The Senate Committee on Finance, on Monday, urged Ministries, Departments,, and Agencies to present an implementable and result-driven budget when they come to defend their estimates of the 2025 proposal.
The Chairman of the Committee, Sani Musa (APC, Niger), gave the charge on Monday in Abuja, when the Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, appeared before the committee to defend the 2025 budget of the ministry.
Also present at the session were the Accountant General of the Federation, Oluwatoyin Madein, and the Chairman of the Fiscal Responsibility Commission, Victor Muruako,
Musa said the MDA budget should have a clear purpose and translate to tangible benefits for the populace on implementation.
“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 everyone 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.
Speaking at the event, Edun said the nation’s economy was moving in the right direction.
“We’re all moving in the right direction. All the different sub-sectors are doing positively. We want the job-creating ones to do even better and utilise the funds well.
“I think we have justified that not only do we want N13bn in the 2025 budget for the ministry, but there’s also an extra need for large-scale capital expenditure which requires another N25bn,” he said.
On inflation, the minister noted that the apex bank has given a positive projection, saying, “The Central Bank is indicating a 15 per cent inflation rate by the end of 2025. It is achievable; we are working hard toward it, and 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 the 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.”
On the envelope budgeting system, Edun said, “We have a more pragmatic system, to improve everything. For now, the envelope system in terms of the capital project, is about revenue, and a key task and a key target is ramping up revenue.
“The number one place to get revenue and to get foreign exchange is the Nigerian National Petroleum Company Limited. 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.”