The Federal Government acknowledges the economic hardship faced by citizens and thanks Nigerians for their resilience and endurance. Read more on the government’s response to the ongoing challenges.
On Thursday, the Federal Government expressed gratitude to Nigerians for their patience with the side effects of economic reforms, which it stated have begun producing positive outcomes.
During an interactive session with the Senate Committee on Finance, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, made this statement.
He believes that the initial challenges from the reforms have been resolved for Nigerians, and positive signs of improvement are already starting to appear.
He stated, “The two essential reforms concerning the market-based pricing of Premium Motor Spirit (PMS) and foreign exchange have reached a stage where they are beginning to show results. This progress is pivotal for restoring fiscal health and overall viability of the nation’s economy.”
The development of these two key economic reforms suggests increased government revenue, improved financial stability for NNPCL, and a solid foundation for economic growth by attracting investments and creating jobs.
“We should applaud Nigerians for their perseverance in reaching this stage of obtaining benefits.”
The Chairman of the Committee, Senator Sani Musa, stated that the session was intended to ascertain whether or not various reforms are workable.
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Today, we convene to discuss the urgent issues concerning the sale of crude oil to domestic refineries in Nigeria using Naira. We’ll examine its impact on the approved medium-term expenditure framework and fiscal strategy paper for 2024-2026, as well as consider what implications it might have moving into 2025-2027.
Furthermore, we will investigate the deficiencies in NMPCL revenue remittances by concentrating on critical areas such as foreign and domestic excess crude accounts, signature bonus accounts, the NMPCL cash call account, and any outstanding or submitted revenues related to under-recoveries.
This meeting highlights our dedication to transparency, accountability, and the responsible management of our national resources.
I am confident that, through collaboration with the Ministry of Finance under the capable leadership of the Coordinating Minister of the Economy, alongside contributions from the Office of the Accountant General of the Federation, Central Bank of Nigeria, Revenue Mobilization and Physical Commission, and other key stakeholders present here today, we will find solutions and uphold due process for our economy’s benefit as well as for all Nigerians.
In addition to the Finance Minister, attendees of the session included Mele Kyari, Group Executive Officer (GCEO) of Nigerian National Petroleum Company Limited (NNPC), and Gbenga Komolafe, Director General of Nigeria Upstream Petroleum Regulatory Commission (NUPRC). Representatives from the Governor’s office at the Central Bank also participated. The Senate President, Godswill Akpabio later joined during a closed-door meeting.
