By Modupe Gbadeyanka
The Senate Committee on Finance on Thursday engaged with the federal government on the viability of its various economic reforms that have worsened the hardship of Nigerians.
Since President Bola Tinubu assumed office on May 29, 2023, prices of goods and services have increased, especially premium motor spirit (PMS), commonly known as petrol, as well as energy and others.
The high cost of living was spurred by the removal of fuel subsidies and the devaluation of the Naira, causing some companies to shut down and citizens to go hungry.
Worried by the state of the economy, the committee of the upper chamber of the National Assembly invited the central government to talks.
At the meeting in Abuja yesterday, which later went into a closed door after the Senate President, Godswill Akpabio, joined, the chairman of the committee, Mr Sani Musa, explained that the mission was 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.”
He added that the team also wanted to “examine shortfalls in NNPCL (Nigerian National Petroleum Company Limited) 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,” the lawmaker stated.
Responding, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, informed the Senate that the economic policies of the government were at the result-delivery stage.
“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,” he said, commending “Nigerians for staying the course to this stage of getting benefits.”
