Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has disclosed plans by the federal government to carry out a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL).
The minister who made this known at the ongoing Nigerian Investor Forum, held alongside the IMF/World Bank Spring Meetings in Washington DC, while addressing top global investors, including representatives from J.P. Morgan, said the forensic audit will begin soon.
He explained that the recent changes in the NNPCL management are part of a broader effort by the Federal Government to clean up and examine the company closely.
Edun, who also shared key reforms the government has introduced to revive the economy and restore investor confidence, told the investors that the government’s bold economic steps have laid a strong foundation to attract private investment.
“Our goal is not just to maintain this momentum, but to accelerate it. We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this,” the minister stated.
According to him, President Bola Tinubu’s administration has rolled out major reforms that are already making a difference, with the Nigerian economy growing by 3.84 per cent in the fourth quarter of 2024 and recording a 3.4 per cent growth for the year.
While emphasising the relevance of the reforms, Edun described them as “unprecedented.”
He said, “We said we would do it, and now we have done it. This time, we’re staying the course.”
The minister pointed out signs of progress such as lower budget deficits, a better trade balance, and a more stable exchange rate.
He also said that the focus is now on growing key sectors, especially agriculture.
According to him, agriculture is at the top of the government’s agenda, with the aim of improving food supply and increasing productivity.
“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.
The minister also revealed that the government has rolled out 90,000km of fibre optic cable to improve internet access, saying the move is crucial for supporting young Nigerians and tech startups.
Still on infrastructure, noted that 4,000km of roads have been offered for private sector participation, with the first 1,000km already approved for construction.
