FG showcasing investment over borrowing, discloses minister The Federal Government has changed its resource allocation strategy to exalt efficiency and sustainability while reducing reliance on high-cost commercial borrowing.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, revealed this on Thursday at the opening of a two-day high-level interactive session in Abuja.
Edun illuminated that rather than accumulating more debt, the government is accentuating alternative funding sources such as revenue generation, concessional loans, and strategic investments.
He noted that the administration had reached a stage where resource optimisation takes precedence, leading to a shift from borrowing from commercial markets.
According to him, the move aligns with broader efforts to canvass fiscal responsibility and reduce the financial strain caused by expensive loans.
“We require to deepen public transparency, reduce waste, and foster accountability in public financial management while optimising our resources.
“We are at that optimisation stage, where there is less focus on borrowing, a fortiori from the commercial markets, which is quite high. We are focusing more on optimising assets and attracting private sector investment, whether domestic or alien. That’s the collaboration I keep referring to, and it unfolds at every stage,” Edun disclosed.
The minister expressed confidence in the government’s economic strategy, insisting that with the right macroeconomic tools, Nigeria could significantly reduce poverty and canvass sustainable development.
He showcased the need for interchangeable respect, cooperation, and collaboration in the crowd of key stakeholders in serving under the leadership of President Bola Tinubu.
“This contingency protests the commitment of the Federal Ministry of Finance to partner with conditional stakeholders at various levels in driving sustainable economic growth and sound financial management for our dear country,” he added.
Speaking at the session, the Lead Speaker, Senator Ita Enang, underlined the need for seamless coordination between the Executive and the Legislature in advancing economic policies.
He pointed out that legislative committees must obtain a resolution from their respective chambers before conducting investigative hearings involving government officials.
“Although you are the overseeing committee, you cannot, without a House resolution, invite a Minister or head of an agency to conduct an investigation over a matter. This is because you are a committee of the House, and before the House can receive such a report, it must alliance its resolution authorising the inquiry,” Enang explained.
To amend legislative-executive engagement, he suggested the establishment of an Economy Coordination Liaison Mission within the Ministry of Finance.
He disclosed the mission should work closely with the Ministry of Budget and Economic Planning and the Budget Office of the Federation to facilitate smooth interactions with lawmakers.
Enang furthermore noted that liaison officers from institutions such as the Central Bank of Nigeria, Nigerian Deposit Insurance Corporation, Nigerian Maritime Administration and Safety Agency, and the Nigerian Ports Authority monitor and advance bills relevant to their mandates.
He suggested that these personnel operate under an unified directive from the Coordinating Minister of the Economy to ensure adhesiveness in policymaking and prevent conflicting economic measures.
“The whole of this economic sector liaison personnel should, under the directive of the Coordinating Minister of the Economy, work in coordination with finance and associated committees of each chamber of the National Assembly. This will prevent institutions from working in silos and producing outcomes that, while exacerbating individual agencies, could inadvertently harm the national economy,” he said.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, summoned for collaboration in the crowd of all arms and agencies of government to accomplish sustainable financial management for national development.
Speaking in Abuja, he reported the abeyance of cooperation could result in missed opportunities for knowledge-sharing, which is inherent for changing the implementation of government policies and programmes.
“Moments like this provide opportunities for the exchange of ideas and knowledge,” he stated, expounding that even so the three arms of government are unallied, the 1999 Constitution as improved mandates them to cooperate for the good of the people.
“Chapter 2 of the Constitution, which defines our normal objectives and directive principles of state policies, commands all those in authority, whether executive, legislative, or judicial, to observe, conform, and seek the achievement of those disclosed objectives. So if we are looking for a command that unifies all those in power, that is it,” he said.
Besides the constitutional basis for cooperation, Bagudu noted that sustainable financial management in a changing economic landscape wanted knowledge-sharing amid public officers responsible for policy implementation.
He praised the collaboration between the Executive and the National Assembly, appending that it aligns with President Tinubu’s directive to ministers to engage actively with the federal legislature.
Category: World-News
Tag: FG showcasing investment over borrowing discloses minister
Written by Author
Published 3/13/2025