The Nigerian government acknowledges citizens’ patience during challenging economic times, expressing gratitude for their endurance and commitment.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, expressed gratitude for the resilience of Nigerians in enduring the impacts of economic reforms, which he noted are beginning to show positive outcomes.
During an interactive session with the Senate Committee on Finance in Abuja, Edun remarked that the initial challenges posed by these reforms have been overcome, with promising indicators for future improvements already visible.
He highlighted that the critical reforms concerning the market-based pricing of Premium Motor Spirit and foreign exchange are now yielding results, contributing to the fiscal viability of the nation’s economy.
These reforms are expected to enhance government revenue, support the financial recovery of NNPCL, and create a favorable environment for investment and job creation.
Edun commended Nigerians for their perseverance in reaching this stage of reform benefits.
Senator Sani Musa, the committee chairman, indicated that the session aimed to assess the effectiveness of the various reforms.
He explained that the purpose of the meeting was 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 for 2024-2026, as well as expectations for 2025-2027.
Musa emphasized the need to investigate shortfalls in NNPCL revenue remittances, focusing on critical areas such as foreign and domestic excess crude accounts, signature bonus accounts, and any outstanding revenue related to under-recoveries.
He underscored the meeting’s importance in reinforcing the commitment to transparency, accountability, and responsible management of national resources.
Peoplesmind
