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FG Unveils Foreign Currency Disclosure, Investment Scheme

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Wale Edun

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.

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Finance

Finance Ministry Honors Retirees says their dedication ushered Nigeria’s Economic Growth

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In a poignant farewell ceremony, the Federal Ministry of Finance celebrated the remarkable contributions of its retirees, emphasizing their pivotal role in shaping Nigeria’s economic policies and development.

Dr. Doris Uzoka-Anite, the Minister of State for Finance, led the tributes, hailing the retirees as torchbearers of fiscal responsibility and economic progress.
“Your expertise and dedication have set the foundation for sustainable growth and inspired the next generation of civil servants,” she said.
The event, attended by ministry officials and stakeholders, highlighted the retirees’ instrumental efforts in advancing Nigeria’s economic stability.
Permanent Secretary Mrs. Lydia Shehu Jafiya lauded their legacy of integrity and excellence, urging them to see retirement as a new chapter of opportunities.

Dr. Uzoka-Anite also conveyed the commendation of Mr. Wale Edun, the Coordinating Minister of the Economy, who praised the retirees for their indelible impact on the nation’s developmental priorities.

As the retirees step into a new phase of life, the Ministry affirmed its commitment to upholding the high standards they established, ensuring their legacy continues to drive Nigeria’s economic aspirations.

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Wale Edun Champions Bold Reforms, Innovative Financing at IsDB Governors’ Retreat

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The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has called for groundbreaking reforms and smarter financing strategies during the Islamic Development Bank (IsDB) Governors’ Retreat in Al-Madinah, Saudi Arabia.
His advocacy is coming now that Nigeria is dedicated to reshaping development financing to meet the demands of a changing global economy.
Speaking to key stakeholders at the retreat, Mr. Edun emphasized the need for transformative, high-impact investments in critical sectors such as infrastructure, agriculture, rail, and energy.
The Director of information and public relations Muhammed Manga in a statement quoted Edun to have urged the IsDB to prioritize initiatives with robust returns, ensuring sustainability while fostering economic growth.
The Honourable Minister emphasized the need for the IsDB to rethink its approach to development financing in response to current economic realities.
He called for transformative, high-impact projects in infrastructure, agriculture, rail, and energy, urging the bank to focus on investments with strong returns to ensure sustainable financing.
Edun also highlighted the importance of innovative funding solutions tailored towards national priorities and debt dynamics, stressing the urgent need for a concessional financing strategy that balances development goals with minimal debt accumulation.
The retreat also featured key contributions from Algeria’s Minister of Finance and Chairman of the Board of Governors, H.E. Laaziz Faid, and Saudi Arabia’s Finance Minister, H.E. Mohammed Al-Jadaan, who opened the discussions.
Responding to the bank’s call for input, Edun also stressed the need for robust monitoring systems to evaluate the real impact of the bank’s initiatives. His remarks reflected Nigeria’s commitment to strengthening the IsDB’s role in delivering greater results for its member states.
The retreat served as a forum for governors to provide ideas and feedback on the IsDB’s 10-year strategy (2026–2035), which aims to chart a clear path for addressing pressing development challenges in a rapidly changing global landscape.
As the IsDB embarks on its new 10-year strategy, Edun’s advocacy for innovative financing, bold reforms, and robust monitoring underscores Nigeria’s dedication to driving transformative change and sustainable development in the region. The collaborative efforts of the IsDB and its member states will be crucial in achieving this vision and creating a brighter future for generations to come.

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Finance Minister Calls for Unified Effort in Driving Nigeria’s Economic Transformation

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***Urges Top Management Staff to Collaborate for National Growth

In a renewed bid to revitalize Nigeria’s economy, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has called on the Ministry’s top management staff to leverage their expertise in implementing the country’s ambitious economic reforms.
Speaking during the assumption of office by the new Permanent Secretary Special Duties, Mr. Raymond Omenka Omachi, Edun underscored the need for teamwork and collaboration to achieve the government’s developmental objectives.
The director of of Information and Public Relations, Muhammed Manga in a statement quoted the minister to have highlighted that the reforms led by President Bola Ahmed Tinubu’s administration are geared toward improving the quality of life for Nigerians, with a focus on sustainable growth and development.

Edun further expressed appreciation for the contributions of Dr. Doris Uzoka-Anite, the Honourable Minister of State for Finance, commending her unwavering support in driving the nation’s economic agenda.

“We must work together to manage the nation’s finances in an open, transparent, accountable, and efficient manner that delivers on our developmental priorities,” said Edun. His remarks come as the Ministry embarks on its key role in shaping the nation’s economic trajectory.
Responding to the call, Mr. Raymond Omachi, pledged to support the Ministry’s leadership while emphasizing the importance of communication, innovation, and hard work in achieving the set goals. “We will operate an open-door policy, encouraging ideas and innovations to improve our service delivery,” Omachi said, stressing the need for collective efforts to ensure the successful implementation of the economic reforms.

With this shared vision of unity and progress, the Federal Ministry of Finance is set to play a crucial role in driving Nigeria’s economic growth and improving the lives of its citizens, fulfilling the promises of the current administration.

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