JamzNG Latest News, Gist, Entertainment in Nigeria
The federal government has settled more than 2 trillion in an extraordinary capital budget obligation from the 2024 fiscal year and promised to prioritize the release of a fast 2025 capital fund.
Minister of Finance and Coordinating Minister for Economic, Wale Edun, announced this on Thursday during the Ministerial Press Briefing in Abuja. He also stated that Nigeria was “open to business” for global investors, citing new benefits in economic stability.
“In the last quarter, we paid a contractor of more than ₦ 2 trillion to complete the capital budget obligations circulating from last year,” Edun said. “At present, we have no delayed obligations that are not processed and financed. The focus will now turn to the capital release of 2025.”
The Minister warned that government agencies may only commit to capital projects after funds have been permitted. “Although there is an apropriation, it is when funds are available and allowed to spend that government entities must enter into binding commitments,” he said.
Edun pointed to a positive macroeconomic indicator, including a trading surplus that exceeded $ 4 billion in the first quarter of 2025, 9.8 percent export growth, stable exchange rate, and foreign reserves established at $ 39 billion in July. He associated this improvement with the Tinubu administrative economic policy, which, he said, had created “stable macroeconomic conditions that can be planned and invested by people.”
He noted fiscal reform such as stopping the use of ways and means progress from the central bank, which contributed to reduce the ratio of debt to Nigerian GDP from 52.1 percent to 38.8 percent after the GDP rebase. “There has been no debit for the way and means since the beginning of this government,” he added, revealed that gross income in the first half of 2025 was 37.4 percent higher than the same period in 2024.
According to the Minister, the Federal Government has increased state revenue by paying the reduction of the past from the federation account, increasing their fiscal capacity for capital investment. “Since the first half of 2023, the state fiscal balance has grown from 1.8 percent from GDP to 3.1 percent – from ₦ 2.8 trillion to ₦ 7.1 trillion,” he said, connecting growth with the elimination of subsidies and compliance with the rule of law in completing extraordinary payments.
Edun launched a plan to implement Nigerian’s most comprehensive tax reform in January 2026, consolidating all tax laws into one framework, eliminating more than 50 overlapping taxes, and streamlining compliance. He also announced the new income optimization platform that would focus a collection from ministries, departments and institutions, use technology, digitalization, and artificial intelligence to block leaks and increase financial intelligence.
Referring to the government’s medium -term target to reach 7 percent of annual GDP growth, Edun said investment in agriculture, education, health, manufacturing, technology, and infrastructure will be the center of this destination. He quoted public-private partnerships for large projects such as the third land and Carter Bridges in Lagos.
In the energy sector, Edun revealed plans to increase the capacity of power plants to 6,000 megawatts at the end of the year and complete the Ajuokuta-Kano-Kano gas pipeline to support industrial growth.
He confirmed that the cash transfer directly to Nigeria was vulnerable to being ongoing, with eight million out of 15 million recipients that had been achieved. Payment, he said, was carried out transparently through biometric verification and digital disbursement.
Other social programs include Nigerian education loan funds, consumer credit schemes, upcoming youth investment banks, and € 600 million facilities for the digital and creative sector, with special funds for young women.
“Our commitment is to build a working economy for everyone with transparency, resilience, and purpose,” Edun said.
