The Federal Government has disclosed that its well-laid economic foundation to foster rapid, sustained, and inclusive growth has ramped up its revenue generation to about ₦6.9 trillion by the end of April 2025.

The figure represents a 40 per cent increase in revenue to government coffers for the period under review, compared to ₦5.2 trillion generated in the same period last year.

This was disclosed on Monday by Mr Wale Edun, Minister of Finance and Coordinating Minister of the Economy, at the Citizens and Stakeholders’ Engagement session in Abuja.

“In the first quarter of this year, when we even take April into account—the first four months—we do have a substantial increase in revenue, and that effort continues. There is a commitment to diligently go after all that should be brought in. So, by the end of April, about ₦6.9 trillion was generated, and as I’ve said, rising,” Edun said.

He pointed out that the feat was achieved through the use of technology and the blocking of leakages, and added, “On the fiscal side as well, with the effort to apply technology, block loopholes, stem leakages, we have had in 2024 a huge increase in revenue from just above 12 per cent, ₦12.5 trillion to ₦20 trillion, virtually ₦21 trillion.”

Edun highlighted that debt service to revenue stood at 60 per cent by the end of 2024, far below the 150 per cent that it was in the first quarter (Q1) of 2023 before President Tinubu assumed office, noting that it will keep going down as revenue continues to increase.

He noted that the third phase of the government’s economic plan is to increase investment in production to reduce the multidimensional poverty bedevilling the country, stressing that several macroeconomic indices are on the right trajectory.

The Minister of Finance highlighted that Shell Oil Company has indicated interest to invest $5.5 billion in oil production in the country, despite concerns in some quarters that the company was divesting from Nigeria.

In his presentation, the Managing Director and CEO of MOFI (Ministry of Finance Incorporated), Dr Armstrong Ume Takang, who was represented by Alhaji Tajudeen Ahmed, said 20 portfolio companies’ assets under management captured in the asset register are valued at ₦38 trillion.

Dr Takang was optimistic that MOFI would meet the ₦100 trillion target President Tinubu has set for the organisation over the next 10 years.

Distribution of petroleum products from the 650,000 barrels per day Dangote Petroleum Refinery will save marketers losses due to price crash.

Independent Petroleum Marketers Association of Nigeria (IPMAN) National Public Relations Officer, Chief Chinedu Ukadike made this known to The Nation on phone on Friday.

He said since the refinery would power its 4,000 tankers for the distribution with the Compressed Natural Gas (CNG) which is cheaper, it means the marketers would get it cheaper and vend it cheaper.

“It will help because with the CNG trucks products will be cheaper in so many areas. And once we the independent marketers get products cheaper we will sell in our filling stations cheaper. So, the cheaper we buy, the cheaper we sell,” he said.

He further explained that the marketers would now activate their pump prices on the receipt of the products in the retail outlets without incurring losses.

Ukadike said the fear of price crashing before the product’s arrival at the fuel station has become history.

He said whenever they place an order banks would be present to record the price and bear part of the liability in the case of losses.

He described the new market regime from Dangote as a buffer zone.

Asked whether distribution of petroleum products by the refinery would address previous losses due to sudden price crash, the IPMAN National PRO said, “Definitely, it will save us because as at the point the product arrives at your filling station, you activate your price.

“Most of us don’t normally buy products in bulk before we will be able to get trucks to the stations, price will fall.

“So when we make order and also bringing in the banks also giving us credit facilities, when we take credit facilities from the bank, the bank will also bear part of losses because they will see how much we buy the product, how much Dangote is selling to us. So it will be a buffer zone.”

According to him, the concern of the marketers is energy security and compliance with the deregulation policy.

He applauded the refinery for the new market strategy of trucking products to willing marketers.

Ukadike allayed the fear that the 4,000 tankers would overshadow the independent marketers in the business.

According to him, 4,000 trucks are negligible compared to the over 50,000 tankers of the IPMAN members.

He wondered “what is 4,000 trucks? Independent marketers we have over 50,000 trucks. So 4000 is infinitesimal in the distribution. But it will also aid. So we are not perturbed at all, we are battle ready.”

Ukadike said IPMAN is at peace with anything that would fasten distribution of petroleum products in the country and ensure energy security.

He however appealed to the refinery to extend a hand of fellowship to the IPMAN members in order to also savour the opportunity.

He said the deregulation policy is the survival of the fittest, which would also make the marketers change their tactics.

He revealed that owing to the dynamics of the market, most of the Independent marketers have now resorted to round the clock sales.

He added, “We are re- planning our filling stations to be able to compete with other stakeholders in the industry. We are battle ready for this deregulation. There is no going back.”

The Securities and Exchange Commission (SEC) has issued a directive banning the conversion of Independent Non-Executive Directors (INEDs) into Executive Directors within the same company or corporate group.

This is part of the SEC’s efforts to tighten corporate governance standards in Nigeria’s capital market.

In a circular titled “Circular to All Public Companies and Capital Market Operators on the Transmutation of Independent Non-Executive Directors and Tenure of Directors”, the Commission stated that the practice compromises board independence and erodes the objective oversight that independent directors are expected to provide.

The SEC expressed concern over what it described as a growing trend of boardroom recycling within public companies and capital market operators, particularly the transmutation of INEDs into executive roles such as Chief Executive Officer (CEO).

It said the practice undermines the neutrality and objectivity of such individuals and violates both the National Code of Corporate Governance (NCCG) and the SEC’s own Corporate Governance Guidelines (SCGG).

“This practice clearly erodes the neutrality of the transmuting INEDs, compromises their ability going forward to provide objective judgment and is generally antithetical to the principles which underpin independent directorship,” the Commission noted.

Effective immediately, public companies and capital market operators with significant public interest are required to discontinue the practice of appointing former INEDs to executive positions within the same firm or its group.

In order to strengthen boardroom accountability and reduce concentration of power, the SEC introduced a mandatory three-year “cooling-off” period before a CEO or Executive Director can be appointed as Chairman of the same company.

According to the circular, “a Chief Executive Officer or Executive Director who steps down after 10 or 12 consecutive years, as the case may be, cannot be appointed as Chairman until the expiration of a 3-year cooling-off period.”

Additionally, the tenure of directors in capital market firms identified as significant public interest entities will now be capped. Directors can serve a maximum of 10 consecutive years within the same company and up to 12 years within the same group structure. Where a CEO or Executive Director becomes Chairman after the cooling-off period, the tenure in that role will be limited to four years.

The circular draws its authority from Section 355(r)(iv) of the Investments and Securities Act (ISA) 2025, which empowers the SEC to prescribe governance standards for regulated entities.

To ensure immediate compliance, the SEC clarified that the tenure count includes years already served by current appointees. Companies are therefore expected to begin succession planning and board composition reviews in line with the directive.

“These directives take immediate effect and compliance is mandatory,” the Commission stated. “Public Companies and Capital Market Operators are required to take the directives into account in their board appointments and succession planning.”