Senator Mohammed Sani Musa, Chairman of Nigeria’s Senate Committee on Finance, has urged swift budgetary reforms to tackle Nigeria’s pressing social and economic challenges.

Speaking on the sidelines of the Investors’ Forum during the World Bank and IMF Spring Meetings, Musa emphasized the need for a fiscal overhaul to address the nation’s evolving needs.

Representing Nigeria at the global financial summit, Musa highlighted the urgency of aligning budgetary priorities with current realities to foster economic stability and social progress, according to a statement from his Media Office on Sunday.

He specifically urged the executive branch to implement Nigeria’s long-awaited transition to a Results-Based Budgeting system.

He also emphasized that monetary reforms should be paired with urgent and comprehensive fiscal reforms to maintain the momentum.

The Chairman of the Senate Finance Panel praised the leadership of the Central Bank of Nigeria for the remarkable international credibility given to Nigeria’s economic reform agenda.

Musa praised the presence of top global financial leaders and institutional investors, viewing it as a strong endorsement of the CBN’s reform trajectory.

He said, “The events in New York and Washington had reaffirmed global confidence in Nigeria’s commitment to economic transformation.

“I commend the leadership of the Central Bank of Nigeria under Mr. Yemi Cardoso for the renewed credibility and trust it has brought to our financial system and will dedicate this goal to the courageous leadership of President Bola Ahmed Tinubu.

“The reform agenda being pursued is not only bold but also visionary—anchored on market principles and transparency.

“The presence of global financial stakeholders at these forums is a testament to the confidence the world now has in Nigeria’s economic direction.”

He stressed the importance of complementing these financial sector reforms with a thorough fiscal transformation, starting with a complete overhaul of Nigeria’s budgeting system.

“It is time for Nigeria to transition from the outdated envelope budgeting system to a Results-Based Budgeting (RBB) model.

“This performance-oriented approach, when combined with comprehensive tax reforms, will significantly enhance fiscal discipline, improve service delivery, and strengthen our economy.

“We must align our public financial management practices with global standards to effectively deliver on national priorities,” Musa stated.

Musa reiterated the National Assembly’s commitment to supporting legislative measures that will drive these changes and ensure Nigeria’s economic policies remain credible, sustainable, and attractive to investors.