Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has disclosed that a forensic audit of the Nigerian National Petroleum Company Limited (NNPCL) is currently underway.

Speaking at the Nigeria Investment Forum held on the sidelines of the World Bank/IMF Spring Meetings in Washington, D.C., Edun said the audit aims to clarify financial discrepancies and ensure greater transparency in the oil sector.

“An audit of NNPC is ongoing to fully understand past transactions,” Edun said. “Although the fuel subsidy was officially removed on 29 May 2023, the process took time, shifting some financial burden to the NNPCL. A reconciliation is now in progress.”

Edun stressed that the goal is to enhance oil production, increase dollar revenue, and boost remittances to the Federation Account.

He also highlighted several economic reforms undertaken by the Tinubu administration, including the removal of fuel subsidies, foreign exchange liberalisation, and the elimination of the Central Bank’s Ways and Means advances.

“These reforms have made Nigeria more resilient to global economic shocks,” Edun asserted. “We have created a strong foundation for renewed industrialisation and sustainable growth.”

Central Bank Governor, Mr. Olayemi Cardoso, also addressed the forum. He said the return to orthodox monetary policy is yielding results, citing macroeconomic stability, improved investor confidence, and positive changes in Nigeria’s global credit ratings.

“The numbers speak for themselves,” Cardoso noted. “Our firm stance on orthodox policy has stabilised key indicators, and Nigeria is better positioned today than it was before.”

The IMF, meanwhile, advised Nigeria to consolidate reforms by improving public sector efficiency and embracing prudent fiscal practices.

In a related development, the World Bank Group appointed Alhaji Aliko Dangote to its Private Sector Investment Lab, reflecting the institution’s new focus on large-scale, job-creating investments in emerging economies.