By Mohammed Bello Doka
In a landmark Sectoral Presentation and Question & Answer session convened at the House of Representatives, key stakeholders from Nigeria's economic landscape converged to provide a comprehensive update on the nation's economic trajectory and strategies for sustainable growth. Presided over by Deputy Speaker Hon. Benjamin Kalu, the session witnessed a robust exchange of insights and initiatives aimed at steering Nigeria towards prosperity.
Finance Minister Olawale Edun commenced proceedings with an optimistic outlook, declaring Nigeria's economic status significantly improved compared to May 29, 2023. Shedding light on past fiscal challenges marked by wasteful expenditure, Minister Edun underscored the government's steadfast commitment to fiscal prudence and sustainability. Notable achievements highlighted included a commendable reduction in petrol consumption by approximately 20 million litres, attributed to intensified efforts to combat pipeline vandalism and bolster oil production, now averaging 1.65 million barrels per day. Minister Edun also reassured citizens of forthcoming palliative measures to alleviate the burden of rising living costs, alongside a resolute focus on domestic resource mobilization and deficit reduction.
Building upon this foundation, Minister of Budget Senator Atiku Bagudu elucidated the ministry's core mandate encompassing budget formulation and national planning. Senator Bagudu emphasized a strategic realignment of budgetary priorities, with capital expenditure now surpassing recurrent expenditure, signaling a concerted push towards infrastructure development, healthcare, and education. Noteworthy increases in budget allocations for agriculture underscored the government's commitment to empowering small-scale farmers and bolstering national productivity.
Complementing these fiscal initiatives, CBN Governor Olayemi Cardozo provided insights into monetary policies and regulatory measures aimed at fortifying Nigeria's financial resilience. Governor Cardozo highlighted positive indicators stemming from recent reforms, citing favorable ratings from international rating agencies as testament to Nigeria's economic progress. Notable achievements included robust transaction volumes at the stock exchange and the implementation of directives to channel crude oil sale proceeds through the CBN. Governor Cardozo further underscored the collaborative framework between CBN and the Ministry of Finance, emphasizing the importance of regulatory harmonization in fostering economic stability and growth.
FIRS Chairman Zaccheus Adedeji rounded off the session by delineating FIRS's pivotal role in revenue generation and collection. Notably, FIRS surpassed its revenue target, reaching an impressive N12.3 trillion, owing to visionary leadership and collaborative efforts with key stakeholders. Chairman Adedeji outlined strategic initiatives aimed at broadening the tax base through technological innovation and capacity building, thereby facilitating sustainable revenue growth without imposing undue burdens on taxpayers.
The collective insights shared during the session underscored a unified commitment among government officials and regulatory bodies to navigate economic challenges and foster inclusive growth. As Nigeria continues its journey towards prosperity, the resolve demonstrated by policymakers and stakeholders serves as a beacon of hope amidst evolving global dynamics.
The assessment of the session's proceedings was compiled by Mr. Tunde Rahman, Senior Special Assistant to the President.
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