The federal government has said the Economic reforms of President Bola Ahmed Tinubu were aimed at re-jigging the Macro-Economic Policy of the Federal Government to ensure increased revenue generation in addition to having a foreign exchange market that is rule-based and in the long run restore investors confidence.
The Minister of Budget and Economic Planning Sen. Abubakar Atiku Bagudu who stated this assured Nigerians that they will emerge from the present hardship to become prosperous and experience significant economic growth.
The Minister who gave this assurance during the oversight visit by the House of Representatives Committee on National Planning and Economic Development, re-assured Nigerians that the Federal Government was not unaware of their sufferings as efforts were being made to handle the vulnerable population and those adversely affected by the economic reforms.
He called on the National Planning and Economic Development Committee of the House of Representatives to critically review their mandate in order for them to deliver on their objectives.
He particularly commended the National Assembly for truly practicing democracy through unilaterally increasing the 2024 Budget.
Earlier, the Chairman of the House of Representatives Committee on National Planning and Economic Development, Rt Hon. Isiaka Ayokunle noted that the main aim of the oversight visit was to synergize with the Ministry in line with the 8-point agenda of the present administration.
According to him, the interface was meant to strengthen the country’s budget system for better economic growth, to attract investments and improve the overall well-being the Nigerians
A work plan/proposal on an effective budget process was presented to the Honourable Minister for possible incorporation to the Ministry’s work plan and budget.
The Committee during the oversight visit examined the releases and expenditures on personnel, Recurrent and Capital Costs of the 2023 Appropriation year, Audited Accounts of the Ministry and Budget office, up-to-date key performance indicators (KPIs) in addition to the strengths/weaknesses and challenges encountered during 2023 reporting year.
Recall that President Tinubu in November last year presented a budget proposal of N27.5 trillion to a joint session of the National Assembly but at the end of their work, the lawmakers passed a budget of N28.7 trillion, thus jacking up the budget by N1.2 trillion.