The Federal Government has praised Nigerians for their resilience as the country navigates through the challenges brought on by recent economic reforms. Finance Minister and Coordinating Minister of the Economy, Wale Edun, conveyed this sentiment during a recent interactive session with the Senate Committee on Finance, led by Senator Sani Musa (APC, Niger East).
Acknowledging the sacrifices made by Nigerians, Edun pointed out that the initial difficulties from the reforms, including market-based pricing for Premium Motor Spirit (PMS) and adjustments to the foreign exchange, are beginning to stabilize. “The two critical reforms—market-based pricing for PMS and foreign exchange adjustments—are now at the stage of delivering results. These pillars of reform strengthen our economy by enhancing fiscal viability and laying a solid foundation for growth,” Edun stated.
He emphasized that these changes aim to boost government revenue, revitalize NNPCL’s financial health, and stimulate economic growth through increased investment and job creation. He commended Nigerians for enduring these adjustments as the benefits start to unfold.
In his remarks, Senator Musa framed the session as an opportunity to assess the impact of the reforms, saying, “Today, we gather to examine the implications of selling crude oil to domestic refineries in Naira and its effect on the medium-term expenditure framework for 2024-2026, as well as projections for 2025-2027.” The senator added that discussions would also address revenue gaps in the foreign and domestic excess crude accounts, the signature bonus account, and the NNPCL cash call account, reinforcing the government’s commitment to transparency and resource accountability.
The session included Finance Minister Wale Edun, NNPCL Group CEO Mele Kyari, NUPRC Director General Gbenga Komolafe, and representatives from the Central Bank of Nigeria. Senate President Godswill Akpabio later joined the meeting behind closed doors, underscoring the Senate’s active engagement in shaping the nation’s economic future.
