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The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that President Bola Tinubu’s economic policies have now reached the result-delivery stage.
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Edun disclosed this at Thursday’s interactive session with the Senate Committee on Finance at the National Assembly Complex, Abuja.
The session’s speakers were the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, the Director-General of the Nigeria Upstream Petroleum Regulatory Commission, Gbenga Komolafe, and representatives from the Central Bank of Nigeria (CBN).
According to Edun, the initial challenges from the reforms are over, and positive indicators for better days are now emerging.
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“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,” he said.
“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.”
Speaking at the session, the Chairman of the Committee, Senator Sani Musa, described the session as a fact-finding mission on the feasibility of various reforms.
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“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.”
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“This meeting underscores our commitment to transparency, accountability, and responsible management of our national resources.”
He expressed confidence that with the collaboration of the Ministry of Finance, the Office of the Accountant General of the Federation, the CBN, the Revenue Mobilization and Fiscal Commission, and other critical stakeholders present here, they will identify solutions and ensure that due processes are upheld for the benefit of the economy and Nigerians.
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