…FG saw its balance sheet for the first time on August 1
…In talks with NASS to return to January-December budget cycle
The federal government has vowed to recover all public funds still lying outside the Treasury Single Account (TSA) and the Central Bank of Nigeria (CBN), as part of efforts to sanitise public finances and boost transparency.
Speaking on Monday night during a dinner on Fiscal Policy at the 31st Nigerian Economic Summit in Abuja, Wale Edun, minister of finance and coordinating minister of the economy, revealed that despite longstanding directives, substantial government funds remain outside the TSA and are not domiciled at the CBN.
“It is our determination to make sure we bring in every single penny,” Edun said. “There’s federal government money lying outside the TSA, lying outside of the Central Bank, and it requires enforcement, consensus and the right use of technology.”
According to Edun, plugging fiscal leakages and improving public financial management are at the heart of President Bola Tinubu’s reform agenda, which is being implemented in three phases — stabilisation, recovery, and growth.
As part of this effort, Edun disclosed that the federal government implemented a central billing system from October 1, enabling real-time reconciliation of payments, which he described as a “game changer” for revenue collection.
“Before now, if you paid part of your bill, there was no way to reconcile it. Now, if you pay 20 out of 100, the system tracks the 80 receivable. That’s the difference technology can make,” he said.
The Minister also made a stunning revelation that until August 1, 2024, the government lacked full visibility into its own finances at the CBN.
“Despite all the efforts, it took us till August 1 this year to have a situation where we could see the federal government’s accounts at the CBN,” Edun said. “Such is the political economy of bureaucracy and governance.”
This lack of access, he explained, severely constrained planning and monitoring, and was a major barrier to credible public finance reform.However, he added that technology is now enabling a rapid turnaround.
The Tinubu administration’s economic reform agenda has focused on correcting long-standing distortions — particularly the unification of exchange rates and the removal of petrol subsidies — which Edun described as “market corrections” necessary for restoring macroeconomic stability.
“Confidence has risen and the economy is largely stable at this stage,” Edun said. “The data does not lie. Inflation is easing, the naira is relatively stable, industrial growth is above 7 percent, and agricultural production is on the rise.”
- Forgery allegation: Nnaji’s aide cries “smear campaign”, UNN keeps mum Kenneth Athekame The controversy over the academic records of Nigeria’s Minister of Innovation, Science and Technology, Uche Nnaji, took a new twist on Monday after his media aide, Robert Ngwu, accused Enugu State Governor, Peter Mbah, of being behind what he called a “sponsored smear campaign” to destroy the minister’s reputation. Speaking at a press conference in Abuja, Ngwu denied claims that his boss forged his university and National Youth Service Corps (NYSC) certificates, describing the allegations as politically motivated and meant to tarnish Nnaji’s image. He said Governor Mbah was using his influence to sponsor negative stories against the minister because of political rivalry. According to Ngwu, “All these sponsored events are being coordinated by Governor Peter Mbah of Enugu State. The governor has made Chief Uche Nnaji the scapegoat for all his problems.” He alleged that Mbah, who is reportedly seeking a second term in office, sees Nnaji as an obstacle to his rumoured plan to defect from the Peoples Democratic Party (PDP) to the ruling All Progressives Congress (APC). Ngwu also claimed that Nnaji had formally applied to the University of Nigeria, Nsukka (UNN), to release his academic transcript to clear his name, but the institution allegedly refused to comply, even after a court order. He said they received information that the minister’s academic file was being held in the office of the Vice-Chancellor, Simon Ortuanya. “Why would the file of a serving minister of the Federal Republic be sitting in your office under lock and key?” Ngwu asked. He also addressed concerns over differences in the names on Nnaji’s documents “Nnaji Uchenna” and “Uche Geoffrey Nnaji” saying the variation was normal in Igbo culture. He explained that “Uchenna” and “Uchechukwu” mean the same thing, “the will of God,” and are often used interchangeably. Ngwu insisted that Nnaji graduated from UNN in 1985 and said the university confirmed this in writing in December 2023. However, this claim contradicts a Premium Times investigation released recently, which reported that Nnaji submitted forged university and NYSC certificates to President Bola Tinubu and the Nigerian Senate during his ministerial screening in 2023. It was reported that UNN had disowned the degree certificate the minister presented, saying that though he was admitted in 1981, he did not complete his studies and was never awarded a degree. In a response to a Freedom of Information request dated October 2, UNN’s Vice-Chancellor, Prof. Simon Ortuanya, confirmed that the university had no record of Nnaji graduating. This contradicted an earlier letter from the university’s Registrar, Celine Nnebedum, in December 2023, which had confirmed his graduation but was later withdrawn in May 2025 when the university said it could not find his name in the 1985 graduation records. The investigation by Premium Times also revealed that in a court affidavit, Nnaji himself admitted that UNN never issued him a degree certificate and that he “never collected one.” In September, Nnaji filed a lawsuit at the Federal High Court against the Minister of Education, the National Universities Commission (NUC), UNN, and its Vice-Chancellor. The minister asked the court to stop the university from “tampering” with his academic records. The case came up for hearing on Monday, with Senior Advocate of Nigeria, Sebastian Hon, representing Nnaji. Meanwhile, the Enugu State Government has denied any involvement in the controversy. Speaking through the Director of Information in the Ministry of Information and Communication, Chukwuemeka Nebo, the government said Nnaji should face his own issues instead of dragging the state into his personal troubles. “The honourable minister must carry his own cross and clear his name before Nigerians,” Nebo said, dismissing claims that Governor Mbah was sponsoring any campaign against him. He criticised Nnaji’s decision to send his aide to speak on his behalf, saying it raised more suspicion. “Why would a man accused of forging his academic certificates call a press conference and fail to show up?” Nebo asked. “If he truly has nothing to hide, why send proxies who cannot answer basic questions?” The Enugu government also listed a number of questions the public expects Nnaji to answer particularly about his degree and NYSC documents. Among them were whether Nnaji truly presented a UNN degree certificate to the Senate during his screening, despite admitting in court that the university never issued him one. The statement also questioned the authenticity of his claim that he graduated in July 1985 when records showed he was retaking a course called Virology (MCB 431) as late as 1986. It cited letters from UNN showing that he failed the course twice and applied again in January 1986 to retake it, paying a resit fee of four naira. The government also raised doubts about his NYSC certificate, noting inconsistencies in the document. According to them, Nnaji’s NYSC certificate indicated he began service in April 1985 three months before his supposed graduation and served for 13 months instead of the standard 12. The document was reportedly signed by Col. Animashaun Braimoh, who was not even NYSC Director-General at the time. The numbering on the certificate also appeared suspicious because it contained an alphabet, which NYSC certificates issued in 1986 reportedly did not have. “Is it true that Nnaji’s NYSC certificate bears the number A231309, which includes an alphabet, when certificates from that period only had six-digit numbers?” Nebo asked. He added that Nigerians deserve to know how the minister obtained the certificate he submitted to the Senate if, as he claimed in court, the university never issued him one. “These are the clarifications Nigerians are asking for,” Nebo said. “If the minister truly has nothing to hide, he should face the nation and clear his name instead of accusing others.”
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He acknowledged, however, that inflation remains high at around 20 percent and noted that further fiscal and monetary tightening will be needed to bring it under control.
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He emphasised that the social cost of reform — especially on the poor — is being addressed through direct cash transfers and social investment programmes.
“We’ve targeted 15 million households, and 8.1 million have already received direct transfers,” he said, reiterating President Tinubu’s insistence on a gold-standard system that ensures each beneficiary is biometrically verified and paid digitally.
Edun also touched on expenditure reforms, noting that the government is prioritising capital projects and cutting down on waste.
He revealed that discussions with the National Assembly are ongoing to ensure a timely return to the January-December budget cycle — a key step to restoring budget discipline.
“We are working with the National Assembly to return to the January-December budget cycle,” he said. “No more extensions of budgets into the next year, which cause dislocation and confusion.”
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Edun called for collaboration between the public and private sectors, stressing that sustainable growth and poverty reduction can only be achieved through a combination of innovation, investment, and targeted social support.
“Nigeria is becoming more and more investment-ready,” he said. “And the evidence is pointing in that direction. What is being rewarded now is innovation and productivity, not privileged access to distortions.”
