The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has received the Executive Director for

Angola, Nigeria and South Africa (ANSA) Constituency at the World Bank Mrs Zainab Shamsuna Ahmed, weekend for a strategic briefing on Nigeria’s priorities within the Bank’s constituency.

Mrs Ahmed reaffirmed the Bank’s commitment to supporting Nigeria’s development agenda and praised the country’s leadership role in continental forums, including the recently Africa Caucus.

HM Edun emphasised that Nigeria is committed to channelling multilateral support into impactful projects that expand infrastructure, create jobs, and unlock private sector investment. He noted that reforms such as subsidy removal, improved tax collection, and digitisation are already attracting international capital, with new investments in manufacturing signalling renewed confidence in Nigeria’s economy.

*We are targeting GDP growth of up to 7% in the medium term, more than double population growth and significantly raise living standards,* the Minister said. *Our focus is on structural reforms in agriculture, power, and digital infrastructure to build a stronger, more competitive economy.*

The Minister welcomed the World Bank’s continued partnership, stressing that Nigeria’s reform momentum, combined with strategic multilateral support, will lay the foundation for sustainable growth and private sector–led development.

The Federation Account Allocation Committee (FAAC), at its August 2025 meeting chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, shared a total sum of N2.001 Trillion to the three tiers of government as Federation Allocation for the month of July 2025 from a gross total of N3.836 Trillion.

From the stated amount inclusive of Gross Statutory Revenue, Value Added Tax (VAT), Electronic Money Transfer Levy (EMTL), and Exchange Difference, the Federal Government received N735.081 Billion, the States received N660.349 Billion, the Local Government Councils got N485.039 Billion, while the Oil Producing States received N120.359 Billion as Derivation, (13% of Mineral Revenue).

The sum of N152.681 Billion was given for the cost of collection, while N1.683 Trillion was allocated for Transfers Intervention and Refunds.

The Communique issued by the Federation Account Allocation Committee (FAAC) at the end of the meeting indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of July 2025, was N687.940 Billion as against N678.165 Billion distributed in the preceeding month, resulting in an increase of N9.775 Billion.

From that amount, the sum of N27.517 Billion was allocated for the cost of collection and the sum of N19.813 Billion given for Transfers, Intervention and Refunds. The remaining sum of N640.610 Billion was distributed  to the three tiers of government, of which the Federal Government got N96.092 Billion, the States received N320.305 Billion and Local Government Councils got N224.214 Billion.

Accordingly, the Gross Statutory Revenue of N3.070 Trillion received for the month was lower than the sum of N3.485 Trillion received in the previous month by N415.108 Billion . 

From the stated amount, the sum of N123.597 Billion was allocated for the cost of collection and a total sum of N1.663 Trillion for Transfers, Intervention and Refunds.

The remaining  balance of  N1.282 Trillion was distributed as follows to the three tiers of government: Federal Government got the sum of N613.805 Billion, States received N311.330 Billion, the sum of N240.023 Billion was allocated to LGCs and N117.714 Billion was given to Derivation Revenue (13% Mineral producing States).

Also, the sum of N39.168 Billion from  Electronic Money Transfer Levy (EMTL) was distributed to the three (3) tiers of government as follows: the Federal Government received N5.640 Billion, States got N18.801 Billion, Local Government Councils received N13.160 Billion, while N1.567 Billion was allocated for Cost of Collection.

The Communique also mentioned the sum of N39.745 Billion from Exchange Difference which was distributed to the three tiers of Government as follows: Federal government got N19.544 Billion, the State received N9.913 Billion, the LGCs got N7.643 Billion, while the Oil producing States received N2.645 Billion.

Petroleum Profit Tax (PPT), Excise Duty, Electronic Money Transfer Levy (EMTL), and Oil and Gas Royalty increased significantly, while Value Added Tax (VAT) and Import Duty increased marginally. Company Income Tax (CIT) and CET Levies recorded decreases.

According to the Communique, the total revenue distributable for the current month of July 2025, was drawn from Statutory Revenue of N1.282 Trillion, Value Added Tax (VAT) of N640.610 Billion, N37.601 Billion from Electronic Money Transfer Levy (EMTL),  and the sum of N39.745 Billion from Exchange Difference, bringing the total distributable amount for the month to N2.001 Trillion.

Ealier, in his opening remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, commended the FAAC Committee  for their diligent efforts in ensuring the effective allocation of resources to the various tiers of government. 

He noted that the economic reforms embarked upon by the Federal Government are yielding positive results and that our collective efforts will continue to drive growth and development.

 The Minister assured that better days are ahead and expressed optimism about the future of our economy. *As we continue to work together, I urge us to prioritize prudent management of public resources, ensuring that our nation’s wealth is utilized effectively to meet the needs of our citizens,* Edun emphasized 

The Federal Government has reaffirmed its commitment to economic reforms and private sector–driven growth as PepsiCo and DP World unveiled a $20 million production facility in Lagos, signalling renewed investor confidence in Nigeria’s economy.

Speaking at the launch, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said the project was a clear demonstration of Nigeria’s competitiveness under President Bola Ahmed Tinubu’s reform agenda. *This is not just about two companies. It is about what is possible when global business and Nigerian ambition come together,* Edun said. *Our reforms have restored stability, unlocked investment, and are creating the conditions for rapid, inclusive growth,* he added 

From the private sector, Ahmed El-Sheikh, PepsiCo MENAPAK President, said: *Nigeria is central to our strategy. This facility reflects our belief in the country’s future and our commitment to sustainable investment.* 

Mohammed Akoojee, CEO of DP World Sub-Saharan Africa, added: *Nigeria is a key hub for Africa’s growth. Through this partnership, we are helping to build efficient, resilient supply chains that support long-term development.*

The facility, which will produce PepsiCo’s iconic Cheetos brand using over 90% locally sourced inputs, is expected to create jobs, strengthen food security, and position Nigeria as a manufacturing and export hub within West Africa and AfCFTA.

This landmark investment is set to further boost economic growth, create new opportunities for Nigerians, and reinforce investor confidence in the country’s economy.