Tag: Minister of Finance

Moody’s Turns Positive on Nigeria, Citing Stronger Reserves and Easing Inflation

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Moody’s Ratings has revised Nigeria’s sovereign credit outlook from stable to positive while affirming the country’s long term foreign and local currency issuer ratings at B3, a move the Federal Ministry of Finance says reflects the tangible impact of government’s macroeconomic reforms over the past three years. The agency attributed the improved outlook to a markedly stronger external position, citing sizeable current account surpluses projected to widen to about 6.1 per cent of GDP in 2026, alongside rising foreign exchange reserves that have climbed to $53.30 billion as of August 26, 2026, according to Central Bank of Nigeria data. Moody’s also pointed to stronger than expected economic performance, with real GDP growth reaching 4 per cent in 2025 against earlier projections of about 3 per cent, and inflation easing to 15.4 per cent in July 2026 from 25.3 per cent a year earlier. The rating action follows FTSE Russell’s confirmation of Nigeria’s reclassification to Frontier Market status on August 27, 2026, and comes after S&P Global Ratings upgraded Nigeria to B from B minus in May 2026 and Fitch affirmed the country at B with a stable outlook. Minister of Finance Taiwo Oyedele described the development as external validation of difficult reforms including the removal of fuel subsidy, exchange rate unification and tax reforms, saying government’s medium term ambition remains placing Nigeria firmly on the path to investment grade through sustained revenue mobilisation and debt management. By Asiwaju Adekunle Saheed

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Ghost Workers Beware: Tinubu Orders Forensic Sweep of IPPIS and Federal Agencies

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President Bola Ahmed Tinubu has directed Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, to oversee a comprehensive forensic audit of Federal Government systems, including the Integrated Personnel and Payroll Information System and the administration and internal controls of federal agencies. The directive follows a Federal Executive Council resolution on August 19, 2026, responding to findings by the Independent Corrupt Practices and Other Related Offences Commission on fake agencies, ghost workers and other control failures across government. The audit will run in two parts, the first examining IPPIS and related payroll, personnel, pension and financial management platforms to trace how fictitious or ineligible persons were enrolled and review access, identity, biometric and bank account controls, while checking interfaces with GIFMIS, Remita and the Treasury Single Account to determine whether fraud stemmed from system defects or deliberate circumvention. The second component will cover all federal agencies, departments, commissions and parastatals, establishing a definitive inventory of such bodies and verifying their legal basis, alongside how they obtain official recognition, budgetary consideration and access to government systems. Tinubu directed that the exercise be conducted with the highest standards of independence and forensic integrity, with the audit team collaborating with the ICPC to complement ongoing investigations and prosecutions, aiming ultimately to close systemic loopholes and strengthen accountability across government. By Asiwaju Adekunle Saheed

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