Nigeria’s Finance Minister and Coordinating Minister of the Economy, Wale Edun, has praised Nigerians for their resilience in enduring the challenges posed by recent economic reforms. Speaking in Abuja on Thursday during an interactive session with the Senate Committee on Finance, Edun highlighted the positive indicators emerging from these reforms, saying they are beginning to yield tangible benefits.
Edun noted that the “teething problems” of the reforms, particularly those affecting the price of Premium Motor Spirit (PMS) and the foreign exchange market, have subsided. “These two critical reforms, centered on a market-based PMS price and foreign exchange adjustments, are now delivering results,” Edun stated, adding that these changes are setting the nation’s economy on a path to greater fiscal stability.
The reforms, he explained, have enhanced government revenue streams, restored financial health to the Nigerian National Petroleum Company Limited (NNPCL), and established a stronger economic foundation that is attracting investment and creating job opportunities. “We need to commend Nigerians for staying the course to this stage of getting benefits,” he remarked.
Senator Sani Musa, chairman of the Senate Committee on Finance, emphasized the importance of the gathering, describing it as a “fact-finding session” to assess the effectiveness of the reforms. Musa raised critical issues surrounding the sale of crude oil to local refineries in naira, as well as its implications on the recently approved medium-term expenditure framework for 2024-2026, and projections for 2025-2027.
He also highlighted ongoing concerns regarding shortfalls in NNPCL’s revenue contributions and emphasized the need for accountability. “This meeting underscores our commitment to transparency and the responsible management of our national resources,” Musa said, expressing confidence in collaboration with finance and economic institutions to uphold due process for the nation’s economic benefit.
