Nigeria’s finance minister announced a 111% rise in state allocations and fiscal reforms to enhance transparency, budget discipline, and sustainable growth
The Federal Government has increased allocations to states by over 111 per cent, according to Minister of Finance and Coordinating Minister of the Economy, Wale Edun. Speaking at the 31st Nigerian Economic Summit in Abuja, Edun said: “States are now awash with cash,” noting that exchange rate unification and fuel subsidy removal freed about five per cent of GDP into the Federation Account. He said government had agreed with the National Assembly to restore timely budget implementation, adding, “No more extensions of budget into the next year.” Edun announced plans to replace Eurobonds with Sukuk, green, and diaspora bonds to reduce external debt exposure.
Debt Management Office Director-General, Patience Oniha, said Nigeria’s debt remains sustainable but stressed the need to “focus on revenue, not just debt size.” Other ministers outlined growth and digital infrastructure plans, while the Nigerian Economic Summit Group urged the government to prioritise job creation and inclusive growth.