Minister of Finance and Coordinating Minister of the Economy, Wale Edu, defended Nigeria’s recent economic reforms, particularly the adoption of market-driven exchange rates and the sale of crude oil in Naira.
Speaking at an interactive session with the Senate Committee on Finance, Edu highlighted the positive outcomes, especially in terms of increased government revenue.

Edu acknowledged the challenges faced in implementing the reforms but emphasized that the country is already beginning to experience the benefits.
According to him, he said the sales of crude oil in Naira, initiated by President Bola Tinubu, has been particularly impactful, contributing to a stronger domestic financial environment.
Edu’s remarks reflect a broader effort by the government to enhance fiscal management and ensure the long-term sustainability of the nation’s economic policies.

Chairman of the Senate Committee on Finance, Senator Sani Musa, stated that the session was convened to assess the effects of these reforms on the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper for 2024-2026.
He said It also aimed to address concerns about shortfalls in revenue remittances from the Nigerian National Petroleum Corporation Limited (NNPCL), particularly regarding the foreign and domestic excess crude accounts.

The new Minister of State for Finance, Dr. Doris Nkiruka Uzoka-Anite has officially assumed her role following her confirmation by the Nigerian senate after being appointment by President Bola Ahmed Tinubu.
Dr. Uzoka-Anite’s arrival was warmly received by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, during a welcoming ceremony at the Federal Ministry of Finance Headquarters in Abuja.
Director of Information and Public Relations, Mohammed Manga in a statement made available to the National Update in Abuja on Monday indicated that the event was attended by top officials, including Permanent Secretary Mrs. Lydia Shehu Jafiya, who underscored the Ministry’s dedication to driving forward the Tinubu administration’s economic reforms under its “Renewed Hope” agenda.
Mr. Edun commended Dr. Uzoka-Anite’s commitment to advancing the Ministry’s objectives, lauding her expertise as vital for ongoing economic initiatives.
He acknowledged President Tinubu’s foresight in appointing her to support key reforms, including the establishment of a market-based foreign exchange rate and market-driven petroleum pricing.

Dr. Uzoka-Anite expressed gratitude for the opportunity to serve, pledging to collaborate closely with Mr. Edun in realizing the President’s financial sector mandate.
“I am committed to advancing our nation’s economic goals and delivering on the President’s vision for a prosperous Nigeria,” she stated, thanking President Tinubu for his trust.

Mrs. Jafiya assured attendees that the Ministry would continue fostering a conducive environment for policy implementation to strengthen Nigeria’s economy.

Other dignitaries present included Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), along with directors and department staff from across the Ministry.

The event highlighted a unified vision for an economy built on productivity, investment, and equitable growth.

The coming on board of Dr. Uzoka-Anite marked a pivotal chapter in Nigeria’s economic reform journey, setting the stage for enhanced productivity and sustainable growth. With her expertise and the Ministry’s commitment, Nigerians can look forward to a brighter economic future under President Tinubu’s administration.

The Federal Government of Nigeria has launched the Foreign Currency Voluntary Disclosure, Depositing, Repatriation, and Investment Scheme, known as the Disclosure Scheme, under Executive Order No. 15 of 2023. Announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the initiative is aimed at boosting economic transparency and integrating legitimate foreign currency holdings by Nigerians into the formal economy.
Director of Information and Public Relations, Mohammed Manga, in a statement enumerated the objectives of the Disclosure Scheme to to include Financial Transparency by seeking to formalize foreign currency assets held outside Nigeria’s banking system.
The second objective according to the statement is Strengthening AML and CFT which encourages the use of the formal banking system to reduce illicit transactions and improve anti-money laundering and counter-terrorism financing (AML/CFT) measures.
The statement listed Key Features of the Scheme to include Voluntary Disclosure where Nigerians with legitimately earned foreign currency are invited to participate.
“Special Domiciliary Accounts: Funds are held in designated sub-accounts at participating financial institutions.
“Confidentiality and Asset Protection: Disclosed assets are protected from expropriation and treated confidentially under relevant laws.”
Explaining further the statement indicated that the scheme provides tax exemptions on disclosed funds and ensures unrestricted repatriation of capital, creating a secure channel for Nigerians to manage foreign assets while supporting national economic growth.
“Open for nine months from its start date, interested participants can apply by setting up a domiciliary account with a participating bank.”

For further details, Nigerians are advised to visit www.finance.gov.ng/disclosurescheme.