The Senate has urged Ministries, Departments and Agencies (MDAs) to present budgets that are realistic, implementable, focused and with measurable outcomes.
Chairman Senate Committee on Finance, Sen Sani Musa 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.
The News Agency of Nigeria (NAN) reports that those present at the session were also the Accountant General of the Federation Dr Oluwatoyin Madein and Chairman, Fiscal Responsibility Commission (FRC),Mr Victor Muruako,
Musa said the MDAs budgetß should have a clear purpose and translate to tangible benefits for the populace on implementation.
He said that it was the responsibility of the legislature to ensure efficient and transparent allocation of government resources to drive development and needs of the people, adding that the ministry of finance plays a foundational role in shaping economic policies and fiscal strategies.
“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.
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale 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, 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 reduction of inflation, Edun said
it was a key function of monetary policy.
“Central Bank is indicating a 15 per cent inflation rate by the end of 2025, it is achievable, we are working hard towards it,we look forward to achieving it.
“And 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 question on adoption of 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.
“And 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.
“And finally, Mr. Chairman, we are looking at the non-oil sector and has continued a robust application of technology that we believe will maximise revenue generation,”the minister said.
