The Federal Ministry of Finance welcomes the recent decision by Moody’s Investors Service to upgrade Nigeria’s Issuer ratings from Caa1 to B3, with a stable outlook, citing significant improvements in Nigeria’s external and fiscal positions. 

This decision reflects growing domestic and international confidence in Nigeria’s ongoing economic reforms and improvements in the country’s fiscal and external positions under the administration of President Bola Ahmed Tinubu. It follows a similar upgrade

 by Fitch Ratings, which recently raised Nigeria’s credit rating from ‘B-’ to ‘B’, with a stable outlook. 

This marks the second positive rating action by Moody’s since the beginning of President Tinubu’s administration, following its previous upgrade from Caa1 Stable to Caa1 Positive in December 2023. Moody’s stated that the latest upgrade was driven

 by the Nigerian government’s commitment to correcting macroeconomic imbalances, enhancing fiscal transparency, and implementing structural reforms. The agency highlighted key measures such as tax reforms and the adoption of a more flexible, market driven foreign

 exchange regime, which it says, *has greatly bolstered external reserves.”*

*We are encouraged by Moody’s recognition of our reform agenda,* said Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy. *This positive outlook reflects our* *administration’s determination and the tremendous work being carried* *out across*

 *various Ministries, Departments, and Agencies (MDAs)— including our monetary policy authorities at the Central Bank of Nigeria (CBN) — to stabilize the economy, attract investment, and ensure inclusive and sustainable growth for all Nigerians.*

Since taking office, the Tinubu-led administration has implemented tough but necessary policy measures to tackle long-standing economic challenges. These include enhanced revenue mobilization, improved public financial management, and strategic partnerships

 to unlock infrastructure financing and increase private sector participation. 

The upgrade of Nigeria’s sovereign rating is particularly timely as the government focuses on accelerating rapid, sustained, and inclusive growth, supported by both domestic and foreign private investment. In partnership with the Central Bank of Nigeria, the Ministry

 of Finance remains committed to preserving macroeconomic stability, ensuring debt sustainability, and maintaining sound fiscal management. The government will continue to collaborate with both domestic and international partners to boost investor confidence

 and enhance Nigeria’s global credit standing. 

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has met with the President-Elect of the African Development Bank (AfDB), Dr. Sidi Ould Tah, on the sidelines of the Bank’s Annual Meetings in Abidjan.

 The meeting was a courtesy call to extend warm congratulations on behalf of President Bola Ahmed Tinubu and the Federal Republic of Nigeria.

Dr. Tah’s hard-earned and decisive victory follows a strong show of continent-wide consensus, with Nigeria playing a pivotal role in rallying African shareholders to act in unison during the electoral process.

 HM Edun welcomed Dr. Tah’s focus on continuity and results, and reaffirmed Nigeria’s commitment to deepening its partnership with the AfDB under his leadership.

As the institution enters a new chapter, the Federal Government expressed its readiness to work hand-in-hand with the incoming President—not only for Nigeria’s national development, but to advance inclusive growth and shared prosperity across the African continent.

As the AfDB embarks on a new chapter under Dr. Tah’s leadership, Nigeria looks forward to a strengthened partnership that will drive inclusive growth, shared prosperity, and continental development.

The Federal Ministry of Finance has today taken a significant step towards driving economic growth and development with the signing of the 2025 Performance Contract by its Directors and Heads of Units, following the recent 2 Day Ministerial Performance Management Retreat organised by the Ministry,

themed: *Strengthening Performance Management for Fiscal Stability*, held between May 9- 10, 2025 at the Banquet Hall, Government House, Yola, the Adamawa State Capital 

 This milestone signifies the formal conclusion of the Ministerial Performance Sub-System and marks the commencement of the Employee Performance Management System (EPMS) for the 2025 Performance Cycle.

In her opening remarks, the Permanent Secretary Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya emphasized that the 2025 Performance Contract Signing is a renewed call to action for the Ministry’s Directors to drive Nigeria’s economic growth and development. 

She noted that this initiative is in line with the vision 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 Nkiruka Uzoka-Anite, who are committed to ensuring that 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 in 

line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.

The Permanent Secretary urged the Directors to ensure the realization of the Ministry’s Mandate and cascade their responsibilities to their subordinates for proper succession planning.

Also speaking, the Permanent Secretary Special Duties, Federal Ministry of Finance Mr. Raymond Omenka Omachi highlighted the importance of collaboration and teamwork in achieving the Ministry’s Mandate as well as policy objectives of the Federal Government. 

He emphasized that collective effort is crucial in driving the government’s vision.

The signing ceremony signifies the Ministry’s commitment to achieving excellence and delivering results-driven performance. As the drivers of Nigeria’s economy, the Directors’ commitment to their duties will be instrumental in shaping the nation’s development.

Thus, with the 2025 Performance Contract Signing, the Federal Ministry of Finance reaffirms its dedication to driving economic growth and development in line with the policy thrust of the present administration for the benefit of all Nigerians even as the citizenry 

look forward to a year of collaborative effort, innovation, and results-driven performance.