President Bola Tinubu has a clear strategy to reform and revive the nation’s economy, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, has said, noting that despite the prevailing volatility, the determined efforts to revive the economy were on course.
The minister spoke while receiving members of the House of Representatives Committee on National Planning and Economic Development, who were on an oversight visit to his ministry’s headquarters in Abuja.
“Our strategy is very clear,” he told the committee, led by its Chairman, Hon. Ayokunle Isiaka, explaining, “We want to achieve a higher rate of growth that is all-inclusive; reform the macroeconomic polity, to ensure that we generate more revenue; and have a foreign exchange market that is rule-based and can generate investment and investors’ confidence.”
Noting that though the strategy is currently faced with some volatility, he expressed confidence that the federal government would overcome the prevailing challenges. “I am proud to say we are clear about how to handle the challenges. Of course, in the immediate, we have to respond more to support vulnerable populations and those who are otherwise affected. But our strategy is very clear and we appreciate that the National Assembly fully supports all the bold and commendable measures that have been taken even while calling for more interventions to ensure that constituents who are affected by the reform efforts are supported until we tide over the storm, which I believe will be soon,” he said.
The minister said President Tinubu was determined to return the nation to a plan-based budget regime, informing the visiting committee members that new legislation was being put together to properly align budgeting with national planning.
“We have been instructed by Mr. President to restore the sanctity of a plan-based budget because without a plan, you will continue to wobble and everyone you are dealing with around the world wants to appreciate whether you have a strategy and whether you are confident in your strategy. Implementation challenges can come from time to time, challenges that are caused by other external and domestic factors. But the clarity is whether we have a strategy or not. It is very important to appreciate this point so that even when challenged, we keep to the strategy,” he said.
According to him, “Our objective is to stick to a plan-based budget. For Mr. President, the budget is the shortest-term plan. We should never look at the yearly budget in isolation. Part of what President Bola Tinubu wants to change, which he had done in Lagos State, is that the budget must always derive from a plan. This is where the committee, in my humble view, can be more assertive. If the plan we have agreed with as a nation is not working well, let’s change it. But as long as we adopt it as the plan, let it drive all other activities.”
He appreciated the cooperation between the executive and the legislature in the last eight months, saying both the executive and the legislature had shown that democracy was not antagonism but cooperative federalism where every part works together to do things in the interest of the nation.
The minister said, “We presented a budget in a short time, and the National Assembly in its wisdom considered the budget and even decided to increase it based on its wisdom and challenges that are being faced. Mr. President appreciated that that was democracy at work. We do not have all the answers, it’s not a monologue, it’s a dialogue. We demonstrated to the world that we can cooperate and get our priorities right. I think that is a very commendable show of democracy in action. I am sure that will encourage other countries, particularly countries in our neighbourhood.”
Speaking earlier, the committee Chairman, Hon. Ayokunle Isiaka, underscored the critical need for synergy between the ministry and the committee to deepen an effective budgetary system and commended the Minister for his dedication and expertise in driving the nation’s budgetary process.
Presenting his committee’s work plan and proposal on the budgeting process to the Minister for his consideration, the chairman explained that it was an initiative aimed at fostering a conducive environment for economic development, attracting investments, and enhancing the welfare of citizens through refined strategies.
