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The National Assembly yesterday tasked the heads of Ministries, Departments and Agencies (MDAs) of the federal government to present budgets that are realistic, implementable, focused and with measurable outcomes for legislative scrutiny.
This was as the National Assembly yesterday summoned the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, and the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, to explain the federal government’s commitment to diversify the country’s economy from its heavy dependence on crude revenues.
The Chairman, Joint National Assembly Committee on Finance, Senator Sani Musa, gave the charge to the MDAs yesterday, when Edun appeared before the panel to defend the 2025 budget of the ministry.
The session was also attended by the Accountant General of the Federation, Dr. Oluwatoyin Madein and Chairman, Fiscal Responsibility Commission (FRC), Mr Victor Muruako.
Musa, said the MDAs’ budgets should have a clear purpose and translate to tangible benefits for the populace on implementation.
He said it was the responsibility of the legislature to ensure efficient and transparent allocation of government resources to drive the development and needs of the people.
He added that the Ministry of Finance plays a foundational role in shaping economic policies and fiscal strategies.
He added, “The impact of this action will be released across all sectors, and as such, this budget must reflect prudence, accountability, and alignment with the priority of the people.
“We understand the challenges you face in balancing the demands of your mandate with available resources.
“However, as custodians of the public costs, it is our collective responsibility to ensure that every one contributes meaningfully to our shared goals.
“This session is an opportunity for MDAs to address the challenges they face supported by clear data and justifiable expenditures, this process is not adversarial but collaborative as we all share the common goal of advancing the economic well-being of our country,” Musa said.
In his remarks, Edun said the nation’s economy was moving in the right direction.
He added, “We’re all moving in the right direction, all the different sub-sectors are doing positively, yes, we want those that are job-creating to do even better and utilise the funds well.
“And I think we have justified that not only do we want N13 billion in 2025 budget for the ministry, there’s an extra need for large-scale capital expenditure which requires another N25 billion.”
On the drive to bring down inflation, Edun said
it was a key function of monetary policy.
“Central Bank is indicating a 15 percent inflation rate by the end of 2025, it is achievable, we are working hard towards it,we look forward to achieving it.
“It is their signaling of where inflation is expected to lie that has given us this interest rate, however, we all have a role to play.
“Even if monetary policy helps to try to bring down inflation, however, on the fiscal side, it is important that we contribute to lower inflation, not just by really squeezing demand, but by increasing supply.
“Increasing supply of food is one of the major commitments that is already laid out. We are having a dry season harvest now, and we have mobilised 250,000 farmers to be able to produce 750,000 metric pounds of assorted grains from the dry season farming.”
Responding to a question on the adoption of an envelope system of budgetary proposal for MDAs, the minister said: “We have a more pragmatic system, to improve everything, for right now, the envelope systems in terms of the capital project, it is about revenue, and a key task and a key target is ramping up revenue, already, as you have seen, revenue from Custom Service, revenue from FIRS, generally.
“The number one place to get revenue and to get foreign exchange, we all know, is the NNPCL, the oil sector and we have good prospects because there are major improvements that are being made in the more competitive environment for international investors and international oil companies.
“Finally, Mr. Chairman, we are looking at the non-oil sector and have continued a robust application of technology that we believe will maximise revenue generation.”
However, the National Assembly yesterday summoned Edun and Bagudu to explain the federal government’s commitment to diversify the country’s economy from its heavy dependence on crude revenues.
The Senate and House of Representatives Joint Committees on Solid Minerals, while justifying the decision, raised concerns over the paltry funding of the Ministry of Solid Minerals in the 2025 budget.
The panel said Edun, Bagudu should appear before the federal lawmakers today in company with the Director-General of the Budget Office of the Federation, Mr. Tanimu Yakubu.
The committees, jointly chaired by Senator Ekong Samson and Hon Gaza Jonathan, after the Minister of Solid Minerals, Mr. Dele Alake, appeared before lawmakers yesterday.
He was there to express the frustrations he had faced fighting hard to increase the budgetary allocations to the ministry without success.
This Day