Senate, NNPC, CBN Deliberate on Economic Reform Viability
The Nigerian Senate, through its Committee on Finance, has held a high-level session with major economic stakeholders to evaluate the effectiveness of various economic reforms. The discussions focused on revenue transparency and the workability of recent measures impacting oil sales, currency policies, and fiscal strategies.
Senator Sani Musa, Chairman of the Senate Finance Committee, highlighted the significance of the session, saying, “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… This meeting underscores our commitment to transparency, accountability, and the responsible management of our national resources.”
A critical topic of discussion included the underperformance of revenue remittances by NNPC Ltd., particularly on crude accounts and signature bonuses. The Senate’s review aims to ensure adherence to fiscal guidelines and enhance government revenue streams.
Finance Minister Wale Edun, who also serves as the Coordinating Minister of the Economy, expressed optimism regarding the reforms, stating, “The two critical reforms on market-based pricing of Premium Motor Spirit (PMS) and foreign exchange are now at the stage of results delivery…these pillars of economic reforms will attract investment, create jobs, and enhance the nation’s fiscal viability.”
Key attendees included Mele Kyari, NNPC’s Group CEO, NUPRC Director-General Gbenga Komolafe, and representatives from the Central Bank and Revenue Mobilization and Fiscal Commission. The session concluded with an executive discussion, underscoring a collective commitment to advancing Nigeria’s economic stability. Qantas Plane Makes Emergency Landing After Engine Failure
