Olasunmibo Aboluwade, Abuja
The Chairman, Senate Committee on Finance, Senator Sani Musa, has underscored the need for a robust fiscal policy through collaboration between the legislature and the executive arm of government, as the best way to guarantee economic growth.
Musa stated this on Thursday at an interactive session on the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP) coordinated by his Committee.
The Chairman sought the cooperation of the executive arm of government in his committee’s determine to ensure drastic increment in the nations revenues to meet the challenges confronting the nation.
He said, ” In this endeavour, I call for unity and cooperation between the legislative and executive branches.
“It is only through collaboration and consensus-building that we can develop fiscal policies that are robust, equitable, and conducive to sustainable economic growth.
“The challenges ahead are formidable, but our resolve is stronger.”
He said the interactive session was pursuant of the communication of the President to the Senate for consideration and approval of the 2024-2026 MTEF-FSP.
He also said the sitting coming at this time, was in pursuant of the goal of keeping to the January to December budget cycle.
Musa said, “The MTEF-FSP document represems a clinical roadmap, a guide that charts the economic and financial course of our nation for the upcoming years (2024-2026).
“The MTEF/FSP 2024 — 2026 is not merely a collection of numbers and projections but a comprehensive strategy designed to steer our nation through the complex economic landscape that lies ahead.
“The document outlines projected revenue and expenditure expectations, fiscal policies, and macroeconomic assumptions thereby laying the foundaiion for our budseary decisions and shaping the economic trajectory of our great nafion.
“Therefore, it is our duty not only to scrutinize but to ensure that the MTEF/FSP 2024-2026 aligns with the best interest of Nigerians whom we are all representing.
“As we gather here today, it is vital to acknowledge the complex and challenging economic situation.
“In the light of this administration, this is the first MTEF/FSP to be considered at a time the economy is facing various economic hurdles.
“These includes, fluctuating global oil prices, inflationary pressures, unemployment, general economic hardship partly attributed to fuel subsidy removal which has led to labour unrest and agitation for higher minimum wage.
“It is in these challenging times that the need to increase our revenue sources especially from the non oil sector is paramount, while blocking leakages in the already existing revenue sources.
“Let us strive to reduce the deficit, effectively manage our debt, boost domestic revenue, invest in critical infrastructure, and promote job creation.
“Our role as legislators in shaping the MTEF/FSP is not only a constitutional obligation but a moral imperative to our constituents who look to us for guidance and leadership in safeguarding their economic interests.
“We must engage in thorough and unbiased deliberations, focusing on the welfare of the Nigerian people.
“I urge each esteemed member to lend their expertise, insight, and untiring commitment towards its thorough review and subsequent implementation.
“It is only through collective wisdom and concerted effort that we can fine-tune the economic machinery of our nation, driving it towards prosperity and inclusive growth.
“Our duty today is not merely to pass a framework; it is to shape the economic destiny of our nation for generations to come.
“As you may be aware, Committee on Finance in the 9th assembly have begun investigative hearing on the remittances of all revenue generating agencies of government to the Consolidated Revenue for the Federation(CRF) as well as payment of the 1% Stamp Duty on all contracts executed in all MDAs.
“I assure you that, the committee in the 10th Assembly will continue with the investigation targeted at blocking revenue leakages, curtailing frivolous expenditures by MDAs and as well as boosting revenues of the government in the face of dwindling revenues from traditional revenue source of crude oil.”
