Abuja (Core Reporters) Senator Sani Musa, the senate committee chairman on finance has said that the Nigeria’s economy under president Bola Ahmed Tinubu is gradually stabilising.
He disclosed this on Thursday in Abuja during the committee interactive session with the nation’s economic managers
In his welcome remarks, he described the session as a fact-finding mission on the feasibility of various reforms.
Musa said, “Today (Thursday) 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.”
However, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, also corroborated Saji Musa statement on the nation’s economy, saying that President Bola Tinubu’s economic policies have reached the result-delivery stage.
He expressed appreciation for Nigerians’ endurance with the side effects of the economic reforms, which, according to him, have begun to yield results.
The minister insisted that the initial challenges from the reforms are behind Nigerians, with positive indicators for better days now emerging.
“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,” he said.
The session which was later joined by Senate President, Godswill Akpabio, in a closed-door meeting has also in attendance; 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.
