In a pivotal moment for Nigeria’s energy sector, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun engaged in strategic discussions with the management of Nigeria LNG Limited (NLNG) in his office in Abuja today. The meeting brought together key stakeholders to discuss critical issues aimed at shaping the future of Nigeria’s gas industry, including production targets, investment climate, and ongoing reforms.

The Minister reaffirmed Nigeria’s ambition of producing 10 billion standard cubic feet of gas per day by 2030, citing recent agreements, including the Deepwater deal with TotalEnergies, as evidence of progress toward a more competitive and investor-friendly environment. *The President has stabilised the economy and created new opportunities for both manufacturing and energy. As we implement comprehensive tax reforms, your input will be vital in shaping a more attractive business landscape,* he said.

The Minister also assured stakeholders that reforms, including the rollout of digital trade systems, will streamline oversight, eliminate inefficiencies, and ensure fairness. *We want a transparent, technology-driven environment where investors can operate with confidence,* Edun stated.

Dr. Philip Mshelbila, NLNG CEO, updated the Minister on operations, highlighting stronger gas supply, improved security on the Trans-Niger pipeline, and capacity utilisation rising above 70%. On infrastructure, Dr. Mshelbila reported advances on the Bodo-Bonny Road while calling for an extension to the East-West highway under the tax credit scheme.

As Nigeria continues to push the boundaries of its energy potential, this meeting marks a critical milestone in the country’s journey towards achieving its gas production targets by 2030. With renewed focus and determination, Nigeria is poised to unlock its vast energy resources and drive economic growth in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has reaffirmed the government’s commitment to modernising trade systems and boosting revenue as Nigeria Customs Service (NCS) performance continues to exceed expectations.

At the 62nd meeting of the NCS Board in Abuja, Edun announced that Customs generated ₦3.7 trillion in the first half of 2025, 12.5% above budget and 25% higher than the same period last year. He described the performance as *commendable* but emphasised the need for deeper reforms to meet the administration’s ambitious revenue goals.

Central to these reforms is the National Single Window Initiative, a digital trade platform set for full rollout in 2026. Designed to streamline import and export processes, the initiative will cut delays, reduce costs, and boost competitiveness, creating a stronger, more efficient business environment for the private sector.

*The National Single Window will give Customs the speed and capacity to process trade more effectively, boosting revenue and positioning Nigeria as a more attractive hub for investment,* the Minister said.

The board also confirmed governance improvements within the Service, including senior appointments and promotions, to uphold professional standards and strengthen institutional capacity.

The Honourable Minister concluded that these measures reflect President Bola Tinubu’s wider strategy: stabilising inflation and exchange rates while building a transparent, technology-driven trade ecosystem that encourages private investment and drives growth.

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