.....requires strategic and informed policy responses
The Senate has said that the nation's economy at the moment, stands at a critical juncture as it navigates through a complex web of economic challenges that necessitate strategic and informed policy responses, just as it vowed that it will leave no stone unturned as the country is embarking on transformative journey of renewed economic prosperity by embracing innovation, transparency, and untiring dedication.
The Senate has also said that it would legislate to encourage regulations of consumption and production, facilitate enabling environment through legislation for domestic Industries to develop and stimulate economic growth through direct foreign investments inflow.
In a statement by the Chairman, Senate Committee on Finance, Senator Sani Musa, APC, Niger East, he said that the Senate would fasten its commitment to prudent revenue sourcing, ensuring that every income earned was accounted in order to ensure that Nigeria's priorities and development goals were addressed in all its ramifications.
The Chairman of the Committee assured that stringent oversight of revenue agencies would be entrenched against the backdrop that the responsibility of the Committee extends to overseeing the activities of revenue-generating agencies, even as he said that the Senate Finance Committee would seriously look at the informal sector which constitutes about 80% of Nigerian Economy as well as look in to empowering the informal sector with spotlight on mining.
The Upper Chamber stressed that through rigorous oversight, it would ensure the agencies' transparency, accountability, and efficiency, thereby leading to the maximisation of revenue collection for national development.
Senator Musa said that the recent removal of fuel subsidies has added to the burden felt by many citizens, just as he called for urgent comprehensive measures that not only stabilise the economy, but that which would ensure equitable access to basic necessities and opportunities for all segments of society.
The Senator who congratulated the recently inaugurated Ministers, hailed the Minister of Finance and Coordinating MInister of the Economy Mr Adebayo Olawale Edun, saying that his position carries with it a profound responsibility for shaping Nigeria's economic trajectory.
Musa's statement read, "I wish to extend my heartfelt congratulations to the recently appointment Ministers of the Federal Republic of Nigeria, especially the Minister of Finance and Coordinating MInister of the Economy Mr Adebayo Olawale Edun, a position that carries with it a profound responsibility for shaping Nigeria's economic trajectory.
"In my capacity as the Chairman, Senate Committee on Finance I’m very much aware and in the know of the economic and developmental challenges our country is going through, including the escalating debt burden, low revenue profile and fiscal irresponsibility by some MDAs. In this pursuit, I pledge to lead the committee with diligence, innovation, and a steadfast focus on securing our nation's economic prosperity.
"It is a known fact that the Nigerian economy stands at a critical juncture, navigating through a complex web of economic challenges that necessitate strategic and informed policy responses. With a backdrop of low GDP growth which the NBS put at 2.51%, in the second quarter of 2023 lower than 3.54 % of second quarter of 2022, persistent inflation, high unemployment, a mounting debt profile, and a limited revenue base, the economic landscape demands concerted efforts to address structural imbalances and foster sustainable growth.
"The recent removal of fuel subsidies which decision was the best, has added to the burden felt by many citizens, underlining the urgency for comprehensive measures that not only stabilise the economy but also ensure equitable access to basic necessities and opportunities for all segments of society. The President of the Senate His Excellency Senator Godswill Akpabio, CON has given the committee a marching order to as a matter of national concern and interest embark on serious legislative oversight of all Revenue Generating Agencies with a view to making sure all revenue income are deposited in the federation account, identify defaulting agencies and prescribing sanctions where necessary in line with extant legislation and also in accordance with the Fiscal Responsibility act.
"The country is faced with dual challenges of rising debt and insufficient revenue which demand our immediate attention. The Senate Finance Committee under my leadership commitment will be to embark on a mission to amplify our revenue streams, driving economic growth that is not only robust but also resilient through legislative means, manage our debt judiciously, exploring avenues for favourable terms and sustainable repayment simultaneously.
"Also, of important the Senate Finance Committee will seriously look at the informal sector which constitutes about 80% of Nigerian Economy. The committee will look in to empowering the informal sector with spotlight on mining.
"The informal sector, particularly the mining industry, is a hidden gem in our revenue potential. This was corroborated by Ministry of Mines and Steel Development (MMSD) that the solid minerals have the capacity to generate about 2-3 billion US dollars annually. We will dedicate our efforts to understanding and nurturing this sector with appropriate legislation with emphasis on formalising artisanal and medium-scale mining activities.
"This strategic move will bring economic benefits while promoting safer and more responsible practices. We will harness and raise revenue sources from both the Blue Marine and the Creative Economies, by setting targets. The committee will legislate to encourage regulations of consumption and production, facilitate enabling environment through legislation for domestic Industries to develop and stimulate economic growth through direct foreign investments inflow.
"Upholding fiscal discipline is pivotal to our financial health. As Senate Finance Committee, we will fasten our commitment to prudent revenue sourcing, ensuring that every income earned is been accounted for so that our nation's priorities and development goals can be addressed.
"The committee will ensure that the annual budget aligns with the Medium-Term Expenditure Framework and fiscal strategy paper to ensures a coherent roadmap, bridging medium-term aspirations with concrete fiscal plans, and fostering accountability in the efficient utilisation of resources.
"The Senate Finance Committee will extend unwavering support to the Presidential Committee on Fiscal Policy and Tax Reform in its ambitious endeavour to address the substantial annual revenue gap of 20 trillion Naira from non-oil sources and also to achieve 18% tax-to-GDP ratio.
"In parallel, the Committee underscores its commitment to legislate on comprehensive tax reforms, a pivotal step towards augmenting revenue generation and fostering sustainable economic growth.
"Stringent Oversight of Revenue Agencies will be entrenched as our responsibility extends to overseeing the activities of revenue-generating agencies. Through rigorous oversight, we will ensure their transparency, accountability, and efficiency, thus maximising revenue collection for national development.
"We will leave no stone unturned as we embark on this transformative journey of renewed economic prosperity by embracing innovation, transparency, and untiring dedication, we will steer our nation towards prosperity, resilience, and shared progress in line with the Renewed Hope of President Ahmed Bola Tinubu’s administration."
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