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BY CHIKA OKEKE, Abuja Prof Taiwo Oyedele The Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele has eliminated overlapping mandates with a new framework designed to cut bureaucratic delays and make the government more responsive to businesses and investors. Oyedele, who stated this at a strategic engagement with Heads of Agencies and senior government officials at the Federal Ministry of Finance headquarters in Abuja, insisted that the Federal Government will henceforth hold Ministries, Departments and Agencies (MDAs) accountable to measurable performance. He stated that the next phase of Nigeria’s economic reforms must go beyond stabilising the economy to fixing the everyday frustrations businesses encounter in their dealings with the government, stating that agencies must make it easier for businesses to operate, invest and expand. To achieve this, he pleaded with MDAs to remain within their statutory mandates and eliminate duplicate requirem...

BY CHIKA OKEKE, Abuja CGC Adewale The Nigeria Customs Service (NCS) has directed the immediate implementation of anti- corruption road map across all zones, commands, and units, designed to shield the border from smuggling activities, while facilitating legitimate trade. Comptroller-General of Customs (CGC), Adewale Adeniyi, who issued the directive, signed the Standard Operating Procedure (SOP) for Conducting Internal Corruption Risk Analysis and Mapping (ICRAM), the ICRAM Handbook, and the Integrity Action Plan in Abuja. Adeniyi also activated the ICRAM Steering Committee, cementing the Service’s systematic framework for identifying, assessing, and mapping corruption risks across all operational and administrative processes. He said that the documents resulted from a painstaking process involving an internal team, the World Customs Organisation (WCO), and partner administrations such as His Majesty’s Revenue and Customs (HMRC), adding that the objective was to ensure inte...

BY CHIKA OKEKE, Abuja Dr Doris Uzoka-Anite The Federal Government has mapped out plans to strengthen Nigeria’s economic resilience and address macroeconomic stability, focusing on job creation, productivity and shared prosperity for Nigerians. Minister of State for Budget and Economic Planning, Dr Doris Uzoka-Anite stated this while addressing newsmen ahead of the 32nd Nigerian Economic Summit (NES #32) in Abuja, with the theme, “Growth that Works: Delivering Jobs, Productivity and Shared Prosperity”. Uzoka-Anite identified five thematic areas for the summit as Work Nigeria, Produce Nigeria, Invest Nigeria, Scale Nigeria and Secure Nigeria. She said that Work Nigeria would focus on creating more and better employment opportunities for Nigerians, while Produce Nigeria will seek to boost productivity, industrialisation and value addition across key sectors of the economy. The minister disclosed that Invest Nigeria will focus on attracting investment while strengthening human ...

BY CHIKA OKEKE, Abuja Prof Taiwo Oyedele The Federal Government has endorsed the Fitch Ratings of Nigeria’s economic and fiscal reforms, a major milestone that revised the outlook on the country’s long-term Issuer Default Ratings to Positive from Stable. Fitch Ratings, which is a leading provider of credit ratings, commentary and research for global capital markets, also affirmed Nigeria’s ratings of 'B'. A positive outlook signaled that the rating could be raised if current trends are sustained, even as Fitch’s action reflects ongoing reforms of Nigeria's policy framework and its increased confidence that reform momentum will be sustained. Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele promised to double down on accelerating macroeconomic stability into shared prosperity through food security, decent jobs, human development and support for small businesses. Fitch attributed the improved outlook to greater naira flexibility, dis...

BY CHIKA OKEKE, Abuja Prof Taiwo Oyedele The Federal Government has disclosed that petrol discount would not distort the market or encourage smuggling, clarifying misconceptions bordering on the return of the fuel subsidy era. Minister of Finance and Coordinating Minister of the Economy, Prof Taiwo Oyedele had last week announced a 30-day discount on petrol dispensed by the Nigerian National Petroleum Company Limited (NNPCL), with priority for public transporters nationwide. While proposing a N1,350 per litre on the ex-gantry or landing cost of petrol, to keep pump prices stable, Oyedele dispelled rumours that the Federal Government stylishly reversed fuel subsidy few months to the general elections. The minister noted that the retail margin on petrol is less than five percent of the pump price, recognising that fuel prices continue to weigh on households and businesses. "A discount within that margin cannot meaningfully widen the gap between prices in Nigeria and in n...

BY CHIKA OKEKE, Abuja Dr Billy Gillis‐Harry The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has disclosed that it is strategically positioned to champion the distribution of petrol and the Federal Government’s  Compressed Natural Gas (CNG) initiative across the country. This followed the announcement of a 30-day discount on petrol sold at the Nigerian National Petroleum Company Limited (NNPCL), by the Minister of Finance and Coordinating Minister of the Economy, Mr. Taiwo Oyedele, with public transport operators identified as priority beneficiaries nationwide. National President of PETROAN, Dr. Billy Gillis-Harry said in Abuja over the weekend, that the association is capable of carrying out the task given its extensive grassroots presence and direct relationship with petroleum consumers. He stated that leveraging the existing retail network for CNG deployment, PETROAN would accelerate accessibility, encourage adoption of cleaner and more a...