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.

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.”

The Ogun State Government and DP World MEA FZE have signed Memoranda of Understanding (MoUs) for the development of the Gateway Deep Sea Port and the Ogun State Blue Marine Special Economic Zone (SEZ), in a deal projected to attract more than $7 billion in initial investment and create over 50,000 direct jobs.

President Bola Tinubu witnessed the signing in Paris, France, alongside the Minister of Marine and Blue Economy, Adegboyega Oyetola, and the Director-General of the Nigerian Ports Authority (NPA), Abubakar Dantsoho.

The agreements bring together the Federal Government, Ogun State, DP World, financial advisers and other private-sector partners in a framework designed to ease logistics bottlenecks, expand industrial capacity and strengthen Nigeria’s manufacturing and export potential.

The Gateway Deep Sea Port, planned for Ogun Waterside, will feature a four-kilometre berth and an 18-metre draft, allowing it to accommodate larger vessels, ease pressure on the Lagos port corridor and reduce transportation costs and delays for businesses.

The port will be linked to the proposed 10,000-hectare Blue Marine Special Economic Zone, which is expected to host manufacturing, processing, logistics and export-oriented industries.

Tinubu said the integrated development would help transform imported inputs into finished goods while enabling Nigerian raw materials to be processed for export, thereby supporting the expansion of the country’s non-oil export base.

“A port moves cargo; a port integrated with a special economic zone helps to build an economy,” the President said.

He said the 28-kilometre Ogun section of the Lagos-Calabar Coastal Highway would provide a critical connection between the port, the industrial zone, Lagos, the Nigerian hinterland and wider African markets.

The corridor is also expected to connect with other strategic investments, including the proposed Nigerian Navy Operating Base and Dockyard and the OK LNG Project, creating stronger links between maritime infrastructure, industry, energy and trade.

According to the President, the projects represent an initial investment of more than $7 billion and are projected to generate over 50,000 direct jobs, in addition to indirect employment opportunities.

Tinubu described the development as a practical demonstration of the Federal Government’s economic diversification and industrialisation drive under the Renewed Hope Agenda.

He commended Ogun State Governor Dapo Abiodun for securing the required land, structuring the investment framework and reducing project risks for investors.

The President also described the initiative as an example of cooperative federalism, with Ogun State driving the project while receiving strategic support from the Federal Government.

Tinubu assured investors of regulatory clarity and policy stability, pledging federal support for road, rail and power connectivity, investment security and the maritime sector.

He stressed that the agreements must translate into actual investments, infrastructure, jobs and economic opportunities.

Earlier, Governor Abiodun described the signing as a defining moment for Ogun State and Nigeria’s engagement with the global economy.

Abiodun said the deep seaport vision had remained largely unrealised for more than three decades until the intervention of the Tinubu administration.

“It has taken the foresight, courage and dogged leadership of President Bola Ahmed Tinubu to move it from aspiration to reality,” the governor said.

He commended the Federal Government, Oyetola, the NPA and other institutions for supporting the project, describing it as a convergence of the Renewed Hope Agenda and Ogun State’s Building Our Future Together agenda.

According to Abiodun, the deep seaport will strengthen trade, attract investment, improve connectivity and expand Nigeria’s maritime economy, while creating opportunities for SMEs, logistics operators, manufacturers, technology firms and other businesses.

He said the Blue Marine SEZ would provide a platform for investment, technology, innovation and talent, drawing on the integrated port-and-industrial-zone model exemplified by DP World’s Jebel Ali Free Zone.

The governor added that the development would form part of a wider multimodal infrastructure network connecting the Gateway International Airport, dry ports, the Lagos-Calabar Coastal Highway and the deep seaport.

“History will judge us not by the elegance of documents signed, but by the transformation that follows. Ceremonies proclaim intentions; only implementation creates prosperity,” Abiodun said.

He assured DP World and other partners of Ogun State’s commitment to investment, while emphasising community participation, environmental sustainability and security.

The MoUs mark a significant step in Ogun State’s long-standing ambition to develop its coastline into a major maritime and industrial hub, with the proposed port and SEZ expected to strengthen logistics, manufacturing, exports and regional trade.