Federal Government Says Economic Reforms Yielding Positive Results

The Nigerian government says the economic reforms under President Bola Ahmed Tinubu are yielding positive results.

Speaking during an interactive session with the Senate Committee on Finance In Abuja, the country’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edu said the Federal government appreciates the endurance of Nigerians on the side effects of the economic reforms.

According to Mr. Edu, the teething problems from the reforms are over for Nigerians as positive indicators for better days, are already emerging.

“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 , portends additional revenue for 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 cause to this stage of getting benefits”, he said .

Earlier in his welcome address to the Nation’s economic managers, the Chairman of the Committee, Senator Sani Musa said the session was a fact finding one on workability or otherwise of the various reforms.

“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 NMPCL revenue remittances, focusing on key areas such as foreign and domestic excess crude accounts, the signature bonus accounts, NMPCL 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”.

Aside the Finance Minister, the Group Executive Officer ( GCEO) of Nigerian National Petroleum Company Limited ( NNPC ) Mr. Mele Kyari, the Director General of Nigeria Upstream Petroleum Regulatory Commission ( NUPRC), Mr. Gbenga Komolafe, representatives of Governor of the Central Bank and others , also attended the session which was later joined by the President of the Senate, Senator Godswill Akpabio while in closed door .

Olusola Akintonde