Govt to amend 2024 budget to accommodate new minimum wage, Idris discloses

Deji Elumoye and Sunday Aborisade in Abuja

The main drivers of Nigeria’s economy met with the Finance Committee of the National Assembly yesterday and declared that the ailing economy was getting revitalised based on emerging indicators.

Also, the Group Executive officer of NNPCL, Mele Kyari, has said the Port Harcourt refinery would start production by early next month, August, which will be followed by the one in Warri months after, and Kaduna refinery latest by December this year.

He was confident that based on emerging indicators in the Energy and Gas sector, Nigeria would be net exporter of petroleum by December this year.

In a related development, the federal government, has announced the immediate dispatch of a total of 740 lorry loads of rice to the 36 states of the federation and the Federal Capital Territory (FCT) to cushion the effect of food shortage across the country.

Minister of Information and National Orientation, Mohammed Idris, who disclosed this yesterday to newsmen at the State House, Abuja, after the Federal Executive Council (FEC) meeting, also hinted that the federal government might amend the 2024 budget to accommodate the new minimum wage.

However, the senate committee meeting with the economic team of President Bola Tinubu was attended by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun; Budget and National Planning Minister, Senator Atiku Bagudu and Minister of State for Petroleum Resources, Senator Heineken Lokpobiri.

Others were the Group Executive Officer of NNPCL , Mele Kyari; the Governor of Central Bank of Nigeria, Mr Yemi Cardoso; and the Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, among others.

Kyari, while speaking, said in a few months from now, oil production level for the country, would hit two million barrels per day as all enablement towards that has already been put in place.

Kyari said, “Mr. Chairman and members of the Joint Committee. 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 2 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 NNPC 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,” he said.

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 downward trend soonest as indicators to that effect were already emerging.

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 is no further disruptions to economy.

Senator Musa, on his part, appealed to Nigerians to persevere as government was 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 the meeting.

“And as 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’s not going to be that easy 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’s not easy for an inflation that has gone up to go down like that. It takes time,” he said.

The federal lawmakers and their guests entered into a closed session after the initial opening remarks. The session was still ongoing as of the time of filing this report by 8pm.

ThisDay Newspapers Ltd