EKO HOT BLOG reports that the House of Representatives has initiated the critical process of budget defense for the fiscal year 2024, aiming to scrutinize and deliberate on key areas crucial for Nigeria’s economic progress. Under the leadership of James Faleke, the Committee on Finance will oversee this significant phase.
Scheduled to appear before the committee on the inaugural day are notable figures: Alhaji Abubakar Bagudu, Minister of Budget and National Planning; Mrs. Oluwatoyin Madein, the Accountant General of the Federation; and Mohammed Bello Shehu, Chairman of the Revenue Mobilization and Fiscal Commission (RMFAC).
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On the following day, the committee anticipates the presence of the Minister of Finance, Yemi Cardoso, alongside heads from the Ministry of Finance Incorporated (MOFI), Fiscal Responsibility Commission (FRC), Nigerian Bulk Electricity Trading (NBET), and Nigeria Sovereign Investment Authority.
This exercise gains added significance against the backdrop of Nigeria’s current economic challenges, notably the repercussions of fuel subsidy removal, which have impacted millions across the nation. The Executive Director of the Civil Society Legislative Advocacy Center (CISLAC), Auwal Musa Rafsanjani, emphasizes the imperative need for a budget that addresses fundamental human needs and revitalizes the economy.
Rafsanjani underscores the importance of ensuring proper scrutiny of budget allocations, pointing out past instances where concerns were raised regarding inflated budgets and unauthorized insertions. He advocates for a more citizen-centered approach, urging lawmakers to prioritize projects that directly benefit Nigerians, especially during this critical period.
Reflecting on President pronouncements cautioning lawmakers to prioritize citizens’ welfare, Rafsanjani urges a thorough assessment of proposed projects. He criticizes instances of what he deems as misplaced priorities, citing examples such as the substantial allocation for the Vice President’s residence amid pressing infrastructural deficits across the country.
He argues for a shift in focus towards critical sectors like healthcare, education, transportation, employment generation, and security, highlighting the urgency to revamp non-functioning refineries and bolster steel industries, offering substantial benefits in employment, revenue generation, and investment opportunities.
The House of Representatives faces the formidable task of ensuring that the 2024 budget reflects the aspirations and necessities of the Nigerian populace. Rafsanjani’s plea resonates with the call for a budget that not only addresses immediate needs but also lays the groundwork for sustainable development and inclusive growth.
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The upcoming sessions are poised to be pivotal in shaping Nigeria’s fiscal trajectory, as the nation seeks a budget that aligns with the urgent needs of its citizens, steers the economy towards recovery, and fosters equitable progress.
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