The Senate has called on Ministries, Departments, and Agencies (MDAs) to submit budgets that are realistic, actionable, and focused on measurable outcomes.
Sani Musa, Chairman of the Senate Committee on Finance, made this appeal on Monday in Abuja during a session where Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, appeared to defend the Ministry’s 2025 budget proposal.
Other attendees included Oluwatoyin Madein, the Accountant General of the Federation and Victor Muruako. the Chairman of the Fiscal Responsibility Commission (FRC).
Musa emphasised that MDA budgets should serve a clear purpose and provide tangible benefits to the public. He noted that the legislature is tasked with ensuring efficient and transparent resource allocation to address national development needs, highlighting the Ministry of Finance’s critical role in shaping economic policies and fiscal strategies.
“The impact of a well-prepared budget will resonate across all sectors. It must reflect prudence, accountability, and alignment with the priorities of the people,” Musa stated.
He acknowledged the challenges of balancing mandates with limited resources but stressed the collective responsibility to ensure meaningful contributions toward shared goals.
“This session provides an opportunity for MDAs to address challenges using clear data and justifiable expenditures. It is not adversarial but collaborative, as we all aim to enhance the nation’s economic well-being,” he added.
Read also: Senate gives MDAs one-week to defend budget proposals
Edun expressed optimism about the country’s economic trajectory, stating that all sub-sectors are making positive strides.
He justified the request for N13 billion in the 2025 budget for the Ministry, alongside an additional N25 billion for large-scale capital projects.
Addressing inflation, Edun noted that reducing it is primarily the responsibility of monetary policy.
“The Central Bank projects a 15% inflation rate by the end of 2025, which is achievable. However, fiscal measures must complement these efforts by increasing supply rather than just curbing demand,” he said.
He highlighted ongoing efforts to boost food supply, noting the mobilisation of 250,000 farmers to produce 750,000 metric tons of grains during the dry season harvest.
Speaking on revenue generation and budgetary reforms while
responding to inquiries about the envelope system for MDA budgets, Edun described the process as pragmatic and revenue-driven.
He explained. “A key focus is increasing revenue from sources like the Customs Service and the Federal Inland Revenue Service (FIRS).
“The oil sector, led by the Nigerian National Petroleum Company Limited (NNPCL), remains critical, with significant improvements creating a competitive environment for international investors,”
He also emphasised the importance of the non-oil sector, pointing to the application of technology to maximise revenue generation.
“We are committed to implementing robust strategies to ensure sustainable economic growth”, Edun concluded.
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