Nigeria’s economic reform measures under President Bola Tinubu are beginning to yield positive outcomes, says Finance Minister and Coordinating Minister of the Economy, Wale Edun, despite the initial hardships they have caused.
During an interactive session with the Senate Committee on Finance, Edun highlighted the positive indicators from the administration’s economic strategies, particularly the removal of the petrol subsidy and the floating of the naira.
“The two critical reforms on market-based pricing of Premium Motor Spirit (PMS) and foreign exchange are now at the stage of results delivery,” Edun said, pointing to these changes as steps towards economic recovery and fiscal sustainability.
While acknowledging the economic strain on Nigerians, Edun commended their resilience, emphasizing that these policy shifts are beginning to attract investments and create jobs.
“We need to commend Nigerians for staying the course to this stage of getting benefits,” he noted.
Following Edun’s remarks, the committee went into a closed-door session with key industry leaders, including Mele Kyari, Group Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), and Gbenga Komolafe, Director General of the Upstream Petroleum Regulatory Commission (NUPRC).
The session reportedly focused on issues such as the sale of crude oil in naira and strategies to reduce inflation and enhance food security.
Senate Committee Chair Sani Musa shared optimism, citing a reduction in the debt-to-GDP ratio as evidence of economic improvement.
“We’re not seeing it physically yet, but in terms of economic indicators, the economy is performing,” Musa said, reflecting on the impact of the policies.
As Nigeria presses forward with these reforms, officials remain confident in the trajectory set by Tinubu’s administration, anticipating further progress in investment, job creation, and economic stability.
