The economic team of President Bola Ahmed Tinubu expressed confidence on Monday that current economic challenges will soon be resolved, during an emergency interactive session convened by the National Assembly Joint Committee on Finance in Abuja.
Key figures present included Dr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy; Senator Atiku Bagudu, Minister of Budget and National Planning; Senator Heineken Lokpobiri, Minister of State for Petroleum Resources; Dr. Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL); Dr. Yemi Cardoso, Governor of the Central Bank of Nigeria; and Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS).
Dr. Kyari informed the committee that Nigeria is expected to become a net exporter of petroleum products by December, with production at the Port Harcourt Refinery set to commence in early August, followed by refineries in Warri and Kaduna by year-end.
He emphasized the significant role of the oil and gas sector in revitalizing the economy.
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Meanwhile, Deputy Governor (Economic Policy) Muhammad Sani Abdullahi, representing CBN Governor, highlighted emerging indicators suggesting improvements in inflation, foreign exchange rates, and food prices.
Minister Atiku Bagudu noted ongoing implementation of the 2024 budget and negotiations with labor leaders on minimum wage to mitigate economic disruptions.
Senator Sani Musa, Chairman of the joint Committee, urged patience from Nigerians, emphasizing the gradual nature of economic recovery and the National Assembly’s commitment to supporting governmental efforts.
The session aimed to address economic growth strategies and policy effectiveness in supporting Nigerian citizens amidst prevailing challenges.