The Federal Government expressed appreciation on Thursday for Nigerians’ patience in enduring the side effects of recent economic reforms, which, according to officials, are now beginning to show positive outcomes.
During an interactive session with the Senate Committee on Finance, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, acknowledged that initial challenges posed by these reforms have largely subsided, and indicators suggest better days ahead.
He highlighted two key reforms—the shift to a market-based pricing model for Premium Motor Spirit (PMS) and adjustments in foreign exchange policy—as now moving into a phase of tangible benefits, which should ultimately restore fiscal stability for the nation.
“These two pillars of reform, now taking shape, promise increased government revenue, financial recovery for the Nigerian National Petroleum Corporation Limited (NNPCL), and a strong foundation for economic growth through investment attraction and job creation,” Edun explained.
“We owe gratitude to Nigerians for their resilience in seeing us through to this point where the benefits are emerging,” he added.
The Chairman of the Senate Committee, Senator Sani Musa, described the session as a fact-finding exercise to assess the effectiveness of various economic reforms.
“We are here today to address critical issues concerning the sale of crude oil to domestic refineries in Nigeria, in Naira, and to evaluate its impact on the approved medium-term expenditure framework and fiscal strategy for 2024-2026, as well as projections for 2025-2027,” he said.
He added that the committee would also examine revenue shortfalls from the Nigerian National Petroleum Company Limited (NNPCL), with a focus on areas such as foreign and domestic excess crude accounts, signature bonus accounts, NNPCL’s cash call account, and any outstanding or remitted revenue related to under-recoveries.
“This session highlights our dedication to transparency, accountability, and responsible management of our national resources,” Musa noted. “With the support of the Ministry of Finance, under the capable guidance of the Coordinating Minister of the Economy, along with the Accountant General’s Office, the Central Bank of Nigeria, the Revenue Mobilization and Fiscal Commission, and other key stakeholders present here, I am confident we will find solutions and ensure due process is followed for the benefit of our economy and the Nigerian people.”
In addition to the Finance Minister, the meeting was attended by the Group Chief Executive Officer (GCEO) of NNPCL, Mele Kyari; the Director General of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe; representatives from the Central Bank; and later, Senate President Godswill Akpabio, who joined the session behind closed doors.
