…As Reps Summon NPA MD/CEO to Appear Tuesday
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has said there are positive indicators for a positive performance of the country’s economy in 2025.
He stated this while giving an overview of the expected 2025 budget proposal and the Medium-Term Expenditure Framework and Fiscal Strategy Paper on Monday before the House of Representatives Committee on National Planning and Economic Development.
Responding to a query by the chairman of the committee, Ibrahim Isiaka, the minister said, going by the projection on increased revenue in 2025 as well as other measures taken, the country is moving away from factors that had in the past impacted negatively on the Nigerian economy and affected its people.
He said, “We do have market pricing and foreign exchange. That has resulted in a situation whereby upwards of 5% of GDP has been lost to a plurality of factors benefiting just a few and created long-sighted incentives against growth and investment”.
According to him, as the revenue goes up, it will help lower debt service, and lower borrowing as the economy improves and becomes more competitive.
The minister added, “The deficit of that increase which we hope to achieve less but right now we are assuming is about 9.3 trillion naira in new borrowings and the debt service of about two trillion naira.
“In a nutshell, that backdrop gives you the optimism that the 2025 budget estimates, particularly the one on revenue, will be achieved and the economy will be strong. It will last up to an inclusive and sustainable growth”.
Speaking earlier, the Chairman of the House Committee on Finance, James Faleke said, the committees are looking at the revenue performances of the MDAs as regards the 2024 budget as the 2025 proposed Budget is about to commence in January.
He said, “We are now in December. By now, the agencies should be able to provide us with what revenue we have generated between last year and November. At least for 11 months, we should be able to have that. We are just interested in what revenue we are able to get.
“Apart from that, we also want to see the expenditures as it works. Apart from those who have some levels of percentage collection. We are interested in whether agencies are able to do that”.
Meanwhile, the committee has directed the Managing Director and Chief Executive Officer (MD/CEO), of Nigerian Ports Authority (NPA), Dr Abubakar Dantsoho to appear before it on Tuesday, December 10th, 2024 unfailingly.
Faleke gave the order when he turned back Dantsoho’s representative, Sabiu Musa Danbatta, who informed the Committee that, the MD/CEO was on a special assignment, hence his absence before the Committee.
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