ABUJA, Nigeria (VOICE OF NAIJA)- Finance Minister and Coordinating Minister of the Economy, Wale Edun says that President Bola Tinubu’s economic policies have now entered the stage of delivering tangible results.
Edun shared this update on Thursday evening during an interactive session with the Senate Committee on Finance at the National Assembly Complex in Abuja.
He expressed gratitude to Nigerians for their patience in enduring the impacts of the economic reforms, which, he noted, are beginning to bear fruit.
According to Edun, the initial challenges brought on by the reforms are now in the past, and there are promising signs of improvement ahead.
He stated, “The two critical reforms on market-based pricing of Premium Motor Spirit and foreign exchange are now at the stage of results delivery and, by extension, the viability of the nation’s economy through the restoration of fiscal health.”
“These two pillars of the economic reforms that have taken positive shape now portend additional revenue for the government, recovery of NNPCL’s finances, and a strong basis for economic growth in terms of attracting investment and creating jobs. I think we need to commend Nigerians for staying the course to this stage of getting benefits.”
In his opening address to the country’s economic leaders, Senate Finance Committee Chairman Senator Sani Musa characterized the session as a crucial fact-finding mission aimed at assessing the viability of various economic reforms.
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He said, “Today we gather to deliberate on pressing matters related to the sale of crude oil to domestic refineries in Nigeria in naira and its implication on the approved Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2024-2026 and what we should expect for 2025-2027.
“Additionally, we will examine shortfalls in NNPCL revenue remittances, focusing on key areas such as foreign and domestic excess crude accounts, the signature bonus accounts, NNPCL cash call accounts, and any outstanding or remitted revenue linked to under-recoveries.”
“This meeting underscores our commitment to transparency, accountability, and responsible management of our national resources.
“I am confident that with the collaboration of the Ministry of Finance under the able leadership of the Coordinating Minister of the Economy, the Office of the Accountant General of the Federation, the Central Bank of Nigeria, Revenue Mobilization and Fiscal Commission, and other critical stakeholders present here, we will identify solutions and ensure that due processes are upheld for the benefit of our economy and the Nigerian people.”
Alongside the Finance Minister, the session was attended by Nigerian National Petroleum Company Limited’s Group Chief Executive Officer, Mele Kyari, the Director-General of the Nigeria Upstream Petroleum Regulatory Commission, Gbenga Komolafe, and representatives from the Central Bank, among others.
Senate President Godswill Akpabio later joined the gathering for a closed-door meeting.