WATCH THE VIDEO HERE The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has announced that a forensic audit of the Nigerian National Petroleum Company (NNPC) Limited would soon commence, but did not give a specific timeline. He made this disclosure while speaking at the Nigerian Investor Forum, which is holding on the sidelines of the IMF/World Bank spring meetings in Washington D.C, the US, also attended by the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso. He explained that the recent rejigging of the management of the NNPC was part of the cleansing the federal government has taken to audit the company Addressing a group of investors drawn from renowned global financial institutions, including J.P. Morgan, the Minister outlined critical reforms the federal government has implemented to reset the economy and restore confidence. Mr Edun told the foreign investors that the government, through its veracious reforms, have laid the foundation that would make the country the desired destination for private investors as he said the country is on the road to 7 per cent annual growth, calling for investments in infrastructure, manufacturing, and agriculture. The Minister said the administration of President Bola Tinubu has implemented foundational reforms that are now yielding results, with the Nigerian economy expanding 3.84 per cent in Q4 2024 and 3.4 per cent overall for the year. “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,” he stated. The finance minister further emphasized the significance of the reforms, noting they are “unprecedented” and have drawn praise from multilateral partners during ongoing discussions in Washington. “We said we would do it, and now we have done it. This time, we’re staying the course,” Mr Edun added. He noted that with macroeconomic stability gradually returning as reflected in narrowing budget deficits, improved trade balance, and a stabilizing exchange rate, adding that the government is now shifting its focus to targeted sectoral growth. “We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said. On infrastructure, the minister revealed the rollout of 90,000km of fiber optic cable to enhance digital connectivity, a move seen as critical to empowering Nigeria’s youth and tech entrepreneurs. In addition, 4,000km of roads have been tendered for private sector participation, with the first 1,000km already signed off for delivery.
NNPC Audit to Commence Soon—Wale Edun
