The Senate has reassured Nigerians of its commitments to collaborate with Government in an effort to implement meaningful economic policies that address the current challenges facing the country
Chairman of the Senate Committee of Finance Senator Sani Musa, gave the assurance during an emergency meeting with the Minister of Finance, Budget and National planning , Governor of the Central Bank of Nigeria, Head of NNPCL, FIRS and the like in Abuja
Senator Sani Musa said the objective was to address current status of the economy, Implore viable solutions to the problems and support what the present administration of President Bola Ahmad Tinubu is doing to improve the economy in a more vibrant structure
He also said the meeting was to examine the current economic indicators and implications, analyze the economic data, discuss what should be done in the short term to improve economic conditions, and address how to manage the environmental impact of these economic activities.
According to him, the discussion also included how to strategize to mitigate economic challenges, employ strategies to support businesses, and increase government spending and productivity while reducing high interest rates and implementing other measures to curtail inflation and the high cost of living.
He further assured to discuss on collaboration with private sector to support Government meaningful policies for sustainable economic stability not every thing be left to the Government alone
Senator Sani Musa said the main concern of the committee in the oil and Gas sector was financing and revenue generation.
”This will lead to discuss on the managing petroleum products, pricing , crude production, and availability of the product in the country going by the current realities”.
In his presentation, the Group Executive officer of NNPCL, Mele Kyari informed the committee that based on emerging indicators in the Energy and Gas sector , Nigeria will be net exporter of petroleum by December this year.
He added that the indicators according to him , were the Portharcourt refinery that would start production early next month , which will be followed by the one in Warri months after , and Kaduna refinery latest by December this year .
Kyari confirmed that in few months time oil production level for the country , would hit 2 million barrels per day as all enablement towards that had already been put in place.
He also confirmed that NNPCL and the oil and gas industry was very critical in bringing a turnaround in the current economic situation, ”we understand the importance of this. We are taking every step that is practical for us to achieve this”.
“We have already seen growth in our oil and gas production because of certain actions that Mr. President personally took, and also the very mere truth that we have also declared a war on production activities, and this is yielding the required results.
So I can confirm to you, Mr. Chairman, that by the end of the year, this country will be a net exporter of petroleum products.
“Specific to NNPC refinery. we have spoken to a number of committees, that it is impossible to have the Kaduna refinery come to operation before December, it will get to December. Both Warri and Kaduna but that of Portharcourt , will commence production early August this year “, he said .
Earlier in his submission, the Minister of Budget and National Planning, Atiku Bagudu, said the 2024 budget is already being implemented and that there are ongoing negotiations with labor leaders on minimum wage to ensure no further disruptions to the economy.
In his own submission, the CBN Governor, represented by Deputy Governor (Economic Policy) Muhammad Sani Abdullahi, said the triple challenges of rising inflation, foreign exchange rate fluctuations, and food inflation would take a downward trend soon, as indicators to that effect are already emerging.
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