The Minister of Finance and Coordinating Minister for the Economy, Wale Edu, has affirmed that Nigeria is beginning to see the positive outcomes of its economic reforms, particularly the adoption of market-based pricing for petroleum products and the Foreign Exchange.
During an interactive session with the Senate Committee on Finance, Wale Edu highlighted that the country is already reaping rewards, particularly in terms of increased government revenue.
While acknowledging that implementing these reforms has been challenging, the Minister noted that significant progress has been made, following the introduction of Crude oil sales in Naira under the leadership of President Bola Tinubu.
The Coordinating Minister for the Economy commended Nigerians for their resilience in supporting these reforms, stressing that their patience and commitment are already beginning to yield tangible benefits for the nation’s economy.
Chairman of the Senate Committee on Finance, Sani Musa, explained that the session was targeted at reviewing the impact of Crude oil sales to domestic refiners in Naira, and its implications for the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper, as well as to address shortfalls in NNPC revenue remittances, including both Foreign and Domestic Excess Crude Accounts.
Other Key stakeholders at the meeting included, the Group Managing Director of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari, and the CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe
The meeting thereafter retired to an executive session held behind closed doors.
Editor: Ken Eseni
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