The Nigerian Senate through its Committee on Finance in a swift reaction to the economic realities of the country held a fact finding session on the workability of various economic reforms with Finance Ministry, NNPCL, NUPRC, CBN, and Others
The Chairman of the Senate Committee on Finance, Senator Sani Musa (Niger East) in a welcome address said the session is a fact finding one on the workability of government various reforms.
“Today we gather to deliberate on the pressing matters related to the sales 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.
“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 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, 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 are upheld for the benefit of our economy and the Nigerian people”.
The Coordinating Minister of Economy who doubled as Finance Minister, Mr. Wale Edun assures Nigerians of reform’s benefits.
Minister assured that the teething problems from the reforms are over for Nigerians as positive indicators for better days , are already emerging.
He explained, “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, portends additional revenue for government, recovery of the finances of NNPCL and strong basis for growing the economy, in terms of attracting investment and creating of jobs.
” I think we need to commend Nigerians for staying the cause to this stage of getting benefits”. he said .
The session later snowballed into executive session.
In attendance for the session were Finance Minister, Mr. Wale Edun, the Group Executive Officer ( GCEO) of Nigerian National Petroleum Company Limited (NNPC ) Mele Kyari, the Director General of Nigeria Upstream Petroleum Regulatory Commission (NUPRC),Gbenga Komolafe, Chairman, Revenue Mobilization and Fiscal Commission, representatives of Governor of the Central Bank, Office of the Accountant General of the Federation and others.
