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The Federal Government has revamped its resource allocation strategy to boost efficiency and sustainability while reducing reliance on costly commercial loans. Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this announcement at a high-level interactive session in Abuja.
Edun emphasised that the government is shifting its focus from accumulating debt to exploring alternative funding sources, such as revenue generation, concessional loans, and strategic investments. “We want to enhance public transparency, reduce waste, and foster accountability in public financial management while optimising our resources,” he said.
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The minister noted that the administration has reached a critical stage where resource optimisation takes precedence, leading to a decrease in borrowing from commercial markets. This move aligns with broader efforts to promote fiscal responsibility and reduce the financial strain caused by expensive loans.
Edun expressed confidence in the government’s economic strategy, stating that with the right macroeconomic tools, Nigeria can significantly reduce poverty and promote sustainable development. He stressed the importance of mutual respect, cooperation, and collaboration among key stakeholders.
Senator Ita Enang, the Lead Speaker, highlighted the need for seamless coordination between the Executive and the Legislature in advancing economic policies. He recommended the establishment of an Economy Coordination Liaison Mission within the Ministry of Finance to facilitate smooth interactions with lawmakers.
Enang also proposed that liaison officers from various institutions operate under a unified directive from the Coordinating Minister of the Economy to ensure coherence in policymaking.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, called for collaboration among all arms and agencies of government to achieve sustainable financial management for national development. He emphasised the importance of knowledge-sharing among public officers responsible for policy implementation, citing the 1999 Constitution’s directive for cooperation among the three arms of government.
Bagudu commended the collaboration between the Executive and the National Assembly, adding that it aligns with President Bola Tinubu’s directive to ministers to engage actively with the federal legislature.
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“We are working together to ensure that our policies and programs are implemented effectively, and that we achieve our developmental goals,” Bagudu said.
The high-level interactive session, which brought together stakeholders from the public and private sectors, aimed to promote sustainable financial management and economic growth.
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Edun reiterated the government’s commitment to transparency and accountability, stating, “We are committed to ensuring that our resources are managed efficiently and effectively, and that we deliver value to Nigerians.”
The minister also emphasised the importance of private sector participation in driving economic growth, saying, “We recognise the critical role that the private sector plays in driving economic growth, and we are committed to creating an enabling environment that supports business growth and development.”
The session featured presentations and discussions on various topics, including fiscal policy, monetary policy, and economic development.
Participants included officials from the Ministry of Finance, Budget, and National Planning, the Central Bank of Nigeria, and other government agencies, as well as representatives from the private sector and civil society organisations.
The event was part of the government’s efforts to promote transparency and accountability in public financial management and to engage stakeholders in the development and implementation of economic policies
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