***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.

The National Assembly (NASS) on Thursday raised the ante in the fight against drug abuse and trafficking by calling for greater involvement of parents in the fight. This appeal was made during a one-day sensitization program organized by the joint committee on Drugs and Narcotics in partnership with the National Association of Nigerian Drugs Monitoring (NANDRUM).

Speaking at the event, themed “Parents’ Inclusion in the Fight Against Drug Abuse and Reckless Behaviors,” Senate President and Chairman of the National Assembly, Godswill Akpabio, emphasized the critical role of parents in combating the drug crisis. Represented by Deputy Senate Leader Senator Lola Ashiru, Akpabio highlighted the importance of tackling drug abuse from the home.

“Getting parents involved in the fight against drug abuse takes the battle to the foundation,” Akpabio said. “Those who become addicts or traffickers come from homes before ending up on the streets. Today’s program theme is timely and essential for an effective battle against this menace.”

He further urged parents to embrace their vital role in shaping their children’s lives, stating, “This fight is for our future generations. The greatest gift a parent can give is not wealth, but values: integrity, courage, and resilience. Let us equip our children with the tools to face life’s challenges without falling victim to drugs.”

In his address, Mallam Isa Garba, speaking on behalf of the Senate and House Committee Chairmen on Drugs and Narcotics, expressed that the program was organized to amplify the fight against drug abuse, recognizing the influence of a strong parental foundation in preventive efforts.

The joint committee’s initiative is a reflection of a growing national resolve to involve families in the ongoing campaign to curb drug abuse in Nigeria, focusing on prevention from the home as a means to secure a healthier society.