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Edun unveils next phase of Tinubu’s economic reforms, targets 7% growth by 2027
Edun unveils next phase of Tinubu’s economic reforms, targets 7% growth by 2027
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has outlined the next phase of President Bola Tinubu’s economic reform agenda, aimed at accelerating national growth to 7% annually by 2027 and achieving a $1 trillion economy by 2030.
Speaking at the Federal Executive Council (FEC) meeting held Thursday at the State House, Abuja, Edun said the upcoming reforms will focus on dismantling investment barriers, optimizing national assets, and boosting productivity across critical sectors.
“The next phase of reforms will remove barriers holding back investors,” Edun stated. “We will review tariffs and import restrictions to stimulate productivity and investment. A detailed review of the Federation and Federal Balance Sheets is underway to optimize asset management for inclusive growth.”
The Minister emphasized that sectoral collaboration will be key, urging ministers in charge of infrastructure, mining, education, health, agriculture, blue economy, digital innovation, and culture to work with state governments in packaging investment-ready projects capable of attracting large-scale domestic and foreign capital.
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Edun described the 7% growth target not merely as an economic benchmark but as a “moral imperative to end poverty.”
Providing an update on Nigeria’s economic performance, Edun revealed that GDP grew by 4.23% in Q2 2025—the highest in a decade outside the COVID-19 rebound—with 13 sectors recording growth above 7%. The industrial sector nearly doubled its growth rate from 3.72% to 7.45%, signaling renewed investor confidence.
He also reported that inflation eased to 18% in December, external reserves climbed to $43 billion, and trade surplus surged to ₦7.4 trillion, all pointing to improved macroeconomic stability.
Highlighting global investor sentiment, Edun noted that Nigeria’s recent $2.35 billion Eurobond issuance was oversubscribed by over $13 billion, reflecting strong international confidence in the country’s economic trajectory and Tinubu’s leadership.
“The market shrugged off political considerations and focused on the economic fundamentals of Nigeria,” he said.
Edun further cited Nigeria’s removal from the Financial Action Task Force (FATF) grey list and the IMF’s revised growth forecast as evidence of global endorsement of the administration’s reforms.
He concluded by stressing the importance of prudent fiscal management: “Every naira must be optimised to sustain momentum amid global liquidity constraints. With less coming from multilateral institutions, we must depend on our own resources.”
Edun unveils next phase of Tinubu’s economic reforms, targets 7% growth by 2027
News
NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party
NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party
The Nigeria Labour Congress (NLC) has warned that it will no longer remain passive as criminal gangs intensify violent attacks across the country, declaring its readiness to hold a national day of mourning and mobilise nationwide protests over the escalating insecurity in Nigeria.
Speaking at the opening of the NLC’s National Executive Council (NEC) meeting in Lagos, NLC President Joe Ajaero said the country was “under siege,” condemning the latest school kidnapping and the reported withdrawal of security personnel before the attack. He demanded a full investigation to expose any possible compromise within the nation’s security architecture.
“The NLC cannot stand idly by and allow criminals to take over our country—never again. We want to know who ordered the withdrawal of security operatives from that school. We will not allow kidnappers and bandits to overrun our nation,” Ajaero said.
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He stressed that the labour movement would soon announce details of the planned protests and national mourning, insisting the lives of teachers, students and workers were in grave danger. “It is getting out of hand. We can no longer bear this,” he added.
Ajaero also revealed that the NLC had withdrawn its representatives from the Labour Party, accusing them of pursuing personal interests rather than representing workers.
Human rights lawyer Femi Falana, SAN, who addressed the meeting, warned that the country was in “serious trouble” over rising kidnappings and attacks. He rejected calls for foreign military intervention, cautioning that such a move would undermine Nigeria’s sovereignty.
Falana criticised recent statements by former U.S. President Donald Trump, describing them as unacceptable. He urged President Bola Tinubu to take decisive action to protect citizens, saying: “We want to let the world know that we are not a conquered people.”
He called on labour unions, civil society organisations and Nigerians to prepare to resist any further decline in national security.
NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party
News
Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria
Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria
Former British Prime Minister Boris Johnson has praised UK Conservative Party leader Kemi Badenoch, describing her as a “future Prime Minister of the United Kingdom” during his visit to Nigeria for the Imo State Economic Summit 2025.
Speaking in Owerri, Imo State, on Thursday, Johnson commended Governor Hope Uzodimma for his efforts to boost economic development and improve security, noting that he felt “perfectly safe” despite earlier warnings about Nigeria’s security situation.
Johnson highlighted the state government’s push to deliver 24-hour electricity, stressing that reliable power and clean, sustainable energy are essential for economic growth as the world moves into an Artificial Intelligence (AI)-driven future.
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He also emphasized the strong historical and economic ties between Nigeria and the United Kingdom, praising the exchange of goods, services, and highly skilled professionals between both countries.
In a humorous remark that sparked applause, Johnson said: “We send you former UK prime ministers, and you send us future UK prime ministers in the form of Kemi Badenoch.”
The summit, attended by Vice President Kashim Shettima, former UN Secretary-General Ban Ki-moon, business mogul Aliko Dangote, and other top government and private-sector leaders, focused on strategies to accelerate Imo State’s economic transformation.
Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria
News
US authorities arrest Nigerian CEO Cashmir Chinedu Luke for alleged $7m VA fraud
US Authorities Arrest Nigerian CEO Cashmir Chinedu Luke for Alleged $7m VA Fraud
The CEO of a United States-based home care company, Cashmir Chinedu Luke, has been arrested by American authorities for allegedly defrauding the U.S. Department of Veterans Affairs (VA) of more than $7 million.
According to a statement released by the U.S. Department of Justice, Luke was arrested on Wednesday at the San Francisco International Airport while attempting to board a flight to Nigeria.
Court documents indicate that between December 2019 and July 2024, the 66-year-old operated Four Corners Health LLC, a Fresno-based company that provided unskilled in-home care services to elderly veterans under the Veterans Community Care Program. The company reportedly served clients in Fresno, Tulare, Merced, Mariposa, Madera, San Francisco, and Contra Costa counties.
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Prosecutors allege that Luke orchestrated a five-year scheme involving 10,000 false claims, billing the VA for services not rendered — including hours not worked by caregivers, duplicate claims, days when caregivers were absent, and even care for veterans who were already dead.
As the sole owner and billing representative, Luke allegedly deceived the VA’s third-party benefits administrator, enabling the fraudulent scheme to continue and allowing him to personally profit. Authorities say he spent the funds on lavish personal expenses and transferred large sums through a network of bank accounts across Asia and Africa.
The investigation was led by the U.S. Veterans Affairs Office of Inspector General, while Assistant U.S. Attorney Calvin Lee is prosecuting the case.
If convicted, Luke faces up to 10 years in prison and a $250,000 fine, though sentencing will depend on federal guidelines and judicial discretion.
The DOJ emphasized that the charges remain allegations, and Luke is presumed innocent until proven guilty beyond a reasonable doubt.
US Authorities Arrest Nigerian CEO Cashmir Chinedu Luke for Alleged $7m VA Fraud
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