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2024 budget: How to address Nigeria’s economic challenges, boost IGR — Senate

The Senate Committee on Finance has said a genuine and deliberate collaboration between the legislature and the executive arms of government could produce a robust…

The Senate Committee on Finance has said a genuine and deliberate collaboration between the legislature and the executive arms of government could produce a robust fiscal policy that would effectively address the economic challenges currently confronting Nigeria.

Such collaboration, it said, would not only guarantee economic growth but also massive revenue generation.

The Chairman of the Committee, Senator Sani Musa (APC, Niger) explained this in a statement on Sunday amid preparations by a joint committee of the Senate chaired by him to engage heads of federal ministries, departments and agencies in rigorous interactive public hearings this week on the 2024-2026 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF-FSP).

The interactive sessions being coordinated by the Senate Committees on Finance also included Committee on Appropriations; National Planning and Economic Affairs; and Local and Foreign Debts.

The joint panel would scrutinise the fiscal document with the heads of MDAs and chief executives of government-owned organisations with a view to increasing the national revenue base and block leakages.

Musa said, “It is our duty not only to scrutinise but to ensure that the MTEF/FSP 2024-2026 aligns with the best interest of Nigerians who 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.”

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