…Says There’s Positive Outlook
The Federal Government has once again acknowledged the biting effects of its economic policies on Nigerians, saying, however, that the reforms have been yielding results.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, started this on Thursday during an interactive session with the Senate Committee on Finance.
Edun said teething problems occasioned by the reforms were over and that positive indicators were already emerging.
The Minister said, “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 strong basis for growing the economy, in terms of attracting investment and creation of jobs.
“I think we need to commend Nigerians for staying the cause to this stage of getting benefits.”
Earlier in his address, the chairman of the Senate committee, Senator Sani Musa, said the session was meant to examine the workability or otherwise of the reforms.
Musa said, “Today, we gather to deliberate on the pressing matters related to the sale of crude oil in Naira to local refineries in the country and its implication on the approved medium-term expenditure framework and fiscal strategy paper for 2024-2026, as well as expectations 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, 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 is observed for the benefit of our economy and the Nigerian people.”
Others at the session were the Group Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari; the Director General of Nigeria the Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe; representatives of the Governor of Central Bank among others.
FG Acknowledges Pains of Reforms is first published on The Whistler Newspaper