Speaking during an interactive session with the Senate Committee on Finance, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, noted that the initial difficulties stemming from the reforms had largely passed.
He assured that the country is now seeing the benefits, with positive economic indicators pointing to brighter days ahead.
The two key reforms the market-based pricing of Premium Motor Spirit (PMS) and the foreign exchange policies are now at a stage where we are beginning to see tangible results.
These reforms are crucial for restoring fiscal viability and positioning Nigeria’s economy for growth, Edun said.
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He explained that the reforms, particularly in the oil and currency markets, were already yielding additional government revenue, helping to stabilize the finances of the Nigerian National Petroleum Corporation Limited (NNPCL), and laying a stronger foundation for economic growth, including attracting investment and creating jobs.
Edun added, It is important that we commend Nigerians for their patience and commitment. Their perseverance has brought us to this point, where the benefits of these reforms are becoming more evident.
Senator Sani Musa, Chairman of the Senate Finance Committee, emphasized that the session was aimed at evaluating the effectiveness of the ongoing reforms.
He highlighted key topics to be discussed, including the sale of crude oil to domestic refineries in Nigeria using Naira, and its impact on the country’s medium-term expenditure framework and fiscal strategy for 2024-2026.
We will also be reviewing the shortfalls in NNPC’s revenue remittances, particularly focusing on critical areas such as the excess crude accounts, signature bonus accounts, and NNPC’s cash call accounts,” Musa stated.
He reiterated that the committee’s primary goal was to ensure transparency, accountability, and effective management of the nation’s resources.
Musa also expressed confidence that collaboration among key stakeholders, including the Ministry of Finance, the Central Bank of Nigeria (CBN), the Revenue Mobilization and Fiscal Commission, and others, would help identify solutions and ensure due process is followed for the benefit of Nigeria’s economy and its people.
Other key officials present at the session included Mele Kyari, Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), and Gbenga Komolafe, Director General of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC). Representatives from the Central Bank of Nigeria also attended.
The session was later joined by the Senate President, Godswill Akpabio, for a closed-door meeting.
