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The Federation Budget Authority has urged Ministries and Agencies (MDAs) to draft budgets, stressing the need for fiscal responsibility, efficient budget planning and strategic resource allocation in addressing Nigeria’s economic and security challenges. He urged alignment with national priorities.
Yesterday, the Federation’s Budget Director Tanim Yakub said this at the launch of the 2025 Budget Preparation Training for MDAs using the Government Integrated Financial Management Information System Budget Preparation Subsystem (GIFMIS/BPS) for the South-West Zone. Ta. It was held in Lagos yesterday.
Mr Yakubu, on behalf of the Director-General of Economic Expenditure, Funmi Rasekane, outlined the fiscal pressures facing the government of President Bola Tinubu, citing declining oil revenues, rising debt servicing costs and global economic pressures.
“The quality of our national budget has long been a concern, with stakeholders questioning its relevance and execution. It is now more important than ever that we secure this effectively and efficiently,” said Yakub.
He explained that the training is aimed at strengthening MDAs’ ability to implement a budget that reflects the government’s focus on security, economic growth and human capital development.
Mr. Yakubu emphasized that this initiative is an important step towards reforming the budget process and ensuring that the 2025 budget meets the expectations of Nigerians. Mr Yakub urged MDAs to align their proposals with national priorities, stressing the need for security, infrastructure development and poverty reduction.
The Director-General further stated that the training is expected to streamline budget processes, improve efficiency and promote accountability across the public sector, encouraging participants to make the most of the tools provided. He urged them to leverage their strengths and work with colleagues to ensure the success of Budget 2025. .
Mr. Yakubu reaffirmed the federal government’s commitment to restoring economic stability and strengthening human capital in the country through effective budgetary reforms.
Mr. Alfred Okoh, Technical Adviser to the Director of the Budget Office, provides a comprehensive overview of the Federal Government’s revenue outlook for 2025, highlighting key pillars and a cautiously optimistic approach to expanding government and household spending. did. economy.
He said the 2025-2027 Medium-Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP), which serves as the government’s pre-budget statement, prioritizes stability, sustainable growth and inclusive development, while also ensuring fiscal policy He said that he would promote the For the next few years.
According to Oko, the Federal Government is embarking on an ambitious infrastructure development plan aimed at strengthening Nigeria’s economic hub through major transport projects.
Mr. Okoh said that despite some headwinds, the economy recorded 14 consecutive quarters of positive growth, which was lower than expected. On budget caps and fiscal discipline, Mr. Okoh stressed that the 2025 budget formulation process will enforce strict compliance with the budget caps set by the federal government. Circular of calls on government budget.
He explained that these ceilings are designed to reflect the government’s commitment to President Bola Tinubu’s “New Hope” Agenda and the National Development Plan for 2021-2025.
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