The Federal Government has improved its resource allocation strategy to enhance efficiency and sustainability while reducing reliance on high-cost commercial borrowing.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said this on Thursday at the opening of a two-day high-level interactive session in Abuja.
Edun explained that rather than accumulating more debt, the government is prioritising alternative funding sources such as revenue generation, concessional loans, and strategic investments.
He noted that the administration had reached a stage where resource optimisation takes precedence, leading to a shift away from borrowing from commercial markets.
According to him, the move aligns with broader efforts to promote fiscal responsibility and reduce the financial strain caused by expensive 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, insisting that with the right macroeconomic tools, Nigeria could significantly reduce poverty and promote sustainable development.
He stressed the need for mutual respect, cooperation, and collaboration among key stakeholders in serving under the leadership of President Bola Tinubu.
“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 pointed out that legislative committees must obtain 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 improve legislative-executive engagement, he recommended the establishment of an Economy Coordination Liaison Mission within the Ministry of Finance.
He said the mission should work closely with the Ministry of Budget and Economic Planning and the Budget Office of the Federation to facilitate smooth interactions with lawmakers.
Enang also noted that liaison officers from institutions such as the Central Bank of Nigeria, Nigerian Deposit Insurance Corporation, Nigerian Maritime Administration and Safety Agency, and the Nigerian Ports Authority monitor and advance bills relevant to their mandates.
He proposed that these personnel should operate under a unified directive from the Coordinating Minister of the Economy to ensure coherence in policymaking and prevent conflicting economic measures.
“The entirety of this economic sector liaison personnel should, under the directive of the Coordinating Minister of the Economy, work in coordination with finance and related committees of each chamber of the National Assembly. This will prevent institutions from working in silos and producing outcomes that, while strengthening individual agencies, could inadvertently harm the national economy,” he said.
The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, called for collaboration among all arms and agencies of government to achieve sustainable financial management for national development.
Speaking in Abuja, he said the absence of cooperation could result in missed opportunities for knowledge-sharing, which is essential for improving the implementation of government policies and programmes.
“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.
Besides the constitutional basis for cooperation, Bagudu noted that sustainable financial management in a changing economic landscape required knowledge-sharing among public officers responsible for policy implementation
He commended the collaboration between the Executive and the National Assembly, adding that it aligns with President Tinubu’s directive to ministers to engage actively with the federal legislature.
