Economic reforms enter result-delivery stage, says finance minister

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has announced that President Bola Tinubu’s economic policies 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.

He expressed appreciation for Nigerians’ endurance with the side effects of the economic reforms, which, according to him, have begun to yield results.

According to the minister, the initial challenges from the reforms are behind Nigerians, with positive indicators for better days now 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 to the nation’s economic managers, the Chairman of the Committee, 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.

“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, Revenue Mobilisation and Fiscal Commission, and other critical stakeholders present here, we will identify solutions and ensure that due processes are upheld for the benefit of our economy and the Nigerian people.”

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.