and the World Health Organisation (WHO) shared their experiences and lessons from past viral haemorrhagic fever outbreaks, including Ebola and Mpox at the event.
Dr Minnie Sankawulo-Ricks, Medical Director of Phebe Hospital and School of Nursing, Liberia, said that early detection of outbreaks in her facility begun with a community-based surveillance system integrated into the national health structure.
She noted that community health workers and volunteers act as the first line of defence, reporting unusual symptoms, deaths, or disease clusters from even the most remote villages.
“My facility uses WhatsApp groups for real-time reporting between the community, facility and county levels.
“This has greatly improved the timeliness and accuracy of data shared with health authorities,” she said.
Sankawulo-Ricks added that her centre now has a PCR laboratory, reducing test results from more than a week to less than six hours.
However, she highlighted ongoing barriers such as logistical delays, poor infrastructure, limited internet access and inadequate incentives for community health workers.
From Guinea, Prof. Alpha Keita, Rector of the University of Conakry, underscored the progress in genomic surveillance since the 2013 to 2016 Ebola outbreak.
“In 2013, it took three months to confirm the first Ebola cases. By 2021, confirmation was possible in 24 hours and sequencing within nine days,” he said.
But Keita warned that political commitment and sustainable financing are still lacking, with genomic surveillance often dismissed as a “research luxury”.
In Sierra Leone, Dr Donald Grant, Head of clinical, public health and research activities related to Lassa fever recalled how the 117 hotlines introduced during Ebola transformed reporting.
“Today, community health workers and epidemiology trainees feed into an integrated system that covers both human and animal health.
“Yet challenges remain, including internet connectivity, dependence on donor funding and limited laboratory access outside major cities”.
Nigeria’s Dr Muntari Hassan, Deputy Director and head of the Surveillance Division at the Nigeria Centre for Disease Control and Prevention, called for regional harmonisation of data platforms, noting past efforts by WAHO and ECOWAS to develop a unified reporting system.
Dr Ibrahima Fall, Global Public Health leader, said Africa must not only adopt new digital tools, but also invest in national analytical capacity.
“Eighty per cent of African countries still lack adequate institutional capacity for data analysis.
“Without strong national systems, regional or global platforms cannot function effectively,” Fall, who is now the CEO of Institut Pasteur de Dakar, warned.
Prof. Mamadou Samba, Director-General of Health, Côte d’Ivoire, closed the session by stressing that Africa must finance its own research and health priorities, rather than rely on external partners.
“These are our diseases, our families and our populations. Unless we take responsibility and invest in our own systems, progress will remain limited,” he said.
The experts agreed that building trust with communities, investing in digital tools, and ensuring sustainable domestic financing are critical for Africa’s preparedness against future epidemics.
The Nigerian stock market on Wednesday sustained its bullish run, with investors’ wealth increasing by N254 billion on the back of renewed bargain hunting.
The upward trend was driven by demand in equities such as Regency Alliance Insurance, Mecure, Etranzact, Daar Communications, Deap Capital and 31 other stocks.
The Nigerian Exchange Ltd. (NGX) market capitalisation, which opened at N88.199 trillion, rose by N254 billion or 0.29 per cent to close at N88.453 trillion.
Similarly, the All-Share Index appreciated by 0.29 per cent or 401.36 points, finishing at 139,796.11 compared with 139,394.75 recorded on Monday.
The market breadth also closed positive, with 36 gainers outnumbering 19 losers.
Regency Alliance Insurance led the gainers’ table with a 10 per cent rise, closing at N1.43. Mecure followed, advancing 9.92 per cent to N21.60 per share.
Etranzact gained 9.73 per cent to settle at N12.40, while Daar Communications appreciated 9.57 per cent, ending the session at N1.03 per share.
Likewise, Deap Capital Management rose by 9.52 per cent, closing at N1.84 per share.
On the losers’ chart, Unilever Nigeria recorded the highest decline of 9.79 per cent, settling at N63.15 per share.
FTN Cocoa Processors fell 9.40 per cent to N5.40, while Ellah Lakes declined 8.76 per cent to close at N13.02 per share.
Linkage Assurance dropped 6.85 per cent to N2.04, while Berger Paints shed 6.33 per cent, closing at N35.50 per share.
An analysis of trading showed a decline in market activity, as investors exchanged 659.2 million shares worth N12.5 billion in 25,334 deals.
This was lower than Monday’s 947.9 million shares valued at N17.9 billion, traded in 36,036 transactions.
FCMB Group emerged the most active stock, recording 202.5 million shares valued at N2.1 billion.
Universal Insurance followed with 63.1 million shares worth N79.4 million, while FirstHoldCo transacted 44.2 million shares valued at N1.34 billion.
Regency Alliance Insurance accounted for 30.9 million shares worth N43.8 million, while Access Corporation traded 26.12 million shares valued at N676.42 million.
It is no longer news that Rivers State conducted a local government election in August 30, 2025 which ushered in new set of council chairmen and councillors across the 23 local government areas and 319 wards in the state.
While public discourse continues to rage on the manner of the emergence of these leaders at the grassroots level, what is important at the moment is to galvanise public opinion that would change the perception of the elected leaders in governance, leadership, accountability and transparency, with the aim of witnessing robust development in the LGAs.
Local government administration in Nigeria and indeed in Rivers State is designed to be the closest tier of governance to the people, bringing developments that would change the socio political cum economic lives of the people at the grassroots.
Over the years, unfortunately, local government administrations failed in their core mandate of grassroots development. They remained derelict, failing to bridge governance and grassroots development, having severely underperformed in delivering vital services.
The expectation and promises of bringing government nearer to the people has become a mirage, a fleeting illusion pursued, but never attained. Rather, local administrations became a system riddled with corruption, political interference, and sheer neglect.
Reports since 2015 point to corruption, poor planning, incompetence, and lack of transparency as the critical obstacles to sustainable local development. Council chairmen, who are often handpicked by state level political godfathers, treat councils as their personal estates. Transparency is non-existent. Accountability is sacrificed on the alter of partisan loyalty. The result is a complete disconnect between the council’s and the communities they are supposed to serve. These failures, which are structural, stifled rural economies, and deepened the urban- rural divide.
This new set of chairmen and councillors sworn in recently in Rivers State have a duty to change the narrative by breaking the chain of mediocrity and perennial underdevelopment which has become a bane of economic growth in the state.
Before assuming offices, the chairmen, especially, were admonished to be selfless and to focus on grassroots development. The Sole Administrator of Rivers State, Vice Admiral Ibok-Ete Ibas (Rtd) advised them to embrace, “a new era of transparent, accountable and reform-driven leadership for the people”, cautioning that, “public office is a sacred trust not an avenue for personal gain.” He stated further: “The victory is not a prize to be enjoyed. It is a burden to be carried.
It is not an entitlement but a duty. It is not a call to self- interest, but to selfless services.
Similarly, the Chairman of the Rivers State Independent Electoral Commission (RSIEC), Micheal Odey, while presenting certificates of return to the elected local administrators emphasized that, “your certificates are not symbols of victory, but mandates of service to people.” He urged them to embrace humility, transparency, and accountability in leadership and uphold the rule of law as a foundation for effective governance.
It is instructive to note that between March and June 2025, the combined state and local governments in Rivers State received N246.7 billion with local government councils getting between 16 to 19 billion Naira per month, yet there is no corresponding impact on the lives of ordinary citizens.
What is true is that if the wealth of the local governments continue to bypass the grassroots, the local government tier of administration will remain a hollow promise instead of the bedrock of democratic governance it was meant to be.
A situation where funds allocated to local government councils mysteriously vanish into private pockets or are divided for political patronage will continue the mediocrity and underdevelopment rather than breaking the chain to ensure common good.
It is a known fact that governments exist primarily to provide services that will make life worth living. Local governments in Rivers State must now justify the reasons for their creation through the delivery of cutting-edge services to the people.
With enormous resources at their disposal, especially with an increase in allocation from federation accounts, these council chairmen have the opportunity to transform the rural communities, create jobs, and reduce poverty.
They must endeavour to end the decades of decay, which had been entrenched in Rivers State’s grassroots governance with tangible results by leading with impact. They must rise above mediocrity and make service delivery their defining mission.
The new chairman of local councils in Rivers State must know that the people of the state are tired of excuses and glaring incompetences. They must shatter the age-old tag of failure and rather deliver results that people can see, feel, and trust.
It is time to bring to the fore, bold, and visionary leadership, transparency, and service delivery that is distinguishable if the transformation that the people crave for can be achieved.
It is fundamentally important for the chairmen to realize that no nation state or local government can boast of excellent performance at the grassroots if a large percentage of her rural inhabitants are facing uncontrollable abject poverty, lack of basic social amenities. These are the things that have caused citizens to lose both faith and trust in local government administration.
In spite of the manner of their emergence as chairmen, since they are products of a political compromise, must maintain a sense of decorum in dealing with the executive arm of government. In any case, both tiers of government need each other in delivering goods and services for the benefit of the people.
While we know that the chairmen will want to show loyalty to their political godfathers, there should be a balance of such loyalty with performance in office and accountability.
The Nigerian Union of Petroleum and Natural Gas Workers has suspended its two-day strike following a meeting with the Dangote Group on Tuesday. The meeting was summoned by the Department of State Services (DSS).
The suspension followed an agreement reached with the management of Dangote Refinery and Petrochemicals on the contentious issue of workers’ unionisation.
At a conciliation meeting convened by the minister, Muhammad Maigari Dingyadi, both parties held lengthy discussions that produced a Memorandum of Understanding (MoU) signed in Abuja.
The signed MoU read thus: “That since workers’ unionisation is a right in line with the provisions of the extant laws, the management of Dangote Refinery and Petrochemicals agreed to the unionisation of employees of Dangote Refinery and unionization of employees of Petrochemicals, who are willing to unionise.
That the process of unionization shall commence immediately and be completed within two weeks (9th–22nd September, 2025), and it was agreed that the employer will not set up any other union.
“Arising from the strike notice, no worker or employee of Dangote Refinery and Petrochemicals will be victimized.”
The Trade Union Congress (TUC) has issued a 14-day ultimatum to the federal government to withdraw the planned 5% tax on petroleum products.
The TUC which described the proposal as “reckless act of economic wickedness,” threatened that if the Federal Government fails to withdraw the plan, it will shut down critical sectors in the country.
In a statement signed by Festus Osifo and Nuhu Toro, President and General Secretary of TUC respectively, they said that Nigerians were already overburdened with different taxes.
The labour leaders, who described the new tax as unacceptable, argued that Nigerians cannot be used as sacrificial lambs again, declaring that all the affiliates of the Congress had been placed on standby.
They said, “This reckless proposal is nothing but an act of economic wickedness against already overburdened Nigerians.
“Let it be clear: workers and citizens are still reeling from the pains of subsidy removal, skyrocketing fuel prices, food inflation, and a collapsing naira.
“To now introduce another levy on petroleum products is to deliberately compound suffering, cripple businesses, and push millions of citizens deeper into poverty.
“Government cannot continue to use Nigerians as sacrificial lambs for its economic experiments. Instead of offering relief, jobs, and solutions, it has chosen to further squeeze citizens dry. This is unacceptable.
“The TUC, hereby, urge the Federal Government to immediately stop this anti-people’s plan in its entirety. Failure to do so will leave us with no option but to mobilize Nigerian workers and the masses for a total nationwide resistance.”
Vowing to resist the implementation of the tax, the Congress added, “Strike action is firmly on the table if government dares to ignore this warning and go ahead to implement this policy
“Failure to do so will leave us with no option but to mobilise Nigerian workers and the masses for a total nationwide resistance. Strike action is firmly on the table if the government dares to ignore this warning and go ahead to implement this policy,” the statement read.
The labour body directed all its state councils, affiliates, and structures nationwide to remain on alert and prepare for possible industrial action.
It also urged civil society organisations, professional associations, student unions, faith leaders, and market groups to stand in solidarity with the Nigerian people.
“We also call on our allies, civil society organisations, professional bodies, student unions, market associations, faith leaders, and all patriotic Nigerians to stand in solidarity with us in this struggle.
“Together, we must resist policies that seek to further impoverish citizens and mortgage our future. Enough is enough. Nigerians deserve economic justice, not endless punishment,” the TUC declared.
However, the federal government, while defending the surcharge the said the tax is intended to provide steady funding for road projects and close the country’s infrastructure gaps.
According to Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, the measure is being implemented at a higher rate in over 150 countries.
The Speaker of the House of Representatives, Hon. Tajudeen Abbas has described Nigeria’s N149.39 trillion ($97 million) debt as not only alarming but one that has exceeded the country’s legal threshold, which now poses a major threat to fiscal sustainability.
Wale Edun
Abbas who spoke on Monday at the opening of the 11th Annual Conference and General Assembly of the West Africa Association of Public Accounts Committees (WAAPAC), organised by the House of Representatives Public Accounts Committee in Abuja, with the theme: “Strengthening Parliamentary Oversight of Public Debt.”
He said Nigeria’s total public debt rose to N149.39 trillion (about US$97 billion) in the first quarter of 2025, up from N121.7 trillion the previous year.
“As of the first quarter of 2025, Nigeria’s total public debt stood at N149.39 trillion, equivalent to about US$97 billion. This represents a sharp rise from N121.7 trillion the previous year, underscoring how quickly the burden has grown. Even more concerning is the debt-to-GDP ratio, which now stands at roughly 52 per cent, well above the statutory ceiling of 40 per cent set by our own laws”, Abbas said.
Abbas, who was represented by the House Leader, Prof Julius Ihonvbhere, said this has breached the nation’s debt limit and signals the strain on fiscal sustainability.
According to the speaker, the development highlights the urgent need for stronger oversight, transparent borrowing practices, and a collective resolve to ensure that tangible economic and social returns match every naira borrowed.
The speaker warned that across Africa, debt has become a structural crisis, with several countries spending more on servicing loans than on healthcare and other essential services.
He cautioned that many African countries are already spending more on debt servicing than on healthcare and other essential services, adding that Nigeria must avoid a similar situation.
To address fiscal risks, the Speaker announced plans to establish a West African Parliamentary Debt Oversight Framework under WAAPAC.
The initiative will harmonise debt reporting across the sub-region, set transparency standards, and equip parliaments with data to scrutinise borrowing.
The speaker cautioned that borrowing should be targeted at infrastructure, health, education, and job-creating industries, warning that reckless debt that fuels consumption or corruption must be exposed and rejected.
“Our oversight must also be people-driven. Major borrowing proposals should be subject to public hearings, and simplified debt reports must be made available to the public. Citizens have the right to know, and we have the duty to inform,” he stated.
In his contribution, Senate President Godswill Akpabio urged West African countries to strengthen the constitutional backing for public accounts and finance committees, ensuring transparency, accountability, and sustainability in public debt management.
Akpabio stated that unchecked debt can jeopardise the future of citizens and undermine democracy across the sub-region.
Akpabio who was represented by Senator Osita Izunaso, described parliamentary oversight as indispensable to fiscal stability, noting that when debt is well managed, it serves as a strategic instrument for financing infrastructure, growth, and sustainable development.
However, Nigeria’s Minister of Finance, Wale Edun, projected optimism and insisted that Nigeria’s debt profile was manageable.
Edun painted a more reassuring picture, declaring that Nigeria was turning the corner under President Bola Tinubu’s reforms.
“Nigeria is turning the corner. The reforms are delivering measurable impact in terms of investor confidence, reduced spending on fuel imports, greater energy self-sufficiency, and value addition in our economy,” Edun said.
He said the country’s debt service-to-revenue ratio dropped to about 60 per cent in 2024, while the debt-to-GDP ratio stood at 38.8 per cent, a level he described as comfortable compared to global benchmarks.
Revenues, he added, rose by 34.7 per cent in the first half of 2025.
The minister acknowledged that Nigeria, like many countries in West Africa, faces significant fiscal challenges, including elevated debt service costs, constrained revenues, and rising demands for public spending.
He said Nigeria achieved the gains through tough but necessary policy choices such as the removal of fuel subsidies, liberalisation of the exchange rate, and the roll-out of a comprehensive tax reform programme aimed at boosting efficiency, simplifying compliance, and raising Nigeria’s tax-to-GDP ratio over time.
The alarm raised by the National Assembly comes barely weeks after it approved President Bola Tinubu’s external borrowing plan of over $21 billion for the 2025–2026 fiscal cycle, including $21.19 billion in foreign loans, €4 billion, ¥15 billion, a $65 million grant and domestic borrowing of about N757 billion.
The approval, recommended by both the House and Senate Committee on Local and Foreign Debt, also included provisions to raise $2 billion through a foreign-currency-denominated instrument in the domestic market.
He highlighted the structure of Africa’s debt, noting that 35 per cent is owed to Western private lenders, 39 per cent to multilateral institutions such as the IMF and the World Bank, 13 per cent to bilateral creditors, and 12 per cent to China
According to him, these reforms are essential for creating a predictable macroeconomic environment that encourages private investment, which accounts for about 90 per cent of economic activity.
“Government’s role is to act as a catalyst, not to crowd out the private sector. With the right fiscal discipline, we can unlock opportunities and ensure inclusive growth that lifts millions out of poverty,” he said.
On Nigeria’s fiscal direction, the minister outlined priorities, including debt transparency, growth-enhancing borrowing, domestic revenue mobilisation, and prudent budgeting within the limits set by the Fiscal Responsibility Act.
He said the government is committed to project-linked borrowing that yields direct returns and avoids reliance on money-printing or unsustainable financing.
Edun also drew attention to global headwinds, such as shrinking development aid, reduced world trade, and rising international interest rates, that have made fiscal management more difficult for developing economies.
He said these challenges underscore the need for African countries to be more self-reliant by embracing reforms, technology, and digitisation to strengthen revenue generation.
The minister emphasised that parliamentary oversight is central to maintaining fiscal discipline.
He urged lawmakers to hold governments accountable for borrowing and spending decisions, insisting that transparency and accountability must underpin every fiscal framework.
“A sound fiscal framework is not just the responsibility of the executive; it demands partnership, leadership, and rigorous oversight from parliamentarians such as you, especially public accounts and finance committees,” Edun said.
The Minister described Nigeria’s fiscal trajectory as a turning point, with reforms providing the foundation for stability, competitiveness, and inclusive growth.
Chairman of the House of Representatives Committee on Public Accounts, Rep. Bamidele Salam disclosed that the committee recovered over N200 billion in lost revenues for the federal government within the last year.
Salam said the recoveries were part of a series of reforms aimed at strengthening fiscal accountability in Nigeria.
He described the gathering, which Nigeria is hosting for the first time since WAAPAC’s creation in 2009, as timely, given the rising debt burden across Africa.
The Vice President of Nigeria, Kashim Shettima, expresses his deep condolences to the people of Dara Jamal community, Borno.
In respect to the brutal attack in Dara Jamal community by Boko Haram, which took place on Friday, 5th September 2025, Shettima expressed his deep concern via a statement by his spokesman, Stanley Nkwocha, on Monday. He described the incident as a national tragedy, sharing in the grief of the bereaved families and assuring that those responsible would be brought to justice.
“I extend my heartfelt condolences to Governor Babagana Umara Zulum, the people of Borno State and the Nigerian military over the tragic loss of our compatriots,” Shettima said.
Over 63 people were confirmed dead, including 58 civilians and 5 soldiers. Reports indicate that the terrorists raided the community around 10:00 PM on motorcycles, opening fire on residents and setting houses, shops, and vehicles ablaze. The operation lasted for several hours before the military intervened.
Shettima stated that President Bola Tinubu has given an immediate order to the Armed Forces to review security operations across the nation, including the deployment of surveillance equipment and advanced military hardware.
He further explained that the government is considering the establishment of state police, emphasizing the president’s position on security challenges in Nigerian states. These well-trained units would understand local terrains and cultures, enabling them to operate effectively at the grassroots level.
Having assured the people of continuous federal support, he offered prayers for those affected and promised that justice will be served.
