The Senate warns ministries, Departments and agencies against sabotaging 2024 budget cycle.
During a one-day retreat held in Abuja on Tuesday, the President of the Senate, Godswill Akpabio, conveyed a stern warning regarding the upcoming 2024 budget cycle.
The retreat, organized by the Senate Committee on Appropriations, centered around the theme “Budget and budgetary processes: Delivering improved outcome of 2024 Appropriation Bill.” Akpabio, who was represented by Deputy President Barau Jibril, emphasized the gravity of sabotaging the 2024 budget passage by any high-ranking official from a Ministry, Department, or Agency (MDA). He underscored that such actions would have undesirable consequences for both the individual or agency during the eventual passage of the bill.
Highlighting the profound national importance of the 2024 appropriation bill, Akpabio expressed that it marked another crucial step in the 10th National Assembly’s commitment to fostering an all-encompassing budget process. He specifically commended the Chairman and members of the Appropriation Committee for their efforts in opening up the 2024 budget process for engagement and feedback through the one-day retreat. Akpabio acknowledged that the stakeholders present at the retreat were engaged in the noble task of making sacrifices on behalf of the people. He emphasized their commitment to brainstorming, researching, and providing various suggestions and solutions on behalf of the Nigerian populace.
The President of the Senate expressed confidence that such ongoing partnerships and deliberations would significantly contribute to the legislative work of enacting laws for good governance and the interest of the people. Moreover, Akpabio extended commendations to all relevant state and non-state actors for their interests and sacrifices in ensuring the smooth execution of participatory processes of public engagements, aiming for a more robust outcome in law-making. Delving into the intricacies of the budget process, Akpabio stated, he understood that the budget is about fiscal targets, resource allocation, public expenditure policy, productivity, and efficiency. He further emphasized the multifaceted nature of the process, including passage, mobilization, execution, as well as effective monitoring and evaluation.
Encouraging stakeholders to approach the discussions with an open mind, honesty, and factual insights, Akpabio stressed the common goal of drastically improving the socio-economic conditions of the people with the budget of renewed hope. He expressed confidence that the retreat would be a productive forum for stakeholders to contribute meaningfully to the nation’s legislative endeavors.
Adding an academic perspective to the retreat, Prof. Ayo Tariba, a resource person and economist from the University of Ibadan, delivered a short lecture on the identification of processes guiding the desired achievement in the 2024 budget. He provided an appraisal of the 2023 budget and 2024 proposals, highlighting the unprecedented revenue attainment as of September 2023 and indicating optimism in achieving the projected ₦18 trillion revenue in the 2024 budget.
Tariba advised that the focus on revenue generation should extend beyond tax revenue, urging efforts toward leveraging non-tax revenue, asset revenue generation, and attracting foreign direct investments to enhance the nation’s revenue streams. He emphasized the need for every MDA to develop a workable window for creating opportunities that attract domestic and foreign direct investments, contributing to sustainable revenue generation. Tariba stressed that understanding and mitigating risks were crucial for reassuring investors and fostering business deals that would ultimately meet the financial needs outlined in the nation’s budgetary requirements.
In conclusion, the Chairman of the Senate Committee on Appropriations, Sen. Solomon Adeola, highlighted the significance of the retreat in providing stakeholders with the opportunity to contribute meaningfully toward realizing the goals of the renewed hope budget for 2024. He reiterated the National Assembly’s commitment to ensuring that every appropriated fund in the 2024 budget translates into tangible value.
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