In a meeting with the Finance Committee of the National Assembly on Monday 15 July, policy and decision makers on Nigeria’s economy claimed the nation’s current poor economic performance is being turned around with sectors’ revitalizing based on emerging indicators.
More so, group chief executive officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari said the Port Harcourt refinery would start production by early August followed by the one in Warri months after, and the Kaduna refinery latest by December 2024.
He posited assurance is based on emerging indicators in the energy and gas sector that Nigeria would be a net exporter of petroleum by December 2024.
Saying in a few months, the oil production level for the country, would hit two million barrels per day as all enabling factors have been in place.
The senate committee meeting with the economic team of President Bola Tinubu was also attended by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; Budget and National Planning Minister, Senator Atiku Bagudu; Minister of State for Petroleum Resources, Senator Heineken Lokpobiri; Governor of the Central Bank of Nigeria, Mr Yemi Cardoso; and the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, among others.
In his presentation, 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 soonest as indicators to that effect were already emerging.
Budget minister, Bagudu said the 2024 budget was already being implemented and that there was an ongoing negotiation with Labour leaders on Minimum wage to ensure that there are no further disruptions to the economy.
Consequently, a member of the senate appealed to Nigerians to persevere as the government was working around the clock to stabilize the economy.
