Minister of Finance and Coordinating Minister of the Economy, Wale Edu, defended Nigeria’s recent economic reforms, particularly the adoption of market-driven exchange rates and the sale of crude oil in Naira.
Speaking at an interactive session with the Senate Committee on Finance, Edu highlighted the positive outcomes, especially in terms of increased government revenue.

Edu acknowledged the challenges faced in implementing the reforms but emphasized that the country is already beginning to experience the benefits.
According to him, he said the sales of crude oil in Naira, initiated by President Bola Tinubu, has been particularly impactful, contributing to a stronger domestic financial environment.
Edu’s remarks reflect a broader effort by the government to enhance fiscal management and ensure the long-term sustainability of the nation’s economic policies.

Chairman of the Senate Committee on Finance, Senator Sani Musa, stated that the session was convened to assess the effects of these 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.

The Federal Government of Nigeria has launched the Foreign Currency Voluntary Disclosure, Depositing, Repatriation, and Investment Scheme, known as the Disclosure Scheme, under Executive Order No. 15 of 2023. Announced by the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, the initiative is aimed at boosting economic transparency and integrating legitimate foreign currency holdings by Nigerians into the formal economy.
Director of Information and Public Relations, Mohammed Manga, in a statement enumerated the objectives of the Disclosure Scheme to to include Financial Transparency by seeking to formalize foreign currency assets held outside Nigeria’s banking system.
The second objective according to the statement is Strengthening AML and CFT which encourages the use of the formal banking system to reduce illicit transactions and improve anti-money laundering and counter-terrorism financing (AML/CFT) measures.
The statement listed Key Features of the Scheme to include Voluntary Disclosure where Nigerians with legitimately earned foreign currency are invited to participate.
“Special Domiciliary Accounts: Funds are held in designated sub-accounts at participating financial institutions.
“Confidentiality and Asset Protection: Disclosed assets are protected from expropriation and treated confidentially under relevant laws.”
Explaining further the statement indicated that the scheme provides tax exemptions on disclosed funds and ensures unrestricted repatriation of capital, creating a secure channel for Nigerians to manage foreign assets while supporting national economic growth.
“Open for nine months from its start date, interested participants can apply by setting up a domiciliary account with a participating bank.”

For further details, Nigerians are advised to visit www.finance.gov.ng/disclosurescheme.

In a landmark development for Nigeria’s economy, the Federal Gover1nment ’s initiative to sell crude oil to local refiners in Naira is showing significant r2esults, according to a Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Speaking on Tuesday at the Presidential Villa after a meeting with President Bola Ahmed Tinubu, Edun highlighted the transformative impact of the approach on Nigeria’s industrial and economic landscape.
Director of Information and Public Relations, Mohammed Manga in a statement quoted the Minister to have used the Dangote Refinery, with its 650,000 barrels-per-day capacity, as a cornerstone of this strategy.
The statement further indicated that by facilitating market-driven pricing for petroleum and foreign exchange, the initiative is encouraging private investment, driving economic growth, and creating jobs.

Key benefits of this initiative include
Market-Driven Pricing: Encourages private sector investment and growth;
Economic Growth: Boosts job creation and stimulates economic activity; Increased Transparency: Eliminates unnecessary transaction costs and Improved Availability: Enhances access to petroleum products nationwide

The Naira-based approach to crude sales the stamens said is positioning Nigeria as a leader in industrialization and modernization in Africa.
By working closely with key stakeholders, including the Dangote Refinery, the initiative is expected to reshape Nigeria’s economy, laying the groundwork for a prosperous future.