The Federal Government has praised Nigerians for their patience and endurance amidst the challenges posed by ongoing economic reforms, which it claims are now beginning to show positive results. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made the statement during an interactive session with the Senate Committee on Finance on Thursday.
Edun noted that the reforms, particularly those concerning the market-based pricing of Premium Motor Spirit (PMS) and foreign exchange, have entered a phase where their benefits are becoming evident. He emphasized that these reforms are key to restoring the nation’s fiscal viability and attracting investments that will foster economic growth and job creation.
“These two critical reforms have now taken positive shape and portend additional revenue for the government, the recovery of NNPCL finances, and a strong basis for growing the economy,” Edun stated, commending Nigerians for enduring the process to this stage.
The Senate Committee on Finance, chaired by Senator Sani Musa, convened the session to assess the effectiveness of the reforms. The committee discussed the implications of selling crude oil to domestic refineries in Naira, shortfalls in NNPCL revenue remittances, and other fiscal issues.
Senator Musa assured that the session aimed to address critical matters such as the approved medium-term expenditure framework for 2024-2026, and examine revenue shortfalls linked to under-recoveries. He also emphasized the importance of transparency and responsible resource management, and expressed confidence in the collaboration between key stakeholders to find solutions for the economy’s benefit.
Other participants in the session included Mele Kyari, Group Executive Officer of NNPCL, Gbenga Komolafe, Director General of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), and representatives from the Central Bank of Nigeria, who were later joined by Senate President Godswill Akpabio for a closed-door discussion.
