The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the Federal Government appreciates the endurance of Nigerians on the side effects of economic reforms which he said have started yielding results.
Edun stated this on Thursday in Abija during an interactive session with the Senate Committee on Finance.
He said 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 portend additional revenue for government, recovery of the finances of NNPCL and a strong basis for growing the economy, 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 stated.
On his part, the chairman of the committee, Senator Sani Musa, said the session was a fact-finding one on workability or otherwise of the various reforms.
Musa said the rationale for the gathering was 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.”
He added that they would examine shortfalls in NNPCL 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,” he said.
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