By Kolawole Ojebisi
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that Nigeria is almost out of the current state of economic woods.
Edun maintained that his optimism is predicated on the positive results being experienced by the economic policies implemented by the Tinubu administration
The minister stressed tha the country already has a leg out of the woods as most of the reforms have reached the result-delivery stage.
Edun made this known on Thursday at an interactive session with the Senate Committee on Finance at the National Assembly Complex, Abuja.
According to the minister, the initial challenges from the reforms are now behind Nigerians, with positive indicators for better days currently emerging.
He stated: “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.”
Earlier, in his welcome address , the Chairman of the Senate Committee on Finance, Sani Musa, described the session as a fact-finding mission on the feasibility of various reforms.
Musa said: “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 account, and any outstanding or remitted revenue linked to under-recoveries. This meeting underscores our commitment to transparency, accountability, and responsible management of our national resources.”
Apart from the finance minister, other attendees included the Group Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kyari, the Director General of the Nigeria Upstream Petroleum Regulatory Commission, Gbenga Komolafe, and representatives from the Central Bank, among others.
The session was later joined by Senate President, Godswill Akpabio, in a closed-door meeting.
