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“You see, we are not seeing it physically but in terms of indices … you will see that the economy is performing.”
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, says the incumbent government’s economic policies are improving Nigeria’s revenue and the hardship the policies are causing is temporary.
Mr Edun stated this on Thursday during an interactive session with members of the Senate Committee on Finance.
President Bola Tinubu‘s economic policies, especially the removal of the petrol subsidy and the floating of the naira, have increased hardship in the country. The policies have also forced many foreign companies, especially manufacturers and energy firms, to quit operations in Nigeria.
The minister, while briefing the senators, said the economic policies have started yielding positive results.
He said that, given the positive indicators, more investors would soon be attracted to the country, and many jobs would be created.
“The two critical reforms on market-based price of Premium Motor Spirit (PMS) and foreign exchange are now at the stage of results delivery and, by extension, the viability of the nation’s economy through restoration of fiscal viability.
“These two pillars of the economic reforms that have taken positive shape now portend additional revenue for government, recovery of the finances of NNPCL and strong basis for growing the economy, in terms of attracting investment and creating of jobs,” he said.
Mr Edun also appreciated the endurance of Nigerians amidst the hardship.
“I think we need to commend Nigerians for staying the cause to this stage of getting benefits,” he said.
After Mr Edun’s remarks, the Senate Committee went into a closed-door session, which lasted for about five hours.
The Group Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, and the Director General of Upstream Petroleum Regulatory Commission (NUPRC), Gbenga Komolafe, also attended the closed-door session.
Issues
The Chairman of the Senate Committee on Finance, Sani Musa, briefed journalists after the closed-door session. He said they deliberated on issues related to the sale of crude oil in Nigeria’s local currency.
Mr Musa, the senator representing Niger East Senatorial District, noted that the federal government’s team also clarified that the sale of crude oil in naira would not affect the country’s foreign reserve and that the government will not reintroduce susbsidy through the back door.
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He added that they also discussed how to reduce inflation and ensure food security in the country.
When asked whether Mr Tinubu’s economic policies are yielding positive results, the senator said he believes so because the country’s debt-to-GDP ratio has reduced.
“I can tell you I believe in what he has said because when you are talking about GDP, our debt ratio to GDP if you are talking about reduction in the debt ratio, you will see that it has come down from 90 something to about 60 something.
“You see, we are not seeing it physically but in terms of indices that give and compute where the ratings are done, you will see that the economy is performing,” he added.
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