The Senate has vowed to create the enabling environment for domestic industries in the country to thrive and foster economic growth. It also promised to leave no stone unturned as the country was embarking on trans-formative journey of renewed economic prosperity by embracing innovation, transparency, and untiring dedication.
Chairman of the Senate Committee on Finance, Senator Sani Musa, APC, Niger East, who made the vow in a statement yesterday, said that the Senate would fasten its commitment to prudent revenue sourcing and ensure every income earned was accounted in order to promote Nigeria’s priorities and development goals.
The 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 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 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 embark on a mission to amplify our revenue streams, drive economic growth that is not only robust but also resilient through legislative means, manage our debt judiciously, explore avenues for favourable terms and sustainable repayment simultaneously.
“Also, of importance, the Senate finance committee will seriously look at the informal sector which constitutes about 80% of the 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, and facilitate an enabling environment through legislation for domestic Industries to develop and stimulate economic growth through direct foreign investment 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 ensure 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 N20 trillion from non-oil sources and also to achieve 18% tax-to-GDP ratio.”