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Nigerian capital market, credible platform for long-term finance – Ahmed

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Minister of Finance, Mrs Zainab Ahmed
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The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, says the Nigerian capital market is a credible platform for medium to long term finance for economic development.

Ahmed said this at a webinar organised by the Securities and Exchange Commission (SEC) in collaboration with the Ministry of Solid Minerals Development on Thursday.

The minister added that the nation’s capital market was a key catalyst for the development of the critical sectors of the economy.

The theme of the webinar was: “Financing the Solid Minerals Sector through the Capital Market and the Critical Role of Commodity Exchanges.”

Ahmed said the facilitation of funding and provision of structured market platforms such as the commodities exchanges portends significant addition for the mining and solid minerals sector.

She said the event and its theme were relevant to the economy given the need to diversify and grow the economy, and to enable the nation achieve sustainable development in the post COVID-19 pandemic era.

“The mining sector is strategically based as alternative source for revenue generation in the economic diversification plan of the Federal Government of Nigeria.

“It also has the potential to create employment and develop rural settings for other benefits,” she said.

Ahmed noted that the mineral export guidelines by the Federal Government was formulated to address the need to keep accurate mineral trade data.

She said it was also to ensure effective monitoring of the evacuation of export proceeds, to optimise the collection of royalties, and facilitate the implementation of free shipment inspection policies.

She explained that the initiative of employing the commodities exchange in this regard would encourage responsibility accounting and fairness to governance.

The minister assured of the unwavering support of the Federal Ministry of Finance, Budget and National Planning to ensure the achievement of the overarching objective of the Federal Government to develop the mineral potential of the country.

“The reality is that the nation stands to benefit more in an organised mining and solid mineral extractive industry and the capital market is here to contribute its quota.

“This webinar is a signal that with the appropriate collaboration amongst sectors, institutions, regulators and operators, we can exceed out targets sooner rather than later and Nigeria will reap huge benefits from such forums,” she added.

In a welcome address, SEC’s Director-General, Mr Lamido Yuguda, said with over 44 minerals found across the federation, the solid minerals sector would be instrumental in the on-going quest to diversify the economy.

Yuguda said: “We believe that the Nigerian commodity trading system and indeed the capital market can be the transformational patronage to bring about this positive changes in the sector.

“With opportunities provided for better access to marketing of produce, price discovery and valuable market information, a striving commodities trading ecosystem has the potential to foster inclusive mining prosperity.

“It will also enhance financial inclusion of artisanal miners, foster mineral production, stimulate exports and ultimately engendered economic development, amongst other benefits.

“Undoubtedly, greater connectivity of the mining sector and the commodities trading ecosystem will ensure that mineral commodities could be traded on transparent, efficient and organised trading platform provided by commodity exchanges.”

In his keynote address, Minister of State, Ministry of Solid Minerals and Steel Development, Dr Uchechukwu Ogah, described the webinar as timely because it came at a time that President Muhammadu Buhari, had put all the necessary machinery in place to revamp the sector for economic stability.

Oga, however, expressed disappointment that over 90 per cent of the artisanal miners and small scale operators’ contribution to employment was still very low with a Gross Domestic Production (GDP) contribution of 0.5 per cent.

“We eagerly want to change this through implementation of the roadmap to contribute about five per cent to the GDP by 2025.

“Inadequate funding has been the bane of underdevelopment; it is on this premise that I welcome this partnership with the SEC,” he said. (NAN)

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Business & Economy

FG Rules Out Electricity Tariff Hike, Targets 24-Hour Power Supply

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Power Station and Meters
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The Federal Government has ruled out any plan to increase electricity tariffs, saying its priority is to improve power supply and ensure reliable electricity across the country.

The Minister of Power, Joseph Tegbe, gave the assurance in Ibadan, Oyo State, on Thursday, amid concerns and speculation about a possible increase in electricity tariffs.

Tegbe spoke during the groundbreaking ceremony for five interconnected mini-grid projects with a combined generation capacity of 17.7 megawatts and a 17.74-megawatt-hour Battery Energy Storage System (BESS).

“I want to say this clearly and without ambiguity: there is no plan to increase electricity tariffs. What we are planning is a power sector that works around the clock. Our commitment is 24/7 power,” the minister said.

He urged Nigerians to disregard reports suggesting an impending tariff hike, stressing that the government was focused on improving electricity generation, transmission and distribution.

The five mini-grid projects are located in Bola, Jiboye, Molade-Adelubi, Ogo Oluwa and Sooko-Elega. They are expected to provide electricity to communities across Akinyele, Ido, Ibadan North, Egbeda and Lagelu Local Government Areas of Oyo State.

According to the minister, the projects are designed to expand electricity access, reduce dependence on petrol and diesel-powered generators, and create a more favourable environment for businesses, investment and job creation.

Tegbe said the Federal Government was also implementing a broader energy strategy aimed at improving electricity supply through designated energy corridors, including the Lagos-Ogun, Abuja-Kaduna-Kano and Benin-Enugu-Port Harcourt corridors.

He added that efforts were underway to strengthen the national grid and upgrade generation and transmission infrastructure across the country’s eastern, western and central corridors.

The minister described the mini-grid initiative as part of President Bola Tinubu’s Renewed Hope Agenda, noting that similar electricity interventions had been implemented in communities across several states with support from the Rural Electrification Agency (REA).

He commended Tinubu for his leadership and acknowledged the contributions of the REA, project developer Paras Energy and Natural Resources Development Limited, the World Bank and the Ibadan Electricity Distribution Company.

Tegbe also recognised the Oyo State Government, traditional rulers and other stakeholders for their roles in facilitating the projects.

The initiative is expected to improve electricity reliability in the beneficiary communities, support local economic activities and reduce energy costs for households and businesses.

 

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Oyedele Warns Against New Taxes, Urges Governments to Explore Revenue Alternatives

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President Bola Ahmed Tinubu
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Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has cautioned governments against imposing new taxes or increasing the tax burden on vulnerable citizens and productive sectors amid economic pressures.

Oyedele spoke on the sidelines of the 2026 annual meetings of the International Monetary Fund (IMF) and the World Bank in Bangkok, Thailand, where he presented the communiqué of the Intergovernmental Group of Twenty-Four (G24), which he chairs.

The minister said governments should prioritise identifying areas of savings, improving revenue mobilisation and strengthening fiscal management rather than introducing additional tax burdens that could further strain households and businesses.

“This is the wrong time to impose new taxes or increase the burden of tax, particularly on the vulnerable population and productive sectors of the economy,” he said.

Oyedele made the remarks while responding to questions on how developing countries could reduce debt-servicing costs without cutting essential public expenditure.

He urged governments to look inward for savings and explore more efficient ways of generating revenue while protecting vulnerable populations from further financial pressure.

On public borrowing, the minister said debt financing remained necessary to support economic growth but stressed that borrowed funds should be deployed to stimulate job creation and promote inclusive development.

He noted that governments should prioritise limited public resources for essential services, including healthcare and education, while leveraging private capital to support other investment needs.

Oyedele also cautioned against treating taxation and borrowing as mutually exclusive options, explaining that both have economic implications and must be carefully balanced.

According to him, excessive taxation of vulnerable households could reduce their capacity to afford basic necessities, including food, healthcare and education.

He described public debt as a future tax burden, emphasising the need for governments to adopt fiscal policies that balance present revenue needs with long-term economic sustainability.

“Debt is future taxes, so it’s not one or the other. It’s to strike a balance, bearing in mind ultimately that the essence of tax and of debts is to cater for the people,” he said.

The minister’s remarks underscore the need for developing economies to strengthen domestic revenue mobilisation, improve public spending efficiency and manage debt sustainably without undermining household welfare or productive economic activities.

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Over 67,000 Nigerians Benefit From Consumer Credit Scheme — Tinubu

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President Bola Ahmed Tinubu
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President Bola Tinubu has said that 67,512 Nigerians across 25 states and the Federal Capital Territory (FCT) have so far benefited from credit backed by the National Credit Guarantee Company (NCGC).

Tinubu disclosed this on Monday in a series of posts on his official X account as Nigeria prepares to celebrate its 66th Independence Day.

According to the President, the NCGC has issued ₦21.59 billion in guarantees, enabling participating financial institutions to provide ₦46.95 billion in loans.

He said 11,374 of the beneficiaries are women, while 33.5 per cent are first-time formal borrowers.

Tinubu noted that more than 22,000 Nigerians had entered the formal credit system for the first time through the scheme, giving them an opportunity to build credit records that could improve their access to future loans.

The consumer credit scheme was launched in July 2026 by the Nigerian Consumer Credit Corporation (CREDICORP), in partnership with the Federal Ministry of Communications, Innovation and Digital Economy.

The President said the initiative was part of his campaign promise to move Nigeria towards a credit-based economy and make financing more accessible to individuals and businesses.

He said CREDICORP enables working Nigerians to access consumer credit, while the National Education Loan Fund (NELFUND), Bank of Industry and Development Bank of Nigeria provide financing in other sectors.

Tinubu explained that the NCGC was established to reduce the risks faced by financial institutions when lending to businesses and individuals without sufficient collateral or credit history.

He said the company currently works with 19 financial institutions, comprising 13 commercial banks, three microfinance banks and three development finance institutions.

The President added that businesses supported through the NCGC scheme were estimated to have created 661,291 direct and indirect jobs.

He said the impact of the scheme showed how government reforms could translate into economic opportunities for Nigerians.

“Our reforms laid the foundation. Credit gives Nigerians the means to build on it,” Tinubu said, adding that the Federal Government would continue to expand access to credit across the country.

He described the development as evidence of his administration’s efforts to fulfil its campaign promises, saying, “Promise made, promise kept. We are moving from reforms to opportunities. Nigeria First.”

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