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Nigeria’s Finance Minister Applauds ICAN@60; Reaffirms Private Sector As Engine of Economic Recovery
By Barth Ikiebe
The Finance and Coordinating Minister of the Economy, Mr. Wale Edun has reaffirmed the pivotal role of the private sector in Nigeria’s economic revival, while also underscoring the decisive reforms that reshapes the nation’s economic landscape.
Speaking during the 60th Anniversary and 55th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN), on Tuesday in Abuja, Mr Edun commended the institute for six decades of professional excellence and integrity.
He noted that under President Bola Ahmed Tinubu’s leadership, bold reforms are restoring credibility and driving productivity across key sectors.
“These reforms are ushering in a new era that rewards innovation and enterprise over rent-seeking,” he said.
The results are becoming evident: GDP grew by more than 4% in Q2 2025, industrial output rose 7.45%, inflation eased to 20.1% in August, and a record ₦7.4 trillion trade surplus reflects renewed competitiveness. Foreign reserves have also strengthened to $42 billion, while the naira has gained stability, narrowing the gap between official and parallel markets.
For the business community, the Minister emphasised that government reforms are laying a foundation of transparency, predictability and accountability.
“The private sector accounts for 90% of GDP and remains the engine of growth. Government’s role is to enable, not crowd out, enterprise,” Edun stated.
Looking ahead, HM Edun reaffirmed government’s ambition to achieve 7% GDP growth through investment in infrastructure, export expansion, fiscal discipline, and digital public financial management.
The Finance Ministry Spokesman, Mohammed Manga, was quoted as saying that the ICAN conference continues to provide a vital platform for dialogue on reforms, professional ethics, and sustainable development.
In another development, the Federal Ministry of Finance wishes to address recent media reports suggesting that the Federal Government has discontinued the practice of allowing revenue-generating agencies such as the Federal Inland Revenue Service (FIRS), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), and the Nigeria Customs Service (NCS) to deduct their cost of collection at source.
“We categorically state that these reports are inaccurate and misleading”.
At no point during his remarks at the Nigeria Development Update (NDU) programme hosted by the World Bank did the Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announce or imply any change to the existing policy on the cost of collection deductions.
Manga noted that For the avoidance of doubt, there has been no policy change regarding the deduction of costs of collection at source by revenue-generating agencies. The current framework remains in effect.
What is underway are ongoing policy discussions in line with the directives of President Bola Ahmed Tinubu, to review the cost of collection structure. “These discussions are part of broader efforts to enhance transparency, efficiency, and value-for-money in public financial management. However, no final decision has been made on this matter”, the statement stated.
According to Mohammed Manga, “the Ministry assures all stakeholders and the public that revenue operations continue uninterrupted and that any future adjustments will be guided by due process, stakeholder engagement, and clear communication”.
“We urge media organisations to seek clarification from official sources before publishing information that may cause unnecessary confusion. The Ministry appreciates the continued support of Nigerians as we work collectively to build a stronger, more transparent, and sustainable economy”, the statement noted.
