ENGINEERS FAROUK AHMED, GBENGA KOMOLAFE RESIGN, PRESIDENT TINUBU NOMINATES SUCCESSORS TO THE SENATE FOR APPROVAL. (PHOTO). #PRESS RELEASE.

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 STATEHOUSE PRESS RELEASE   ENGINEERS FAROUK AHMED, GBENGA KOMOLAFE RESIGN, PRESIDENT TINUBU NOMINATES SUCCESSORS TO THE SENATE FOR APPROVAL President Bola Ahmed Tinubu has asked the Senate to approve the nominations of two new chief executives for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).   The requests followed the resignation of Engineer Farouk Ahmed of the NMDPRA and Gbenga Komolafe of the NUPRC. Both officials were appointed in 2021 by former President Buhari to lead the two regulatory agencies created by the Petroleum Industry Act (PIA).   To fill these positions, President Tinubu has written to the Senate, requesting expedited confirmation of Oritsemeyiwa Amanorisewo Eyesan as CEO of NUPRC and Engineer Saidu Aliyu Mohammed as CEO of NMDPRA.   The two nominees are seasoned professionals in the oil and gas industry.   Eyesan, a graduate of Economics f...
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WALE EDUN: TINUBU’S ECONOMIC REFORMS WON’T YIELD RESULTS NOW.(PHOTO).

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Wale Edun: Tinubu’s Economic Reforms Won’t Yield Results Now

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said Nigerians should not expect to reap the benefits of the economic reforms by President Bola Tinubu now.

Edun said the administration is assiduously working on how to stabilise the economy and strengthen foreign exchange for productive activities.

According to NAN, the minister said this during the virtual 2023 Annual Directors’ Conference of the Chartered Institute of Directors (CIoD) Nigeria, on Thursday.

Nigerians have been grappling with hardship since Tinubu removed fuel subsidy and attempted to unify the official and parallel markets’ exchange rates.

Also, the Central Bank of Nigeria (CBN) collapsed the multiple official market rates to the investors and exporters (I&E) window and it adopted the ‘willing buyer, willing seller’ model.

Consequently, the removal of subsidy on petrol has led to a surge in the cost of petrol, while the naira has devalued significantly against the dollar in the official and parallel markets.

Defending his principal’s reforms, Edun said the economic adjustments were pertinent and their benefits would take some time to materialise.

“The economic reforms are necessary; its benefits will take some time to materialise…”

“The agenda is to provide first and foremost a stable economy, growing more than population growth, with low inflation, stable foreign exchange to enable investments in productive activities.

“This is what the president is working on and we are a work in progress and we look forward to the task at hand.

“The big price is to make ourselves a formidable economy, our institutions a corporate governance place so that those interested in investing can have trust in their investment.

“The IoD has a major role to play in championing corporate governance so we have a clean lead corporate sector which the world can come and partner for growth and progress.”

 

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