The Federal Government on Thursday expressed its appreciation for the resilience of Nigerians in the face of the side effects of ongoing economic reforms, which, according to the government, are beginning to yield positive results.
During an interactive session with the Senate Committee on Finance, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted that the initial challenges posed by the reforms were now behind the nation. He noted that key economic indicators are pointing toward a brighter future, with the benefits of the reforms starting to materialize.
Edun pointed to two critical reforms — the market-based pricing of Premium Motor Spirit (PMS) and foreign exchange — as pivotal to the country’s economic recovery. He emphasized that these reforms are now entering a phase where they will deliver tangible results, ensuring the long-term viability of Nigeria’s economy through the restoration of fiscal health.
“These two pillars of the economic reforms are now taking positive shape and are expected to generate additional revenue for the government, recover the finances of NNPCL, and provide a strong foundation for growing the economy. This will help attract investment and create jobs,” Edun said. “We need to commend Nigerians for staying the course and reaching this point where the benefits of these reforms are becoming evident.”
**Senate Committee Focuses on Key Economic Issues**
Senator Sani Musa, Chairman of the Senate Committee on Finance, noted that the session was intended to assess the effectiveness of the reforms and their impact on the nation’s economy. He stated that the committee would focus on pressing issues, including the sale of crude oil to domestic refineries in Naira, as well as its implications for the country’s medium-term expenditure framework for 2024-2026.
“We will also look into shortfalls in NNPCL’s revenue remittances, with particular attention to accounts such as the foreign and domestic excess crude accounts, signature bonus accounts, NNPCL cash call account, and any outstanding revenues linked to under-recoveries,” Musa said. “This meeting underscores our commitment to transparency, accountability, and responsible management of national resources.”
Musa expressed confidence that the collaboration between various stakeholders, including the Ministry of Finance, the Central Bank of Nigeria, the Nigerian National Petroleum Company Limited (NNPC), and the Revenue Mobilization and Fiscal Commission, would lead to the identification of solutions and ensure that due process is followed for the benefit of the economy and Nigerians.
**Key Stakeholders Attend Session**
The meeting, which was attended by the Minister of Finance, the Group Executive Officer of NNPC, Mele Kyari, and the Director General of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, was also joined in a closed-door session by Senate President Godswill Akpabio.
The ongoing discussions underscore the government’s efforts to address economic challenges while striving for sustainable fiscal reforms and growth.
