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Courageous Steps by Tinubu in making Nigeria a destination of choice for investors , says Edun

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The President Bola Ahmed Tinubu administration to steer the economy in the right direction has propelled Nigeria to become the destination of choice for most investors.
Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun made this known yesterday at a press briefing in Marrakech, Morocco.

Highlighting Nigeria’s current investment climate and the opportunities available for foreign and domestic investors, the finance minister said Nigeria has taken bold, courageous steps to improve its economy and is now a prime destination for investment.

Edun acknowledged that more work is needed but believes that Nigeria is on the right path towards economic recovery, job creation, and inclusivity for women and young people.

He insisted that the opportunity being presented is not only to showcase what Nigeria has done but to also allow people to gain a better understanding of the progress that has been made.

The Minister noted that some countries now see Nigeria’s progress as an inspiration but lack the courage to take similar steps.

According to him, “regarding the opportunity to attract investment, there have been many conversations and in all honesty the narrative is that with the bold courageous steps that Nigeria has taken, we are now at the forefront almost number one on people’s list when they want to look at where to invest, that is now the narrative.

“There is more to be done but Nigeria is definitely on the right path, taking the right decisions for the economy to recover and for it to attract foreign direct investment as well as domestic investment in other to recover true economic growth, job creation and at the same time achieve inclusivity of women and young people.”

The finance minister added that “the opportunity we have had, not so much to stand in front of people and showcase but that they get the opportunity within this environment to understand even more clearly what has been done and the truth is there are some countries here that say that ‘these are steps we would like to take but they do not believe they have essentially the courage to do it’.

With regards to debt restructuring, the finance minister said the goal is to improve or modify the terms of the debt so that the borrower can better meet their obligations.

Edun agreed that waiting to restructure debt is not always the best approach but instead suggested being proactive and looking for opportunities to improve the conditions under which the debt was borrowed.

However, he pointed out that given the current global economic climate, debt is becoming less affordable due to high interest rates.

He noted that, if a borrower has access to cheap financing, they should take advantage of it as long as they are comfortably servicing the debt.

In situations where a borrower can afford to do so, they should try to pay down debt in order to avoid it becoming a burden.

Speaking about more government borrowing but this time from the Central Bank, the finance minister underscored President Tinubu’s commitment to fiscal responsibility, rule of law, and a responsible approach to managing government finances, particularly in the context of borrowing from the central bank.

According to him, one of President Tinubu’s key priorities is to adhere to the legal framework and regulations already in place and this, the minister explained, extends to the President’s commitment to staying within the limits for “Ways and Means”.

Edun emphasized that President Tinubu is aware of the importance of fiscal responsibility, even though he may resort to overdraft borrowing, “his goal is to ensure that the government doesn’t exceed the statutory limits set for such borrowing.

Moreover, the minister said that there has been a realization of the need to reduce the reliance on borrowing from the central bank, which might have been excessive or appeared to be spiraling out of control in the past.

On the talks with the World Bank on $1.5 billion budget support, the minister confirmed that Nigeria was in talks with the World Bank to access the facility.

According to Wale Edun, “it has free money through IDA International Development Association. It is for the poorer countries and right now I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also some concessionary IDA funding and that means that effectively the interest rate will be zero.

“So, therefore, there is no stigma attached to qualifying for World Bank funding to help finance development. In this particular case, it has long been in the pipeline, and we are hoping that the funding will come through soon.

“A lot of hard work is being done. There is a Federal Executive Council meeting on Monday, that should be able to discuss this, as well as other initiatives for financing on reasonable terms. We have talked about the high costs of money, the World Bank money is the cheapest”.

Speaking on the current level of hardship Nigerians are going through as a result of putting an end to subsidy on fuel and exchange rate unification, the finance minister said “these are painful reforms and Mr. President is a man of empathy who promised not to leave the vulnerable and poor behind.

“As you know there is a set of interventions being rolled out which, day by day, should improve things. More food has been grown, fertilizers are being released, Compressed Natural Gas (CNG) transport is the order of the day, while the government buses, conversion kits are on the way, there is take-up of that initiative by the private sector.

“So day by day we are moving closer to affordable and even cleaner energy simply because the price of petroleum products has been put where it really stands rather than having cheap fuel which is below the market price and below its value. Now you are seeing the right value and that is making the move to cleaner and finer energy.

He also added that one of the benefits of some of the measures taken, “is the fact that there has been a 30 per cent reduction in smuggling of petroleum products across the border, I think is a major achievement of that all important step to remove fuel subsidy.

Meanwhile, the Minister has been appointed as the Chairman of the African Governors’ Forum of the World Bank.

The African Governors’ Forum is a platform for African finance ministers and central bank governors to engage with the World Bank on issues of mutual interest.

The African Caucus was established in 1963 to strengthen the voice of African Governors.

A statement issued by the Federal Ministry of Finance on its official X (formerly Twitter) account, said that this marks the first time Nigeria has assumed the role of Chairman in 60 years.

It said: “World Bank Appointment: Nigeria’s Minister of Finance and Coordinating Minister of the Economy Mr. Wale Edun has been appointed to Chair the African Governors’ Forum of the World Bank.

“This marks the first time Nigeria has assumed the role of Chairman in 60 years.

‘’The appointment presents a unique opportunity for Nigeria and the implementation of President Tinubu’s Renewed Hope Agenda.’’

According to the IMF’s guiding principles for the caucus, the forum’s Chairman is determined by rotation based on the alphabetical order of African countries.

This system ensures that each country takes its turn to lead the group, preventing one nation from chairing the forum twice while others have yet to assume the role.

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Update : Locomotive Detachment Triggers Abuja–Kaduna Train Incident, NSIB Investigates

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By Sotayo Olayinka
MAR 16, 2026

The Nigerian Safety Investigation Bureau (NSIB) has commenced an investigation into a railway incident involving a passenger train operating along the Rigasa–Idu rail corridor after a locomotive detached and struck the rear of the train.
The incident occurred about 09:16 a.m. along the Jere–Asham section of the corridor near Asham Station in Kaduna State. The track segment where the occurrence took place lies on a downward gradient.
The train, identified as KA2, had departed Rigasa Railway Station in Kaduna at the start of its scheduled journey to Idu Railway Station in Abuja. The service operates within a scheduled window of 07:15 a.m. to 10:01 a.m.
According to details released by the Bureau, the train arrived at Jere Station at 08:52 a.m. and departed again at 08:59 a.m. for the onward journey to Abuja after a rear locomotive was attached to provide additional operational support.
However, shortly after departure from Jere, the rear locomotive became detached while the train was moving along the descending gradient toward the Asham section. The detached locomotive subsequently rolled forward and collided with the rear portion of the train, resulting in a serious operational occurrence.
At the time of the incident, the train consisted of two locomotives positioned at the front and rear, one power car, two business-class coaches and six standard passenger coaches. A total of 429 passengers were onboard, alongside 46 crew members and 24 security personnel assigned to the service.
No fatalities were recorded, though some passengers sustained injuries. Personnel from the Nigerian Railway Corporation (NRC), supported by onboard security operatives, immediately activated emergency response procedures.
Medical personnel provided first aid to injured passengers.
Following the incident, the train continued its journey and arrived at Idu Station in Abuja about 10:39 a.m., where additional assistance was provided to passengers.
Investigators from the NSIB have since begun gathering evidence and conducting technical analysis to determine the circumstances surrounding the occurrence.
The investigation will examine technical, operational and infrastructure-related factors, including train configuration, locomotive attachment systems, operational procedures and relevant operational data.
Commenting on the incident, Director-General of the Bureau, Alex Badeh Jr., expressed concern for affected passengers and reaffirmed the agency’s commitment to determining the cause of the occurrence.
“This incident reminds us that every transport journey carries the trust and expectations of hundreds of people who rely on the system to move them safely to their destination.
Our thoughts are with the passengers who sustained injuries, and we commend the swift response of Nigerian Railway Corporation personnel and emergency teams who assisted those affected.
“At the Bureau, we approach every investigation with a deep sense of responsibility because behind every occurrence are real people, real families, and real consequences.
“Our team will carefully examine every relevant factor to understand what happened and to ensure that the lessons from this occurrence lead to safer railway operations across Nigeria”, he said.
The Bureau said it will work closely with the Nigerian Railway Corporation and other relevant agencies as the investigation progresses, adding that further updates will be provided as more information becomes available.

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Update : Abuja–Kaduna Train Mishap: NRC Confirms Incident, Injured Passengers Hospitalised

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Newsthumb had earlier reported that some passengers were left stranded on Monday morning after an Abuja-bound train from Kaduna was involved in a collision with another train along the rail corridor, forcing an immediate suspension of operations.

The Nigerian Railway Corporation (NRC) has officially confirmed a train incident occurring on the Abuja-Kaduna rail corridor on Monday morning.

Newsthumb earlier reported that hundreds of passengers were left stranded on Monday morning after an Abuja-bound train from Kaduna was involved in a collision with another train along the rail corridor, forcing an immediate suspension of operations.

But in a press statement signed by the Managing Director/CEO, Dr. Kayode Opeifa, the corporation described the event as an “avoidable incident” that took place at approximately 10:30am near Asham.

According to the NRC, the mishap involved a rear locomotive and a passenger coach.

He added that preliminary investigations suggest that the collision was not a head-on crash with a separate train, but rather a mechanical failure within the same service.

“Preliminary reports indicate that the rear locomotive made contact with the rear immediately next to it due to a coupling issue,” the statement read.

While the impact caused panic among the hundreds of passengers on board, the NRC confirmed that no fatalities were recorded. However, an unspecified number of passengers sustained various degrees of injuries.

The statement partly read: “Some passengers sustained injuries and were promptly attended to and taken to a nearby medical facility for proper medical care. No fatalities were recorded.

“Emergency response protocols were immediately activated, and relevant technical teams have been mobilized to the location. The Safety Investigation Bureau (SIB) is also on site to conduct a thorough investigation into the incident in line with established safety procedures.

“The Corporation assures the public that safety remains its top priority, and all necessary measures are being taken to address the situation and ensure the continued safe operation of train services.”

This official confirmation follows chaotic scenes reported earlier today by passengers who were forced to wait in the middle of the rail corridor. While initial reports from the scene suggested a “clash” between two separate trains, the NRC’s clarification points to a critical failure in the train’s internal coupling system—the mechanism that links the locomotive to the passenger cars.

“We were moving at a steady pace when there was a loud bang and the train suddenly braked,” said one passenger via a social media update. “We later realised we had hit another train on the same track. Everyone is shaken, but we are waiting for official word.”

 

 

 

 

 

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Update : FG, States, LGs Share N1.894trn February Revenue from Federation Account

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The Federation Account Allocation Committee (FAAC) has shared a total of N1.894 trillion among the three tiers of government as federation allocation for February 2026.

According to a statement issued on Friday by the Federal Ministry of Finance, the distribution was made from a gross revenue of N2.230 trillion generated during the month.

From the amount shared, the Federal Government received N675.086 billion, the 36 states received N651.525 billion, while the 774 local government councils got N456.467 billion. Oil-producing states also received an additional N110.949 billion as derivation revenue, representing 13 per cent of mineral proceeds.

The statement further disclosed that N77.302 billion was paid to revenue-generating agencies as the cost of collection, while N259.078 billion was allocated for transfers, interventions and refunds.

The ministry explained that gross revenue from Value Added Tax (VAT) for February stood at N668.450 billion, compared to N1.083 trillion distributed in the preceding month, indicating a decline of N414.710 billion.

From the VAT revenue, N26.738 billion was deducted as cost of collection, while N22.593 billion was set aside for transfers, interventions and refunds.

The remaining N619.119 billion was shared among the three tiers of government, with the Federal Government receiving N61.912 billion, the states N340.515 billion and local government councils N216.692 billion.

Similarly, the gross statutory revenue of N1.561 trillion recorded in February was lower than the N1.957 trillion received in the previous month, representing a decrease of N395.138 billion.

From the statutory revenue, N50.564 billion was deducted as cost of collection, while N236.485 billion was allocated for transfers, interventions and refunds.

The balance of N1.274 trillion was distributed as follows: the Federal Government received N613.174 billion, states got N311.010 billion, and local governments received N239.776 billion, while N110.949 billion was allocated as derivation revenue to oil-producing states.

New tax regime designed to boost growth, ease burden on Nigerians — Experts
The ministry noted that revenue from oil and gas royalty as well as excise duty recorded significant increases during the period.

However, it added that collections from Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), Companies Income Tax (CIT), Capital Gains Tax (CGT), Stamp Duties (SDT) and Value Added Tax (VAT) declined substantially during the month under review.

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