Tinubu’s economic team assures Nigerians of quick economic recovery

Members of the Economic team of President Bola Ahmed Tinubu on Monday assured the current economic realities would soon be a thing of the past.

The team spoke during an “emergency interactive session on the state of the economy” convened by the National Assembly Joint Committee on Finance at the National Assembly, Abuja.

Those in attendance at the session are the Minister of Finance and Coordinating Minister of the Economy, Dr  Wale Edun;  Budget and National Planning Minister,  Senator Atiku Bagudu and Minister of State for Petroleum Resources, Senator Heineken Lokpobiri.

Others are the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Dr Mele Kyari; the Governor of Central Bank of Nigeria, Dr Yemi Cardoso and the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, among others.

The GCEO of NNPCL, Dr Kyari, informed the committee that based on emerging indicators in the Energy and Gas sector, Nigeria will be net exporter of petroleum products by December this year.

According to him, this was based on the fact the Port Harcourt Refinery will start production early next month, adding that this will be followed by the one in Warri and Kaduna refinery latest by December this year.

He added that in few months time, oil production level for the country, will hit two million barrels per day as all logistics towards that has already been put in place.

Kyari said: “Let me just give confirmation that NNPCL and the oil and gas industry is very critical in bringing a turnaround in our current economic situation, and 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.

“The combination of these two has now seen us restoring production in our country, and we believe that, as the Honorable Minister has said, we will soon hit the target of  two million barrels oil production per day.

“I’m aware that there are several comments in the public space around refining business and domestic production, including production that will come from the commissioned Dangote refinery.

“Yes, this country, as we have said, will be a net exporter of petroleum products by the end of this year.

“We’re very optimistic that by December, this country will be a net exporter. That means a combination of production coming from us, and also from Dangote refinery and other smaller producing companies that we know are in line to do this.

“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 NNPCL refinery.  we have spoken to a number of your 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 Port Harcourt, will commence production early August this year.”

On his part, the CBN Governor represented by Deputy Governor (Economic Policy) Muhammad Sani Abdullahi, said the tripple  challenges of rising inflation, foreign exchange rate fluctuations and food inflation, would take downward trend soonest as indicators to that effect are already emerging.

The Minister of Budget and National Planning, Atiku Bagudu, said the 2024 budget is already being implemented  and that there is ongoing negotiation with Labour leaders on minimum wage to ensure that there is no further disruptions to economy.

In his remarks, the Chairman of the joint Committee, Senator Sani Musa, appealed to Nigerians to persevere as government is working around the clock to stabilise the economy.

“Our critical interactive session with you as  managers of the economy, is about economic growth. It’s about how we can get our policies to work. How we will support Nigerians.

“The National Assembly is very concerned because we are the representatives of the people. And we are obliged to ask what is happening and this is the reason for this meeting.

“We have heard from you, at least you  have given us  preambles  of the activities going on, on how our economy can get back to track.

“You are all aware of the obstructions our economy have had in the previous years and it is  not going to be easy that overnight, in 365 days or in one year of the coming administration, things will change. It will be gradual.

“I believe that Nigerians will persevere. This is the only time we can all come together as Nigerians to give His Excellency the President,  all the needed support. In order to get us out of all the trouble we have been.

“The  indicators are showing that the economy is doing well. The only thing is that things are a bit difficult because it is not easy for an inflation that has gone up to go down like that. It takes time,” he said.