Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that the economic policies of the government have now reached the result-delivery stage.
Speaking at an interactive session with the Senate Committee on Finance at the National Assembly Complex, Abuja on Thursday, Edun expressed appreciation for the endurance of Nigerians of the side effects of the economic reforms, which, have begun to yield results.
According to Edun, the initial challenges from the reforms are behind Nigerians, with positive indicators for better days now emerging.
“The two critical reforms on market-based pricing of Premium Motor Spirit and foreign exchange are now at the stage of results delivery and, by extension, the viability of the nation’s economy through the restoration of fiscal health.”
“These two pillars of the economic reforms that have taken positive shape now portend additional revenue for the government, recovery of NNPCL’s finances, and a strong basis for economic growth in terms of attracting investment and creating jobs. I think we need to commend Nigerians for staying the course to this stage of getting benefits,” he said.
Earlier, the Chairman of the Senate Committee, Sen. Sani Musa, described the session as a fact-finding mission on the feasibility of various reforms.
“Today we gather to deliberate on pressing matters related to the sale 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 accounts, and any outstanding or remitted revenue linked to under-recoveries,” he said.
According to him, the meeting underscores the commitment of the senate to transparency, accountability, and 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, Revenue Mobilization and Fiscal Commission, and other critical stakeholders present here, we will identify solutions and ensure that due processes are upheld for the benefit of our economy and the Nigerian people,” the Punch newspaper report quoted the senator as saying,
GIK/APA