The Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, has said that applying fiscal responsibility practices is the best option to implement 2025 budget.
“Fiscal responsibility practices are the software that makes the hardware of budget figures and percentages work,” Muruako said on Thursday as he x-rayed a presentation the President of the Nigerian Economic Society, Prof.
Adeola Adenikinji, made to the Senate Committee on Appropriation during a public hearing/interactive session on the budget.
Adenikinji’s presentation highlighted the critical role of the 2025 budget in restoring macroeconomic stability, fostering inclusive growth, creating employment, reducing poverty, and driving infrastructural development.
The FRC’s Head, Strategic Communications Directorate, Bede Anyanwu, in a statement on Thursday, said the chairman affirmed support for the objectives portrayed by Prof. Adenikinji, adding that adhering to sound fiscal responsibility principles was the only way the government would realise the goals of the budget.
Muruako listed fiscal responsibility priorities he said Ministries, Departments, and Agencies (MDAs) should integrate in order to ensure the successful implementation of the 2025 budget.
He explained, “Citizen-Involvement: Transparent budget consultations, public hearings, and access to budget information are essential for ensuring active citizen participation in the budget process.
“Transparency and Accountability: Open budget execution requires clear reporting mechanisms, regular audits, and robust sanctions for any deviations.
“Intentional Plan Implementation: A well-defined, meticulously executed implementation plan, coupled with effective monitoring and evaluation, is necessary for achieving budget goals.
“Debt Sustainability: Responsible government borrowing is crucial to prevent jeopardizing future economic growth.
“Prioritisation and Efficiency: Strategic prioritisation of expenditures and efficient resource allocation are vital for maximising budget impact.”
The chairman reiterated the unique opportunity the 2025 budget presents for steering Nigeria towards sustainable economic growth and development, calling for unwavering commitment to fiscal responsibility as a foundation for achieving its promises.
Pledging the support of the FRC for the policies of the administration of President Bola Tinubu, he stated, “The Fiscal Responsibility Commission remains committed to supporting all MDAs and Government-Owned Enterprises (GOEs) in meeting the objectives of the Bola Ahmed Tinubu administration’s 2025 Budget.”
MDAs are currently defending their proposals before the various joint committees of the Senate and the House of Representatives at the National Assembly in Abuja.
The Senate targets January 31 as the tentative date for the passage of the budget.
The budget has a revenue projection of N34.82tn, leaving a deficit of over N13tn to be sourced through borrowings.
While laying the estimates on December 18, President Tinubu had said, “In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget. Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing.
“A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.
“The budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 Naira per US dollar to 1,500 Naira and a base crude oil production assumption of 2.06 million barrels per day (mbpd).”
