This was made known in a statement issued by the Head Information and Public Relations, in the ministry of Finance, Efe Ovuakporie, in Abuja on Friday.

During the handing over inauguration, Oyedele commended the outgoing minister Wale Edun for his service and contributions to the ongoing reform efforts in the economy.

He further expressed appreciation to President Bola Tinubu for the confidence reposed in him to serve in this capacity.
Oyedele reaffirmed his readiness to working closely with the leadership and staff of the ministry to deliver concrete outcomes aligned with the government’s economic priorities.

He emphasised on the need to build on existing reforms while focusing on measurable impact across key sectors of the economy.

The minister said that Edun’s period in office was marked by the advancement of key fiscal and economic reforms aimed at stabilising the macroeconomic environment and repositioning the economy for sustainable growth.

Oyedele said that the included efforts to strengthen revenue performance, improve fiscal coordination, and support broader structural reforms under the administration’s economic agenda.

He said that his assumption of office signals continuity in the ministry’s service delivery to the nation, with focus on deepening economic reforms, fiscal discipline and improved outcomes for Nigerians.

The Permanent Secretary, Finance, Mr Raymond Omachi and Permanent Secretary Special Duties, Mohammed Danjuma, welcomed Oyedele to the ministry in his new capacity.

They pledged full support and loyalty of the management and staff of the ministry in advancing minister’s mandates

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Mbah made the call on Friday at the Government House, Enugu, when the Consul General of the People’s Republic of China in Lagos, Yan Yuqing, led a delegation of top Chinese companies officials on a courtesy visit.

Our correspondent reports that the New Enugu City project is a flagship initiative of the Mbah administration, designed to transform the state into a modern, smart, and sustainable investment and residential hub.

The governor highlighted ongoing efforts to improve infrastructure and connectivity, including plans to extend the Eastern railway corridor to Enugu.

He proposed the establishment of a Chinatown district in Enugu, assuring investors of land availability and government support to facilitate business operations.

“We are open to partnerships with Chinese airlines and investors. Enugu is safe, clean, and business-friendly, and the New Enugu City will meet global standards comparable to cities like Dubai and London.

“We’re going to have gas pipe, so it’s the same standard you would find in any modern city.

“We expect that this city would attract major Chinese companies to come and site their headquarters here and to operate also from here,” Mbah said.

According to him, the state is committed to working closely with investors to de-risk investments and ensure mutual benefits.

The governor also emphasised the state’s commitment to building strong partnerships with Chinese firms, including collaboration in infrastructure, manufacturing, and technology, to drive economic growth and job creation.

He noted that China Civil Engineering Construction Corporation was already collaborating with the Federal Government on rail rehabilitation, with discussions underway to extend the line beyond Aba to Enugu to enhance economic viability.

The governor also pointed to the state’s rich mineral resources and the strategic importance of linking Enugu to export routes through the port in Onne.

He added that the recent concessioning of the Akanu Ibiam International Airport, Enugu would boost international connectivity, with plans for a cargo terminal and direct flights to Chinese cities such as Guangzhou.

Mbah cited existing partnerships, including collaboration with Haier Group, which had set up manufacturing facilities in the state producing digital devices, solar equipment, and household appliances.

He said the partnership also included technology transfer and capacity building for local workers.

The governor reiterated his administration’s target of building a $30 billion economy by 2031, driven largely by private sector investment.

Earlier, Yan Yuqing described Enugu as a city of “vitality, livability, and opportunity,” expressing optimism about deepening China-Nigeria relations, especially in infrastructure, digital economy, education, and cultural exchange.

She noted that bilateral relations between China and Nigeria had continued to grow, particularly after the 2024 upgrade to a comprehensive strategic partnership, adding that Enugu stands to benefit significantly from increased cooperation.

Yuqing also highlighted the presence of major Chinese firms such as China Communications Construction Company in Nigeria and expressed interest in expanding collaboration in rail development, vocational education, and technology.

She commended the state government’s development plans and pledged support in facilitating partnerships, including possible sister-city arrangements between Enugu and cities in China.

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The company disclosed this in its unaudited financial results for the first quarter of the year sent to Nigerian Exchange Ltd. on Thursday in Lagos.

Its operating profit rose by 39 per cent to N11.5 billion, up from N8.3 billion in the prior year, while net profit increased by 26 per cent to N7 billion.

Commenting on the performance, the Managing Director, Mr Tobi Adeniyi, said that the 2026 first quarter results represented a strong start in the year.

“It is a clear signal that the momentum we delivered in 2025 is being sustained.

Growth in the quarter was driven primarily by increased volume, underpinned by innovation and strong marketplace execution.

“This performance reflects our continued operational discipline and commitment to delivering sustainable value.

“We will continue to elevate the consumer experience while reinforcing a play-to-win culture where we focus on winning with Nigerians, strengthening the proposition and desirability of our brands and executing with speed and excellence across all categories.”

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The Executive Chairman of the KADIRS, Mr Jerry Adams, said this on Thursday in Zaria, at the first quarter stakeholders engagement 2026.

Adams was represented by the KADIRS Executive Director Revenue Operations, Dr Muhammad Lawal.

The theme of the engagement is “Navigating the new tax landscape: opportunities and challenges.”

The engagement also has the topic, “To explore the key provisions of the new tax law, its impact on businesses, individuals, and strategies for compliance and dealing with misinformation”.

Adams outlined economic pressures including declining oil revenues, rising debt, inflation, and difficult fiscal realities.

He said these conditions necessitated deep reforms, particularly in revenue generation, to free up resources, strengthen public financial management, and improve delivery of public goods and services.

Adams traced the reform timeline to 2023, culminating in the signing of the new tax law in June 2025.

He explained that sub-national governments are aligning their laws, with Kaduna State emerging as the first to fully harmonise its tax system with national provisions after delaying earlier amendments to ensure proper integration.

Recalling past efforts, he noted that Kaduna had pioneered tax harmonisation in 2016 with an amendment in 2020, positioning the state as a leader in modern tax administration.

He emphasised that the philosophy of the new law is to “tax the fruits, not the seed,” allowing low-income earners and small businesses breathing space while expanding reliefs and simplifying obligations.

Adams listed new benefits including rent relief, mortgage interest relief, life assurance relief, and a structured presumptive tax framework that exempts small businesses earning below twelve million naira from certain taxes.

He said the reforms also promote harmonisation, consolidation, and the integration of technology into tax administration to improve efficiency and transparency.

Addressing misinformation, he dismissed claims of arbitrary government access to citizens’ bank accounts, noting such narratives have created unnecessary fear and tension within the economic space.

He urged stakeholders to actively participate, ask questions, and provide feedback, stressing that quarterly engagements are critical to improving compliance and enhancing tax service delivery.

Adams, however, said that while challenges exist, the new law presents significant opportunities that stakeholders must collectively harness to strengthen the economy and public finance systems.

Earlier, KADIRS Executive Director, Standard and Compliance, Alhaji Ali Gora, said Nigeria’s evolving tax reforms mark a significant turning point in Kaduna’s economic and regulatory environment.

He said that the changes reshape business operations and civic responsibility.

Gora added that the reforms reflect a shift in how the government drives sustainable development.

He, therefore, said the engagement is timely and necessary to explore provisions, understand impact, and share practical compliance strategies.

He said misinformation spreads easily, so the forum helps separate facts from assumptions and builds the right knowledge.

“The reforms bring challenges but also opportunities for transparency, growth, and participation,” Gora said.

Our correspondent, reports that Prof Muhammad Bagudu, the Head of the Department of Accounting and also the Dean of the Faculty of Management Sciences in ABU Zaria, delivered the lead paper.

He presented on the topic. “To explore the key provisions of the new tax law, its impact on businesses, individuals, and strategies for compliance and dealing with misinformation”.

A panel session was also held, comprising participants from Nigerian Bar Association, Kaduna State Traffic Law Enforcement Agency (KASTLEA), Association of National Accountants of Nigeria (ANAN) and KADIRS.

They discussed practical approaches to compliance, public awareness, and the role of technology in revenue administration.

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In a statement on Thursday in Lagos, Sanwo-Olu was quoted to have made the call while hosting members of the Joint Revenue Board (JRB) at the State House, Marina, during its 159th meeting.

He said Lagos had recorded significant growth in internally generated revenue (IGR) through sustained reforms implemented by LIRS.

According to him, IGR now accounts for over 60 per cent of the state’s annual budget, reflecting the impact of deliberate policy measures.

The governor disclosed that Lagos generated about N1.3 trillion in revenue in 2024, representing a 45 per cent increase compared to the previous year.

He attributed the growth to investments in digital tax systems, expansion of the tax base and improved engagement with taxpayers.

“We can say that our internally generated revenue now accounts for well over 60 per cent of our budget.

“It is not by chance, but the result of consistent reforms, technology deployment and building trust with taxpayers,” he said.

Sanwo-Olu, however, stressed that for other states to replicate Lagos’ success, revenue agencies must be allowed to operate independently without political interference.

He urged governors to guarantee tenure security and operational freedom for tax administrators to enhance efficiency and public confidence.

“Revenue agencies need the space to work. Stability in leadership and independence are critical to building trust and delivering results,” he said.

The governor added that taxes paid by residents and businesses were being translated into visible infrastructure and social services across the state.

He cited projects such as rail lines, road networks, healthcare facilities and educational institutions as outcomes of effective revenue utilisation.

Earlier, Chairman of LIRS, Mr Ayodele Subair, said the JRB remained central to strengthening Nigeria’s tax system through improved coordination and reform implementation.

He noted that recent tax reforms had made collaboration among revenue agencies more critical.

“This meeting comes at a pivotal time, and the board is positioning itself to support effective implementation of new tax laws across all tiers of government,” he said.

Also speaking, the Executive Secretary of the JRB, Mr Olusegun Adesokan, commended Lagos for its strong revenue performance and sustained reforms.

He described the state as a benchmark for tax administration, noting that its revenue growth reflected long-term strategic planning.

According to him, Lagos’ internally generated revenue has grown significantly over the years, demonstrating how effective tax administration can drive development.

Adesokan said the state’s achievements underscored the importance of strong institutions and policy consistency in revenue mobilisation.

In his remarks, Mr Okon Okon, Executive Chairman of Akwa Ibom State Internal Revenue Service, appreciated the Lagos government for hosting the meeting and commended the state’s infrastructure development.

He highlighted participants’ experiences on key projects, including rail transportation and urban development initiatives, as evidence of effective use of public revenue.

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The revenue was shared at the April meeting of FAAC in Abuja.

The N2.036 trillion total distributable revenue comprised statutory revenue of N1.320 trillion, Value Added Tax (VAT) revenue of N515.391 billion and Agumentation of N200 billion.

A communiqué issued by FAAC indicated that total gross revenue of N2.364 trillion was available in the month of March.

It said that total deduction for cost of collection was N81.084 billion, while total transfers, refunds and savings was N246.872 billion and Agumentation of N200 billion.

The communiqué said gross statutory revenue of N1.699 trillion was received for the month of March 2026.

This is higher than the sum of N1.561 trillion received in the preceding month by N137.914 billion.

“Gross revenue of N664.425 billion was available from VAT in March 2026.

“This was lower than the N668.450 billion available in the month of February 2026 by N4.025 billion,” it said.

The communiqué said from the N2.036 trillion total distributable revenue, the Federal Government received total sum of N789.159 billion and the state governments received total sum of N657.596 billion.

It said that the LGs received N468.826 billion, while the sum of N120.759 billion (13 per cent of mineral revenue) was shared to the benefiting State as derivation revenue.

“On the N1.320 trillion distributable statutory revenue, the Federal Government received N632.260 billion and the state governments received N320.691 billion.

“The LGs received N247.239 billion and the sum of N120.759 billion (13 per cent of mineral revenue) was shared to the benefiting States as derivation revenue,” it said.

It said that from the N515.391 billion distributable VAT revenue, the Federal Government received N51.539 billion, the state governments received N283.465 billion and the LGs received N180.387 billion.

It said that from the N200 billion Augmentation, the Federal Government received N105.360 big government received N53.440 billion, and the LGs received N41.200 billion.

It said that in March, Companies income Tax (CIT), CGT, SDT and Excise Duty increased significantly.

It said that Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Oil and Gas Royalty, Import Duty and CET decreased considerably, while VAT decreased marginally.

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Nzekwe gave the advice in an interview with our correspondent on Wednesday in Ota.

The former ANAN president also appealed to the federal government to sell the crude oil at the bench mark price of $64.85 per barrel as earmarked in the 2026 Budget.

He said that the appeal had become necessary in order to help Dangote Refinery produce cheaper fuel for the consumption of Nigerians.

Nzekwe attributed the rising price of food commodities to the increase in the pump prices of fuel across the country.

The former ANAN president added that this step would also prevent Dangote from importing crude oil into the country from US.

According to him, what was dragging the nation’s inflation trend was increase in fuel prices due to the current crisis in the middle East.

“There is the need for the federal government to critically look at the oil sector to alleviate the sufferings of Nigerians.

“Whatsoever affects petroleum sector affects every sector of the economy,”he said.

Nzekwe said that the ability of the federal government to allocate more crude oil to Dangote refinery would not only stop fuel importation, but bring down rising inflation rate the country has experienced since March.

Our correspondent reports that the National Bureau of Statistics on April 15, says the Nigeria’s headline inflation rate rose to 15.38 per cent in March from 15.03 per cent in February.

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A breakdown of the debt figures shows that total domestic debt is N84.85 trillion (59.11 billion dollars), while total external debt is N74.43 trillion (51.86 billion dollars).

This makes domestic borrowing the largest component, accounting for 53.27 per cent of the debt stock while external borrowing makes up 46.73 per cent of the total public debt.

The DMO emphasised that the country’s total debt comprised of external and domestic borrowing of the Federal Government, as well as those of the 36 states and the Federal Capital Territory (FCT).

The breakdown shows that the Federal Government accounts for majority of the debt, N80.49 trillion of the domestic debt and N66.27 trillion of the external debt.

The 36 states and the FCT collectively owe N4.36 trillion domestically and N8.16 trillion externally.

According to the April IMF data, Nigeria’s debt-to-GDP ratio is projected to be 32.3 in 2026, decreasing from 35.5 per cent in 2025.

Though below the 60 per cent global threshold, experts say high debt-servicing costs relative to revenue remain a significant concern.

Our correspondent reports that external debt is divided into three primary categories based on the nature of the lender:

Multilateral loans stand at 23.19 billion dollars, constituting 45 per cent of external debt.

There are international financial institutions providing concessional loans.

The largest single external creditor is the World Bank, with 18.3 billion dollars. Nigeria is currently the third-largest debtor to the World Bank’s International Development Association (IDA).

The African Development Bank (AfDB) has approximately 3.5 billion dollars in outstanding credit facilities.

There is also a 6.20 Billion dollars bilateral loans (loans from individual foreign governments). which constitutes 12 per cent of external debt.

The Exim Bank of China is the leading bilateral creditor, accounting for 4.91 billion dollars (over 80 per cent of bilateral debt).

Domestic debt consists of securities issued by the Federal Government and held by local banks, pension funds, and institutional investors.

FGN bonds is the dominant instrument, representing about 80 per cent of local debt. which now includes securitised Ways and Means advances from the Central Bank.

There are also Nigerian Treasury Bills, FGN Sukuk, and Promissory Notes.

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This is contained in a statement issued by Edun, in Abuja, reflecting on his roles across different stages of the President Bola Tinubu administration’s economic management team since May 2023.

Edun attributed the improvements in key macroeconomic indicators to reforms designed to restore investor confidence and improve policy coordination.

“I am proud of what we achieved alongside colleagues in the Federal Executive Council, state governors, partners in the public and private sectors, and the many dedicated professionals whose work continues to support the nation’s economic transformation,” he said.

Edun emphasised that while significant progress had been made, the reform process remained ongoing, adding that the foundations for long-term and inclusive growth had been strengthened under the current administration.

He also expressed appreciation to domestic and international stakeholders for their support, engagement and collaboration throughout his time in office.

According to him, economic reform is a continuous process that requires consistency and patience, stressing that Nigeria remains on a positive trajectory despite ongoing challenges.

He expressed gratitude to Tinubu for the opportunity to serve in his administration.

“I remain optimistic about Nigeria’s trajectory. I wish my successor and the entire government the very best as they continue the work of improving the lives of Nigerians,” he added.

The minister further reaffirmed his continued commitment to national service and support for the administration’s economic agenda, noting that public service remains a lifelong responsibility.

Our correspondent reports that the Tinubu on Tuesday approved a minor cabinet reshuffle.

Edun and the Minister of Housing and Urban Development, Umar Dangiwa were affected in the cabinet reshuffle.

The Secretary to the Government of the Federation, Sen. George Akume announce this development in a memo.

Taiwo Oyedele, who previously served as Minister of State for Finance, was asked to take over from Edun as Minister of Finance and Coordinating Minister of di Economy.

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This is contained in a statement issued by the minister on Sunday in Abuja.

He said reports suggesting large-scale diversion of federation earnings misrepresented the World Bank’s findings and reflected poor understanding of Nigeria’s fiscal system.

According to him, deductions by the Federation Account Allocation Committee (FAAC) were wrongly labelled as waste or missing funds in some reports.

Oyedele explained that FAAC deductions cover statutory transfers, security spending, investments, cost of collection and refunds to Ministries, Departments and Agencies.

He said transfers and refunds to states and other tiers of government were legitimate fiscal obligations, not leakages or hidden expenditures.

The minister also criticised selective use of outdated data by some commentators, saying recent reforms were ignored in their analysis.

He noted that the World Bank acknowledged ongoing fiscal reforms, including a 2026 Executive Order to improve petroleum revenue remittances and enhance transparency.

Oyedele said the reforms were expected to increase distributable revenue by about 0.4 per cent of Gross Domestic Product annually.

He added that the report presented a positive outlook, highlighting broad-based economic growth across sectors.

According to him, inflation is gradually declining due to deliberate policy actions of government.

He also cited improvements in Nigeria’s external reserves and a current account surplus.

The minister said debt indicators had improved, including a reduction in the debt-to-GDP ratio for the first time in over a decade.

Oyedele maintained that the World Bank report did not suggest fiscal collapse but affirmed that ongoing reforms were yielding results.

He said sustaining and deepening reforms would help translate macroeconomic gains into inclusive growth.

The minister reiterated government’s commitment to fiscal transparency, revenue mobilisation and efficient public spending.

He urged media organisations and stakeholders to report fiscal matters responsibly to avoid misleading narratives.

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