Amidst the hardships caused by federal government economic policies, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has urged Nigerians to continue to enduring with the assurance that relief is nearer for the people.
After a closed-door meeting with the Senate Committee on Finance, Edun stated that the initial challenges arising from the reforms are coming to an end, and positive indicators for better days are already beginning to emerge.
He said “The two critical reforms on market-based price of Premium Motor Spirit ( PMS) and foreign exchange, are now at the stage of results delivery and by extension, viability of the nation’s economy through restoration of fiscal viability.
“These two pillars of the economic reforms that have taken positive shape now, portend additional revenue for the government, recovery of the finances of NNPCL and strong basis for growing the economy, in terms of attracting investment and creating of jobs.
“I think we need to commend Nigerians for staying the course to this stage of getting benefits.”
In his opening remarks at the session which had the Group Executive Officer ( GCEO) of Nigerian National Petroleum Company Limited (NNPC ) Mele Kyari, the Director General of Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, representatives of Governor of the Central Bank in attendance, Senator representing Niger East, Sani Musa, said the motive was to find out the workability of the economic reforms of the present administration.
He said ” Today we gather to deliberate on the pressing matters related to the sales 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 account and any outstanding or remitted revenue linked to under-recoveries.
“This meeting underscores our commitment to transparency, accountability and the responsible management of our national resources.
“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 and Revenue Mobilization and Physical Commission and other critical stakeholders present here, we will identify solutions and ensure that due process are upheld for the benefit of our economy and the Nigerian people”.
Investigation revealed that President of the Senate, Godswill Akpabio later joined his colleagues in the closed-door interaction with the Minister and GCEO of the NNPCL.
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