Wale Edun, Nigeria’s minister of finance and coordinating minister of the economy, has lauded Nigerians for their resilience amidst the economic reforms introduced under President Bola Tinubu’s administration.
Speaking during a session with the Senate Committee on Finance at the National Assembly on Thursday, Edun acknowledged the challenges faced by citizens but emphasised that the reforms are now beginning to yield significant benefits.
Edun explained that two critical reforms initiated by the Tinubu government are now at the stage of delivering results.
He added that these reforms will restore the fiscal viability of the country.
“The two critical reforms on the market-based price of Premium Motor Spirit (PMS) and foreign exchange are now at the stage of delivering results, which will, by extension, restore the viability of the nation’s economy through fiscal restoration.”
“These two pillars of the economic reforms, which are now taking positive shape, portend additional revenue for the government, recovery of NNPCL’s finances, and a strong foundation for growing the economy, attracting investment, and creating jobs.”
“I think we need to commend Nigerians for staying the course to this stage of realizing these benefits,” he stated.
Sani Musa, chairman of the committee, said that the session was important as it gave stakeholders the opportunity to deliberate on pressing issues.
He said, “Today, we gather to deliberate on pressing matters related to the sale of crude oil to domestic refineries in Nigeria in naira, its implications on the approved Medium-Term Expenditure Framework and Fiscal Strategy Paper for 2024-2026, and what we should expect for 2025-2027.”
The committee reaffirmed the need for accountability in the Nigerian National Petroleum Company (NNPC), stating, “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.”
Musa concluded that with relevant collaboration, solutions can be identified.
He stated, “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, the 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.”
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