Hardship: We Appreciate Your Endurance, FG Tells Nigerians

The Federal Government on Thursday expressed its appreciation for Nigerians’ patience amid the effects of recent economic reforms, which, it said, are beginning to yield positive results.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared this during a discussion with the Senate Committee on Finance. He noted that initial challenges from the reforms have eased, with encouraging signs of improvement for the country’s economic outlook.

“The two essential reforms — setting market-based prices for Premium Motor Spirit (PMS) and revising foreign exchange policies — are now delivering results, contributing to the restoration of fiscal stability,” Edun said. “These reforms strengthen the government’s revenue potential, help NNPCL regain financial stability, and create a foundation for economic growth through investment attraction and job creation.”

Edun also commended Nigerians for their resilience during this transition, recognizing their role in bringing these benefits to fruition.

Senator Sani Musa, Chairman of the Committee, described the session as an evaluation of the effectiveness of various reforms. “Today’s session focuses on key issues like the sale of crude oil to domestic refineries in Naira and its impact on the medium-term expenditure framework and fiscal strategy paper for 2024-2026, as well as projections for 2025-2027,” he explained.

The committee also reviewed NNPCL’s revenue remittance shortfalls, with attention to areas such as foreign and domestic excess crude accounts, the signature bonus accounts, NNPCL’s cash call account, and revenue related to under-recoveries.

“This meeting highlights our dedication to transparency, accountability, and sound management of national resources,” Musa added. “Through collaboration with the Ministry of Finance, the Accountant General’s Office, the Central Bank of Nigeria, the Revenue Mobilization and Fiscal Commission, and other key stakeholders here, we aim to find solutions and uphold due process for the betterment of our economy and people.”

In attendance were the Finance Minister, NNPCL Group Chief Executive Officer Mele Kyari, Director General of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) Gbenga Komolafe, and representatives from the Central Bank. Senate President Godswill Akpabio later joined the session behind closed doors.