The Senate Committee on Finance yesterday in an interactive session met with the Nigeria’s Economic Team led by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun at National Assembly the ongoing economic reform of President Bola Tinubu.
In his opening remarks, the Chairman of the Senate Committee, Senator Sani Musa, said the interactive session was a fact-finding mission aimed at assessing the effectiveness of the ongoing reforms.
He said “Today, we gather to discuss pressing issues related to the sale of crude oil to domestic refineries in Naira and its implications for the approved medium-term expenditure framework and fiscal strategy paper for 2024-2026, as well as projections for 2025-2027,” Musa said.
“We will also address revenue shortfalls from NNPCL, focusing on areas such as foreign and domestic excess crude accounts, 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 resource management.
“I am confident that with the collaboration of the Ministry of Finance, under the capable leadership of the Coordinating Minister of the Economy, along with the Office of the Accountant General, the Central Bank of Nigeria, the Revenue Mobilization and Fiscal Commission, and other key stakeholders here, we will identify solutions and uphold due process for the betterment of our economy and the Nigerian people.”
In his presentation,the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun commended Nigerians for their patience and resilience on the ongoing economic reforms, said Government was aware of the challenges, assured that the reforms are beginning to show promising results.
The Coordinating Minister of the Economy, said, the initial challenges posed by the reforms have been overcome, and positive indicators for a more prosperous future are emerging.
In his words “The critical reforms concerning the market-based pricing of Premium Motor Spirit (PMS) and foreign exchange are now delivering results. These reforms are essential for restoring the nation’s fiscal stability and ensuring long-term economic viability,” Edun stated.
“These pillars of economic reform, which have now taken a positive shape, promise additional revenue for the government, the financial recovery of NNPCL, and a strong foundation for economic growth, including attracting investment and creating jobs. We must commend Nigerians for their perseverance as we reach the stage where benefits are materializing.”
The interactive session was attended by Members of the Senate Committee on Finance,top government functionaries, including the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari; the Director General of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe; and representatives of the Central Bank of Nigeria.
