FG Moves Towards Resource Optimization, Says Edun

FG Moves Towards Resource Optimization, Says Edun

JOEL OLADELE, Abuja

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced that the federal government is successfully enhancing its resource allocation strategies, decreasing reliance on costly commercial borrowing.

This statement was made yesterday, during the opening of a two-day high-level interactive session in Abuja aimed at fostering collaboration between the legislature and executive for sustainable financial management.

Speaking virtually at the event, Edun emphasized that the current administration is dedicated to optimizing resources, which he believes will lead to improved public transparency, reduced waste, and increased 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, or foreign,” Edun said.

Edun expressed confidence that collaborative efforts using macroeconomic tools could significantly alleviate poverty in Nigeria.

“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,” he urged.

The session’s lead speaker, former Senator and Presidential Adviser, Senator Ita Enang, highlighted the importance of a seamless interface between the executive and legislative branches. He stressed that any invitation for a minister to attend investigative hearings must be backed by a resolution from the House. “Although you are the overseeing Committee, you cannot, without House resolution, invite the Minister or Head of agency to conduct an investigation over a matter,” he noted.

To facilitate smoother transmission of bills from the executive branch to the National Assembly, Enang suggested the establishment of an Economy Coordination Liaison Mission, which would involve collaboration between several ministries and institutions.

“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 measures they want passed, or opposed if conflicting with their mandate,” he explained.

He further proposed that all economic sector liaison personnel be required to work under the ministerial liaison mission, preventing any isolated operations that could jeopardize the national economy. “The entirety of this economy sector liaison personnel should mandatorily, at the directive and compulsion of the Coordinating Minister of the Economy… be made to work under the ministerial liaison mission,” he added.

In his address, the Minister of Budget and Economic Development, Senator Abubakar Bagudu, affirmed the commitment of the Federal Ministry of Finance to engage critical stakeholders in driving sustainable economic growth.

“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,” he stated.

Bagudu expressed gratitude to the Ministry of Finance team for their efforts in organizing the event and acknowledged the contributions of National Assembly members.

“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,” he concluded, reiterating a commitment to ensuring that fiscal policy aligns with monetary policy under President Bola Tinubu’s leadership.