Hardship : Tinubu’s govt commends Nigerians’ endurance

The President Bola Tinubu-led Federal Government has expressed gratitude to Nigerians for their patience during the challenging period of economic reforms, which it says are beginning to show promising results.

This appreciation was conveyed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, during a session with the Senate Committee on Finance on Thursday.

He emphasized that the initial challenges of these reforms are easing, with indicators of a brighter economic outlook now emerging.

“The implementation of market-driven pricing for Premium Motor Spirit (PMS) and the adjustment in foreign exchange policies are beginning to yield positive outcomes,” Edun said. “These reforms are essential steps toward stabilizing the nation’s economy and improving fiscal health.”

Edun further explained that these foundational changes are expected to generate additional revenue for the government, strengthen the Nigerian National Petroleum Company Limited (NNPCL), and foster an environment conducive to investment and job creation. “We owe gratitude to Nigerians for their resilience in seeing these reforms through to a stage where we can begin to see tangible benefits,” he added.

Chairman of the Committee, Senator Sani Musa, stated that the meeting aimed to examine the effectiveness of these economic reforms. He outlined key topics, including the impact of domestic crude sales to local refineries in Naira, the medium-term expenditure framework for 2024-2026, and the projected fiscal strategies for 2025-2027.

“This discussion highlights our commitment to transparency and accountability in managing the nation’s resources,” Senator Musa stated. “Through cooperation with the Ministry of Finance, the Central Bank of Nigeria, the Revenue Mobilization and Fiscal Commission, and other stakeholders, we are dedicated to identifying solutions that ensure financial integrity and support for our economy.”

Also present at the meeting were the Group Chief Executive Officer of the NNPC, Mele Kyari; the Director General of the Nigeria Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe; and other representatives from the Central Bank. The session was later joined by Senate President Godswill Akpabio for a closed-door discussion.