Federal Government has admitted that Nigerians are going through severe hardship and endurance.
Government also appreciated the citizens’ capacity to endure the recent economic hardship, adding that they stems from reforms which are now yielding results.
The finance Minister and Coordinating Minister of the Economy, Wale Edun, and the Senate Committee on finance, led by Senator Sank Musa disclosed this recently during an
Interactive parley with newsmen.
The Minister of finance and Coordinating Minister of the Economy, further recognised the sacrifices made by Nigerian Citizens, noting that the teething problems from reforms are over for Nigerians as indicators of economic improvement begin to emerge.
“The two critical reforms—market-based pricing for Premium Motor Spirit (PMS) and foreign exchange adjustments—are now at the stage of delivering results. These pillars of reform strengthen our economy by enhancing fiscal viability and laying a solid foundation for growth.” Edun stated.
“These reforms, will generate additional government revenue, support the recovery of NNPCL’s finances, and foster economic growth through increased investment and job creation. We commend Nigerians for enduring to this point where benefits are beginning to materialize.”
Earlier, in his remark , Chairman of the Committee, Senator Sani Musa says that the interactive session was a fact finding one on workability or otherwise of the 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.
“Additionally, we will examine shortfalls in NMPCL revenue remittances, focusing on key areas such as foreign and domestic excess crude accounts, the signature bonus accounts, NMPCL 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, the 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.”
