Editor
………. Urge Ministry’s, MDA’s to Increase Revenue sources
By Fatima Saka
The Senate urged Ministries and MDA’S to rise up to its tasks by increasing revenue sources for the country, saying that Nigeria is going through various phases and forms of economic challenges.
As the Senate President Godswill Akpabio frowned at the absence of some Ministers and heads of MDA’S at first the Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) 2024 to 2026.
Akpabio further stressed that any head of ministry and agencies that sent a representative at MTEF is not a serious mind.
The Senate President hereby emphasized that that person’s appointment should be terminated. ” The president must take a second look at such a person’s appointment,” saying that is not a threat but the truth.
The 2026 MTEF and FSP consider at a time that events at the global scene locally and otherwise are putting a massive negative financial and social economy ratio on Nigeria and other economic issues globally.
“Internationally in the Russia and Ukraine war, and the sudden realization of the emergence of Conflicts in Israel and Palestine is also having international economic repercussions that have consequences for our own economic outlook as a nation.
“Removal of subsidy burdens is something that was dealt with in advance to make decisions and laws to preserve the future.”
The Senate Chairman Committee on Finance, Senator Mohammed Sani Musa while giving an opening address reiterated that it is a great sense of responsibility that as the chairman of the Senate committee of Finance to present the Medium-Term Expenditure Framework, Fiscal Strategy Paper 2024 to 2026.
“This interactive session is portion of the communication of Mr. President, commander in chief of the armed forces. Senate of the Republic of Nigeria for consideration and approval of the president for 2024/2026 MTEF and FSP.
“This sitting at this time is also a portion of the board given to the January to December budget cycle. The MTEF and FSB document presents a critical roadmap, a guide that charges economic and financial costs of our nation for the upcoming years of 2024/2026.
“The MTEF is not merely a collection of numbers and projections, but a comprehensive strategy designed to set our nation through the complex economic landscape that is ahead.
“They don’t document appliance projected revenue and expenditure expectations, physical policies and macroeconomic assumptions, thereby laying the foundation for our voluntary decisions and shaping the economic trajectory of our great nation.
“Therefore, it is our duty not only to scrutinize what to ensure that an MSP 2024 to 2026. alliance with the best interests of Nigerians who we are all represented.
“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 answer and FSB to be considered at the time the economy is facing various economic models, including fundraising normal oil rises, inflationary wages and unemployment, derive economic hardship on the attributes as well subsidy removal, which was a necessity which has also led to level of rise and agitation for higher minimum wage isn’t useful at times and the need to increase our revenues sources, especially for the nonprofit sector is Parliament’s were broken leakages in the already existing revenue sources let us try to reduce the deficit effective, effectively managed our deaths whilst domestic revenue, invest in critical infrastructure and promote job creation.
“Our role as legislators in shaping the LTP in shaping the MTA is not only a constitutional obligation, but a moral imperative to our constituents who look to us for guidance and leadership and safeguarding their economic interests.
“We must engage in total and homebuyers deliberations focusing on the welfare of Nigerian people. And there’s a level I call for unity and cooperation between the legislative and executive branches. It is only through collaboration and consensus building, but we can develop fiscal policies that are robust, equitable and conducive to sustainable economic growth.
“The challenges I had and for me that our result is from each team member tremendous franchise, insight and Rotarian commitment towards is its thorough review and subsequent implementation.
“It is only through collective wisdom and concerted effort that we can find the economic questionnaire of our nation driving towards prosperity, and inclusive grace. Our duty today is not merely acquire the framework. It is to share the destiny of our nation for generations to come.
“As you may be aware, the committee on finance in the ninth assembly, but began to investigate you carrying on the returns of all revenue generating agencies of governments to the consolidated revenue, revenue account of the Federation as well as the payment of this first tendency while present scalability on all contracts excluded as executed in all MDS.
“I want to assure you that the tense National Assembly will carry on with the investigation targeted and broken revenue, we can just go tell it we will assess managers by MDs and also we will be doing this to boost the revenues of the governments in the face of dwindling revenues from traditional revenue sources in conclusion,
“I would like to express my gratitude. Excellency, the President of the Senate, to my fellow committee members, honorable members of this assembly, and all stakeholders who have contributed to the development of this crucial framework that was engaging in constructive debate and rigorous scrutiny on us with the best interests of our people. Together with this paved the way for a more prosperous and economically viable Nigeria.”
