CurrentReport Blog Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has commended Nigerians for their resilience amid economic reforms, noting that the reforms are starting to deliver positive results. Speaking at an interactive session with the Senate Committee on Finance in Abuja on Thursday, Edun assured that the initial challenges are now easing, with signs of economic improvement emerging.
Highlighting two key reforms—the market-based pricing of Premium Motor Spirit (PMS) and adjustments in foreign exchange policies—Edun explained that these measures are now at a stage where they are contributing to fiscal stability and generating additional revenue. He noted that these pillars not only support government revenue but also enhance the financial stability of the Nigerian National Petroleum Company Limited (NNPCL), creating a strong foundation for job creation and attracting investment.
“We need to commend Nigerians for staying the course to this stage of getting benefits,” Edun said, pointing to the expected improvements in economic stability and growth.
Senate Committee Chairman, Senator Sani Musa, described the session as an opportunity to evaluate the effectiveness of the reforms, focusing on areas such as crude oil sales to Nigerian refineries in naira and its impact on the 2024-2026 Medium-Term Expenditure Framework. The committee also discussed NNPCL revenue remittance challenges, examining the foreign and domestic excess crude accounts, signature bonus accounts, and cash call accounts.
“This meeting underscores our commitment to transparency, accountability, and the responsible management of our national resources,” Musa stated, expressing confidence that collaboration between government stakeholders will lead to solutions that benefit the Nigerian economy and citizens.
