The Federal Government expressed gratitude to Nigerians for their patience during recent economic reforms, which it says are now delivering positive outcomes.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared this update in a session with the Senate Committee on Finance. He noted that the initial challenges of the reforms have eased, with promising indicators now signaling improved economic prospects.

“The critical reforms on market-based pricing for Premium Motor Spirit (PMS) and foreign exchange are now entering the result delivery phase, supporting fiscal stability for the nation’s economy,” Edun explained. He added that these reforms are increasing government revenue, strengthening the financial standing of the Nigerian National Petroleum Company Limited (NNPCL), and creating a solid foundation for attracting investment and generating jobs. “We must commend Nigerians for enduring to reach this stage of benefit realization,” he said.

Senator Sani Musa, Chairman of the Senate Committee on Finance, described the session as a fact-finding discussion on the effectiveness of the reforms, focusing on the implications of crude oil sales to domestic refineries in Naira. He highlighted the need for transparency and accountability in national resource management, addressing concerns about revenue shortfalls from NNPCL, including foreign and domestic excess crude accounts, signature bonuses, cash call accounts, and under-recovery-related revenue.

“This meeting reflects our commitment to responsible resource management,” Senator Musa stated. He expressed confidence that collaboration between the Ministry of Finance, the Central Bank of Nigeria, and other key agencies would help ensure due process and positive outcomes for the Nigerian economy.

The session was attended by several officials, including NNPCL’s Group Chief Executive Officer, Mele Kyari; Director General of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe; and representatives from the Central Bank of Nigeria. Senate President Godswill Akpabio later joined the meeting, which concluded in a closed-door session.