The Federal Government has enhanced its resource allocation strategy to improve efficiency and sustainability while reducing dependence on high-cost commercial borrowing.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this on Thursday at the opening of a two-day high-level interactive session in Abuja.
Edun stated that instead of accumulating more debt, the government is focusing on alternative funding sources, including revenue generation, concessional loans, and strategic investments.
He emphasized that the administration has reached a point where resource optimization is the priority, prompting a shift away from commercial market borrowing.
He noted that this approach aligns with broader efforts to promote fiscal responsibility and ease the financial burden of costly loans.
“We want to enhance public transparency, reduce waste, and foster accountability in public financial management while optimising our resources.
“We are at that optimisation stage, where there is less focus on borrowing, particularly from the commercial markets, which is quite high. We are focusing more on optimising assets and attracting private sector investment, whether domestic or foreign.
“That’s the collaboration I keep referring to, and it emerges at every stage,” Edun said.
The minister expressed confidence in the government’s economic strategy, stating that with the right macroeconomic tools, Nigeria could significantly reduce poverty and drive sustainable development.
He emphasized the importance of mutual respect, cooperation, and collaboration among key stakeholders under President Bola Tinubu’s leadership.
“This event demonstrates 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 added.
Speaking at the session, the Lead Speaker, Senator Ita Enang, highlighted the need for seamless coordination between the Executive and the Legislature in advancing economic policies.
He stated that legislative committees must secure a resolution from their respective chambers before conducting investigative hearings involving government officials.
“Although you are the overseeing committee, you cannot, without a House resolution, invite a Minister or head of an 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 reference its resolution authorising the inquiry,” Enang explained.
To enhance legislative-executive engagement, he proposed establishing an Economy Coordination Liaison Mission within the Ministry of Finance.
He suggested that this mission collaborate with the Ministry of Budget and Economic Planning and the Budget Office of the Federation to ensure seamless interactions with lawmakers.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, emphasized the need for collaboration among all arms and agencies of government to achieve sustainable financial management for national development.
He warned that a lack of cooperation could lead to missed opportunities for knowledge-sharing, which is crucial for improving policy and program implementation.
“Moments like this provide opportunities for the exchange of ideas and knowledge,” he said, explaining that although the three arms of government are independent, the 1999 Constitution as amended mandates them to cooperate for the good of the people.
“Chapter 2 of the Constitution, which defines our fundamental objectives and directive principles of state policies, commands all those in authority, whether executive, legislative, or judicial, to observe, conform, and seek the achievement of those stated objectives. So if we are looking for a command that unifies all those in power, that is it,” he said.
