By Tony Obiechina, Abuja
The minister of Finance and Coordinating minister of the Economy, Mr Wale Edun says the federal government has attained a level of optimization in its resources allocations.
Declaring open a two- day high level interactive session organised by the the ministry in Abuja on Thursday, Edun said the government now focuses less on borrowing from the commercial market which attracts high costs.
The Minister of finance spoke virtually on the theme: “Strengthening collaboration between the legislature and executive for sustainable financial management”. Former Senator and Presidential Adviser and Liaison to the National Assembly Senator Ita Enang was the lead speaker.
Edun said resources optimization by the current administration enhances public transparency, reduces waste and fosters accountability in public financial management.
” We want to enhance public transparency, reduce waste and foster accountability in public financial management in the course of optimizing our resources. We are at that optimization stage, where there is less focus on borrowing, particularly from the commercial markets which is quite high. We focus more on optimizing assets and crowding private sector investment, whether domestic, whether foreign. That’s the collaboration I keep referring to and it pops up at each and every stage”.
“I’m confident that through our collective resolve, using macroeconomic tools, we can charge a course that will lift our people out of poverty in substantial numbers. Let us continue to have mutual respect, mutual understanding and cooperation, consultation and of course collaboration between us all as we serve under the in-book leadership, the bold leadership, the corrective leadership of President Bola Ahmed Tinubu, the people of Nigeria”.
” This event is a demonstration of the commitment of the federal ministry of finance to partner with critical stakeholders at various levels in driving sustainable economic growth and sound financial management for our dear country”, he said.
The Lead Speaker at the event, Senator Ita Enang spoke on the Imperative of seamless interface between executive and legislative members of the National Assembly.
For instance, Enang said it was important for the Legislature to note that before he can invited for investigative or such other hearings of a public nature, he must have a resolution of the House upon a motion directing the Committees to conduct the hearing.
“Therefore, although you are the overseeing Committee, you cannot, without House resolution invite the Minister head of agency to conduct an investigation over a matter. This is because you are a Committee of the House and before the House can receive such a report, it must make reference to her Resolution authorizing same”, he said.
For seamless transmission of Bills , from executive to the National Assembly, Enang suggested the Ministry, together with the Ministry of Budget & Economic Development and Budget office of the Federation should have Economy Coordination Liaison Mission to the National Assembly.
“That the several Institutions have Liaison officers or personnel, such as Central Bank, Nigerian Deposit Insurance, NIMASA, Nigeria Ports Authority, etc., and they monitor and drive Bills and measure they want passed, or opposed if conflicting with their mandate.
His other recommendations were that, “the several Institutions have Liaison officers or personnel, such as Central Bank, Nigerian Deposit Insurance, NIMASA, Nigeria Ports Authority, etc., and they monitor and drive Bills and measure they want passed, or opposed if conflicting with their mandate”
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“The entirety of this economy sector liaison personnel of these economy sector institutions should mandatorily, at the directive and compulsion of the Coordinating Minister of the Economy, upon instruction to their respective Chief Executives Officers be made to work under the ministerial liaison mission, together with the finance and related committees of each chamber of the National Assembly to avoid each of the institution working in silos and delivering outcomes that endangers the national economy although strengthening the Institutions”, he said.
In his remarks, the Minister of Budget and Economic Development, Senator Abubakar Bagudu said So the event is a demonstration of the commitment of the Federal Ministry of Finance to partner with critical stakeholders at various levels in driving sustainable economic growth and sound financial management for the country.
“I thank our team at the Ministry of Finance. This seamless event is a testament to their own skill, capacity and dedication and determination and I really commend and I’m indeed proud of what you are doing and what you have delivered today.
“Of course, I thank the members of the National Assembly for finding time to be here to brainstorm with us and I’m sure, and as you know, your contributions will be taken seriously. Let me reiterate at this juncture that our primary goal under President Bola Amed Tinubu is to ensure that our fiscal policy remains strong and consistent and aligned with the monetary policy.
