The Federal Government says it has successfully implemented a significant economic policy change on Naira Based Transactions for crude oil sales and refined petroleum products.
Nigeria’s Finance and Coordinating Minister of the Economy , Wale Edun disclosed this at an Interactive Session with members of the Senate’s Committee on Finance at the National Assembly.
The recent decision by the Federal Executive Council to commence the sale of crude oil to domestic refiners in Naira has caught the attention of the Nigerian Senate.
The Senate is concerned about how this decision will affect the previously agreed medium-term expenditure framework and fiscal strategy paper for 2024-2026, as well as potential ramifications for 2025-2027.
At an interactive session , Members of the Senate’s Committee on Finance meet minds with Nigeria’s Finance and Coordinating Minister of the Economy, Group Managing Director of NNPCL and other relevant stakeholders in Nigeria’s Petroleum Sector to fully understand the dynamics involved in this economic Reform.
Before the meeting withdrew into a closed door session, Nigeria’s Finance Minister, said President Tinubu’s bold step to introduce these Macro economic reforms of market pricing of PMS, and market pricing of foreign exchange is starting to yield significant results
The Minister thanked Nigerians for their resilience despite the hardship as he also assures that there are better days ahead.
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