In a bid to stimulate economic growth and development, Speaker of the House of Representatives, Hon Tajudeen Abbas has emphasized the need for the 2024 Budget to prioritize social welfare programs, job creation, and youth empowerment.
Recognizing the significant youth population, Abbas stressed that investing in these areas is crucial for the country’s future.
During the presentation of the 2024 Appropriation Bill to a joint session of the National Assembly by President Bola Tinubu, Abbas also highlighted the importance of prioritizing investment in education and healthcare for human capital development and a more productive workforce.
He underscored the critical role of infrastructure development in fostering economic growth.
However, Abbas acknowledged the challenge of balancing these priorities within the constraints of available resources. He urged that the budget should not be perceived solely as a financial document but as a reflection of the collective commitment to address the most critical needs of the citizens.
Addressing concerns about a high level of public debt, Abbas assured that the National Assembly would ensure the inclusion of concrete strategies for sustainable debt management in the 2024 budget.
This includes measures to increase revenue and control expenditure, with a focus on tax reform, fiscal reform, subsidy reform, foreign exchange convergence, and centralized revenue collection.
During recent engagements with Ministries, Departments, and Agencies (MDAs) on the Medium-Term Expenditure Framework (MTEF), there was an emphasis on the need for revenue-generating agencies to double their targets to meet the projected N18 trillion revenue in the budget.
In addition, the Speaker proposed enacting a Budget Act to strengthen the budget process and promote development outcomes.
“I cannot conclude my remarks without mentioning some of the perennial issues that have hampered the budget process in Nigeria,” he said. Mr. President, who is a former legislator, is well aware of these.
Despite the fact that the government budget is an important tool for economic management and promoting growth and development, it has generally fallen short of expectations for improved service delivery and development. This has largely been due to difficulties with budget enactment, implementation, and oversight.
“The well-documented gaps in the various stages of the budget process highlight the need for budget reforms, such as amending relevant sections of the Constitution and existing laws to strengthen the budget process and transform our budget into an authentic tool for development.”
As a result, I propose that a Budget Act be enacted to strengthen the budget process and promote development outcomes. This is a common practice in democracies around the world.”
According to the speaker, the president’s actions since taking office have been bold, decisive, and purposeful.
He believes they reflect the President’s determination to make difficult but necessary decisions to correct past mistakes and put Nigeria on the path of economic recovery, security, and development.
“Your Excellency, sir, your administration’s ‘Renewed Hope Agenda’ is the philosophical foundation of the 10th House of Representatives’ Legislative Agenda,” he said. We have created a detailed roadmap to ensure that the legislature supports, promotes, and oversees the government’s strategic objectives. “Economic Growth and Development” is a major theme on our Agenda.
“We recognize the role of parliament in shaping the economic trajectory, as well as our role in influencing the economic environment.” In this regard, the National Assembly will back the government’s policies and programs targeted at alleviating poverty, economic restructuring and diversification, as well as general social sector reform and development.
“The 10th House of Representatives established monitoring and evaluation committees for the first time in our legislative history to ensure effective implementation of the budget and Mr. President’s 8-Point Agenda, among other things.
” I am pleased to inform Mr. President that the Legislative Agenda was unveiled to the Nigerian public on November 14, 2023, under the chairmanship of the President of the Senate, Distinguished Senator Godswill Akpabio.
“Mr. President, it is common knowledge that millions of our constituents are going through extremely trying times. As a result, they expect Tinubu’s government to provide quick and long-term solutions. Nigerians are encouraged by the President’s antecedents and your track record in governance.
Mr. President, it is for this reason that we cannot afford to fail Nigerians. If anyone can change the rot and chart a new course for Nigeria, IT IS YOU! I have no doubt whatsoever that we can measure up to the expectations of Nigerians through your visionary leadership and the commitment of the National Assembly.
“Mr. President, fiscal policies’ effectiveness and legitimacy are heavily reliant on public support.” The House of Representatives, as the People’s House and in accordance with our Legislative Agenda, will hold the first national citizens’ budget town hall to gather public input and opinion on this budget.
We are confident that this will increase transparency and accountability, improve policymaking, and boost public trust. Participation of the public in the budgetary process has been shown to improve resource allocation and service delivery, as well as create a more stable and robust economy.
We hope to better understand citizens’ local needs and preferences by soliciting citizen input and allocating resources more effectively.
“Mr. President, we will also work to institutionalize pre-budget engagements with the executive in the future to improve and expedite the budget process.” The House has already begun interacting with MDAs through Sectoral Debates in order to better understand the challenges that government agencies face and to identify areas for legislative intervention.
All of our efforts are aimed at ensuring that we provide the necessary legislative support for your administration’s Renewed Hope Agenda.
“Mr. President, let me assure you that, on behalf of my colleagues in the National Assembly, we will give this bill the highest priority it deserves.” While we would give it expedited consideration, we will thoroughly scrutinize it alongside Nigerians to ensure that when it is passed, it will be a budget that best addresses our people’s most pressing needs.
“As a result, we seek the cooperation of all MDA heads, particularly during budget defense by committees.” We will thoroughly examine various aspects of the budget proposals, such as economic feasibility, funding allocation and utilization, and the long-term viability of proposed fiscal policies.
This is critical for maintaining checks and balances and ensuring that government spending aligns with national priorities and is carried out in a transparent and efficient manner. As a result, I urge all stakeholders to approach the budget deliberations with a sense of purpose and commitment to national development.
“Distinguished Senators and Honourable Members of the People’s House, we must move forward with the monumental task before us.” The coming weeks will be difficult and demanding for us. But I am confident in our ability to carry out our constitutional mandate effectively and expeditiously.
We must ensure that, when it is finally passed, the budget meets the expectations of the people we represent. Through our various oversight engagements, we must equally follow the implementation process.”
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