The Federal Government has expressed appreciation to Nigerians for their resilience amid the challenging effects of recent economic reforms, assuring that these changes are now yielding positive results.
Speaking at an interactive session with the Senate Committee on Finance, led by Senator Sani Musa (APC, Niger East), Finance Minister and Coordinating Minister of the Economy Wale Edun acknowledged the sacrifices made by Nigerians. He noted that the “teething problems” from reforms are easing as indicators of economic improvement begin to emerge.
Edun stated, “The two critical reforms—market-based pricing for Premium Motor Spirit (PMS) and foreign exchange adjustments—are now at the stage of delivering results. These pillars of reform strengthen our economy by enhancing fiscal viability and laying a solid foundation for growth.”
“These reforms,” he continued, “will generate additional government revenue, support the recovery of NNPCL’s finances, and foster economic growth through increased investment and job creation. We commend Nigerians for enduring to this point where benefits are beginning to materialize.”
In his opening remarks, Senator Musa described the session as a fact-finding discussion on the impact of various reforms, saying, “Today, we gather to examine the implications of selling crude oil to domestic refineries in Naira and its effect on the medium-term expenditure framework for 2024-2026, as well as projections for 2025-2027.”
He added, “We will also address revenue shortfalls, focusing on foreign and domestic excess crude accounts, signature bonus accounts, and the NNPCL cash call account. This meeting reaffirms our commitment to transparency, accountability, and responsible resource management.”
Musa expressed confidence in the collaboration of the Finance Ministry, Office of the Accountant General, Central Bank of Nigeria, Revenue Mobilization and Fiscal Commission, and other key stakeholders to find solutions and uphold due process for the benefit of the economy and the Nigerian people.
The session was attended by Finance Minister Wale Edun, NNPCL Group Chief Executive Officer Mele Kyari, NUPRC Director General Gbenga Komolafe, and representatives from the Central Bank of Nigeria. Later, Senate President Godswill Akpabio joined the meeting behind closed doors.
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