On May 27, 2025, the President of the Federal Republic of Nigeria, His Excellency Bola Ahmed Tinubu, GCFR, formally requested the approval of the 2024 – 2026 External Borrowing Rolling Plan from the National Assembly. This press release 

provides context and clarification on the purpose and significance of the request.

The proposed Borrowing Rolling Plan is an essential component of the Medium-Term Expenditure Framework (MTEF) in accordance with both the Fiscal Responsibility Act 2007 and the DMO Act 2003. The Plan outlines the external borrowing framework for both the federal and sub-national governments over a three-year period, accompanied by five detailed appendices on the projects, terms and conditions, implementation period, etc. By adopting a structured, forward-looking approach, the plan facilitates comprehensive financial planning and avoids the inefficiencies of ad hoc or reactive borrowing practices. This strategic method enhances Nigeria’s ability to implement effective fiscal policies and mobilize development resources. 

The borrowing plan does not equate to actual borrowing for the period. The actual borrowing for each year is contained in the annual budget. In 2025, the external borrowing component is US $1.23 billion, and it has not yet been drawn. This is planned for H2 2025. Also, the plan is for both federal and several state governments across numerous geopolitical zones, including Abia, Bauchi, Borno, Gombe, Kaduna, Lagos, Niger, Oyo, Sokoto, and Yobe States.

Importantly, it should be noted that the Borrowing Rolling Plan does not equate to an automatic increase in the nation’s debt burden. The nature of the rolling plan means that borrowings are split over the period of the projects. For example, a large proportion of projects in the 2024. – 2026 rolling plan have multi-year draw downs of between 5 – 7 years, which are project-tied loans. These projects cut across critical sectors of the economy, including power grids and transmission lines, irrigation for improving food security, fibre optics network across the country, fighter jets for security, and rail and road infrastructure. 

The majority of the proposed borrowing will be sourced from Nigeria’s development partners, including the World Bank, African Development Bank, French Development Agency, European Investment Bank, JICA, China EximBank, and the Islamic Development Bank. These institutions offer concessional financing with favourable terms and long repayment periods, thereby supporting Nigeria’s development objectives sustainably.

The government seeks to reiterate that the debt service to revenue ratio has started decreasing from its peak of over 90% in 2023. The government has ended the distortionary and inflationary ways and means. There are significant revenue expectations from the Nigerian National Petroleum Corporation (NNPC) and technology-enabled monitoring and collection of surpluses from Government Owned Enterprises and revenue-generating ministries, departments, and agencies, including legacy outstanding dues. 

Having achieved a fair degree of macroeconomic stabilization, the overarching goal of the Federal Government is to pivot the economy onto a path of rapid, sustained, and inclusive economic growth. Achieving this vision requires substantial investment in critical sectors such as transportation, energy, infrastructure, and agriculture. These investments will lay the groundwork for long-term economic diversification and encourage private sector participation. Our debt strategy is therefore guided not solely by the size of our obligations but by the utility, sustainability, and economic returns of the borrowing. Ensuring that all borrowed funds are efficiently utilized and directed toward growth-enhancing projects remains a top priority.

In conclusion, the government remains committed to keeping borrowing within manageable and sustainable limits in accordance with the DMO Debt Sustainability Framework. The ongoing tax reform agenda and other revenue initiatives will further improve revenue generation and prudent financial management. We reaffirm our dedication to fiscal discipline, transparency, and accountability. Constructive public engagement and legislative oversight are vital components of our journey toward long-term economic stability and inclusive national prosperity.

The Federal Ministry of Finance today hosted a Human Resource Award and Recognition Ceremony to celebrate the outstanding achievements of its staff.

The Permanent Secretary, Mrs. Lydia Shehu Jafiya commended the staff for their hard work and dedication, stating that the Rewards and Recognition System (RRS) is a key driver of morale, motivation, and productivity in the public service. 

She assured that all efforts will be made to ensure the Ministry remains Nigeria’s number one Service Delivery Ministry through proper management of the nation’s finances in an open, transparent, accountable and efficient manner that delivers on the country’s development priorities 

*It is our commitment to creating a highly professional and competent workforce that will drive economic growth and development in Nigeria,* Mrs. Jafiya said. 

She acknowledged the sterling leadership of the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite in ensuring the successful realization of the policy objectives of government 

 The Permanent Secretary also appreciated the collaborative efforts of her colleague, Permanent Secretary Special Duties, Mr. Raymond Omenka Omachi, and the Senior Management and entire Staff of the Ministry.

Mrs. Jafiya expressed gratitude to the Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, for her vision and leadership in promoting a highly professional and competent workforce.

The Director of Human Resource Management, Mrs. Aderonke Abimbola Jaiyesimi highlighted the significance of the ceremony, stating, 

*Today, we come together to celebrate the excellence, commitment, discipline, and professionalism that our esteemed colleagues have consistently demonstrated. The reward for hard work is more work—an opportunity to lead by example and continue raising the bar.*

In response to the awards, Mrs. Loveline Nzonwanne, speaking on behalf of the awardees, expressed gratitude to God for the awards. She thanked the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; the Honourable Minister of State for Finance Dr Doris Uzoka-Anite; 

the Permanent Secretary Finance Mrs Lydia Shehu Jafiya; the Permanent Secretary Special Duties Mr Raymond Omenka Omachi 

and the entire Management Staff for the honour, stating, *We are truly humbled to receive these awards. It is a recognition of our hard work and dedication to duty. We would like to thank the Management and Staff of the Ministry of Finance for their support and encouragement. We also wish to assure you of our total loyalty and commitment to our responsibilities*

The ceremony recognised staff who have demonstrated exceptional commitment, dedication, innovation, and excellence in their work place in various categories, including Best Dressed Staff, Most Punctual Staff, and Staff of the Month 

As the Federal Ministry of Finance continues to drive economic growth and development, the Human Resource Award and Recognition Ceremony serves as a beacon of excellence, inspiring staff to strive for greatness. With a renewed commitment to professionalism and dedication, the Ministry is poised to achieve even greater heights, cementing its position as a leader in public service delivery.

President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to comprehensive tax reforms, aimed at creating a robust, transparent, and fair tax system that supports enterprise, reduces poverty, and delivers on national development goals.

Speaking at the 27th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria (CITN), themed: *Taxation for Development: Policies, Law and Implementation,* in Abuja today, President Tinubu highlighted the government’s efforts to restructure and modernize Nigeria’s tax administration and legal framework.

Represented by the Honourable Minister of State for Finance Dr Doris Uzoka-Anite, the President noted that the establishment of the Presidential Committee on Fiscal Policy and Tax Reforms and the passage of the Economic Stabilization Bills into law are significant steps towards simplifying the tax system, broadening the tax base, and ensuring alignment between fiscal policy and national development objectives.

*A robust, transparent, and fair tax system is essential for financing government operations and creating an environment of accountability, stability, and long-term development,* he stated 

The President also emphasized the importance of leveraging technology and data analysis to enhance tax compliance and improve service delivery, citing the digitization of tax processes as a positive development.

President Tinubu called on stakeholders, particularly tax professionals and policymakers, to engage meaningfully and craft pathways that will strengthen tax institutions, boost revenue, and improve the lives of Nigerians. 

The President declared the conference open, expressing confidence that the ideas shared and partnerships formed would contribute significantly to deepening tax reform and development in Nigeria.

As Nigeria embarks on this new chapter in its tax reform journey, the government’s commitment to transparency, fairness, and development is poised to yield significant benefits for the nation’s economy and citizens