***Acknowledges decrease in debt-to-GDP ratio from over 90% to around 60%

***Says reforms would soon bring down inflation, market volatility

Chairman of the Senate Committee on Finance, Senator Sani Musa, has addressed key developments following a crucial meeting with the Minister of Economy, the CEO of the Nigerian National Petroleum Company (NNPC), and other top government officials.
The discussions that happened at the Senate recently centered around President Bola Ahmed Tinubu’s recent directive to sell crude oil in naira, a move aimed at boosting the use of local refineries and reducing pressure on Nigeria’s foreign exchange reserves.
Nusa stated that the session was convened to assess the effects of the reforms on the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper for 2024-2026.
He said It also aimed to address concerns about shortfalls in revenue remittances from the Nigerian National Petroleum Corporation Limited (NNPCL), particularly regarding the foreign and domestic excess crude accounts.

Senator Musa highlighted that while the 2024 budget was initially based on crude oil sales in dollars, there were concerns about potential implications of the shift to naira, particularly regarding exchange rates and the possibility of introducing hidden subsidies.
However, he reassured that the government clarified there would be no adverse impact on foreign reserves, as they remain primarily reliant on export-based crude sales. “The conversion of crude sales into naira will not affect the reserve or the exchange rate,” he affirmed.

The meeting also touched on broader economic issues, including inflation, food security, and the 2024 budget’s performance.
The Minister of Finance and Coordinating Minister of the Economy provided updates on efforts to curb inflation and ensure food security amid rising global challenges.
Additionally, the committee discussed changes in the payment system to enhance transparency and minimize financial leakages.

Senator Musa noted improvements in Nigeria’s debt management, with the national debt-to-GDP ratio decreasing from over 90% to around 60%, signaling positive movement in the nation’s fiscal health.
He acknowledged that while these improvements might not yet be felt directly, key economic indicators show progress.

One of the critical points raised during the meeting according to the chairman was the reduction of foreign exchange demand linked to oil importation, which constitutes about 65% of Nigeria’s forex needs.
By shifting crude oil sales to naira, he explained that the government aims to alleviate pressure on the currency and stabilize market fluctuations. Senator Musa expressed optimism that the reforms will yield positive results over the next 16 to 18 months, particularly in reducing market volatility and controlling inflation.

The Senate Finance Committee he assure will continue to work closely with the executive to ensure the economic reforms are effectively implemented while promising regular updates on their progress.

The Federal Government and key stakeholders, including the Ministries of Solid Minerals, Justice, Interior, and various security agencies, have opposed a bill proposing the establishment of the Nigeria Mines Ranger Service (NMRS).
Intended to tackle illegal mining and other crimes in the mining sector, the NMRS bill, sponsored by Senator Ogoshi Mohammed Onawo, is seen by these stakeholders as duplicating the role of the Nigerian Security and Civil Defence Corps (NSCDC).

Senator Onawo advocated for the NMRS to provide specialized security for mining operations, enforce environmental standards, and foster sustainable mining practices.
The proposed NMRS would also serve as an emergency response unit, addressing illegal mining, mining accidents, and other crises, with the aim of reducing the estimated $15.9 billion lost annually to illegal mining.

However, Attorney General Lateef Fagbemi, represented by Dr. Patrick Eka Eoyan, argued that the bill’s mandate overlaps with the NSCDC, which already has a broad scope under Section 3 of its establishment act that could cover mining-related crimes. “There is no need to create another body when existing agencies, if properly equipped and staffed, can address the issues,” he noted.

Minister of Solid Minerals Dr. Dele H. Alake echoed this view, advocating for a collaborative, multi-agency approach through the Special Mines Surveillance Task Force (SMSTF), rather than establishing a new agency. Dr. Alake recommended enhancing SMSTF’s operations with technology, like drones, to improve surveillance across mining areas.

Kiera Jean Okafor, Assistant Director at the Ministry of Interior, also supported strengthening current agencies, especially the NSCDC. She argued that with adequate training, equipment, and cross-agency cooperation, existing security forces could handle illegal mining effectively without creating redundancies.

The opposition highlights a consensus among government ministries and agencies on addressing illegal mining through better coordination and resourcing of existing forces, rather than adding new structures that may lead to duplication of efforts.

***Demand for Proof of Zonal Intervention Projects in FCT

The senator representing the Federal Capital Territory (FCT), Ireti Heebah Kingibe,has demanded concrete evidence of intervention projects purportedly completed in her constituency in a move to ensure transparency and accountability.
Speaking at a recent Senate Committee on Water Resources meeting, Kingibe voiced concerns over projects claimed to be completed in the FCT without any visible proof.
“I will get to the bottom of this, no matter what it takes,” she vowed, questioning how intervention projects in her jurisdiction could be marked as completed without her knowledge or documentation.
The meeting, held at the National Assembly, featured a report from Minister of Water Resources, Engineer Joseph Utsef, who responded to Kingibe’s previous complaints about a lack of transparency from the Niger Basin Development Authority (NBDA). According to Senator Kingibe, the Director General of NBDA has not provided adequate details about the projects, prompting her to demand answers.
Expressing her disapproval, Kingibe told the committee she was unaware of 14 specific projects reported as completed, adding that she had thoroughly documented all projects she personally initiated.
“He [the DG] cannot do any intervention project without my knowledge or documentation,” she stressed.

In a video shared with the media, Kingibe explained that the NBDA’s Director General claimed all 14 projects were completed and assured the committee that he knew their locations.
Kingibe, however, insisted that these locations be disclosed to the Senate for verification.

Among the projects in question are;
Road construction, Perimeter fencing and furnishing of health centers across the FCT, Renovation of public buildings in the FCT, Installation of boreholes in three area councils within the FCT

Senator Kingibe also demanded proof of fertilizer distribution to FCT farmers, requesting a verified list of beneficiaries and their locations.

Responding to the senator’s inquiries, Utsef apologized for not having the requested documentation on hand and assured the committee that he would work to provide the necessary details shortly.

The meeting included the Minister of Water Resources, the Permanent Secretary, department heads, and members of the Senate Committee on Water Resources. Committee chairman Senator Kenneth Eze emphasized that the National Assembly would not tolerate any misuse of public funds and would closely monitor resource allocation to ensure transparency and accountability.