Ahead of this week’s commencement of interactive session between Senate joint Committees and heads of Ministries, Departments and Agencies (MDAs) of the federal government on the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP), Senator representing Niger East and Chairman, Senate Committee on Finance, Senator Sani Musa, has said the Red Chamber was determined to curb frivolous expenditures and block revenue leakages with a view to boost earnings of the present administration.
Senator Musa made the declaration in a statement made available to newsmen on Sunday in Abuja.
The interactive sessions, being coordinated by the Senate Committee on Finance under Senator Musa leadership also included certain other Committees: Appropriations, National Planning and Economic Affairs, Local and Foreign Debts
The joint Senate Committees has been saddled with the responsibility to scrutinise the fiscal document with the heads of MDAs and chief executives of federal government owned organizations particularly the revenue earning agencies with a view to shore up the nation’s revenue earnings.
Checks revealed that the aggregate expenditure in the 2024 Budget is estimated at N26.01 trillion with components such as statutory transfers of N1.3trn, non debt recurrent expenditure of N10.26 trn, Debt Service estimated at N8.25 trn, as well as N7.78 trn being provided for personnel and pension cost.
The present administration in its fiscal projections in the 2024-2027 MTEF/FSP, equally pegged the price of crude oil at $73.96; exchange rate at N700/$; oil production at 1.78 million barrels per day and inflation at 21 per cent and Gross Domestic Product, ( GDP) growth at 3.76 per cent.
Senator Musa in his statement, which noted that the nation is facing crucial economic changes, pleaded for mutual collaboration between the legislature and the executive arms in order to produce a robust fiscal policy that would, ultimately, stimulate economic growth and development.
While he maintained that the economic challenges are formidable, he restated the resolve of the Parliament to collaborate with the Executive to surmount them.
His statement reads in part:” In this endeavour, I call for unity and cooperation between the legislative and executive branches.
“It is only through collaboration and consensus-building that we can develop fiscal policies that are robust, equitable, and conducive to sustainable economic growth.
“The challenges ahead are formidable, but our resolve is stronger.”
“The MTEF/FSP 2024 — 2026 is not merely a collection of numbers and projections but a comprehensive strategy designed to steer our nation through the complex economic landscape that lies ahead.
“The document outlines projected revenue and expenditure expectations, fiscal policies, and macroeconomic assumptions thereby laying the foundation for our budgetary decisions and shaping the economic trajectory of our great nation.
“Therefore, it is our duty not only to scrutinize but to ensure that the MTEF/FSP 2024-2026 aligns with the best interest of Nigerians whom we are all representing.
“It is vital to acknowledge the complex and challenging economic situation.
“In the light of this administration, this is the first MTEF/FSP to be considered at a time the economy is facing various economic hurdles.
“These include, fluctuating global oil prices, inflationary pressures, unemployment, general economic hardship partly attributed to fuel subsidy removal which has led to labour unrest and agitation for higher minimum wage.
“It is in these challenging times that the need to increase our revenue sources especially from the non oil sector is paramount, while blocking leakages in the already existing revenue sources.
“Let us strive to reduce the deficit, effectively manage our debt, boost domestic revenue, invest in critical infrastructure, and promote job creation.
“Our role as legislators in shaping the MTEF/FSP is not only a constitutional obligation but a moral imperative to our constituents who look to us for guidance and leadership in safeguarding their economic interests.
“We must engage in thorough and unbiased deliberations, focusing on the welfare of the Nigerian people.
“I urge each esteemed member to lend their expertise, insight, and untiring commitment towards its thorough review and subsequent implementation.
“It is only through collective wisdom and concerted effort that we can fine-tune the economic machinery of our nation, driving it towards prosperity and inclusive growth.
“Our duty is not merely to pass a framework; it is to shape the economic destiny of our nation for generations to come.
“The Committee on Finance in the 9th assembly have begun an investigative hearing on the remittances of all revenue generating agencies of government to the Consolidated Revenue for the Federation(CRF) as well as payment of the 1% Stamp Duty on all contracts executed in all MDAs.
“I assure you that, the Committee in the 10th Assembly will continue with the investigation targeted at blocking revenue leakages, curtailing frivolous expenditures by MDAs and as well as boosting revenues of the government in the face of dwindling revenues from traditional revenue source of crude oil.”
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