Senate Pledges Support for Domestic Industries and Economic Growth

<

ins datetime=”2023-08-28T05:06:13+00:00″>
The Nigerian Senate has affirmed its commitment to fostering an environment conducive to the growth of domestic industries and propelling economic development. In a statement released by Senator Sani Musa, the Chairman of the Senate Committee on Finance, the Senate expressed its determination to drive transformative economic progress by embracing innovation, transparency, and dedicated efforts.

Senator Musa assured that the Senate would leave no stone unturned in ensuring that Nigeria embarks on a journey of renewed economic prosperity. He emphasized the Senate’s dedication to prudent revenue generation, guaranteeing accountability for all income earned, and prioritizing the country’s developmental objectives.

In his statement, Senator Musa congratulated the recently appointed Ministers of the Federal Republic of Nigeria, particularly Mr. Adebayo Olawale Edun, the Minister of Finance and Coordinating Minister of the Economy. He acknowledged the significant responsibility attached to this position and affirmed the Senate’s support in shaping Nigeria’s economic trajectory.

Senator Musa, in his capacity as the Chairman of the Senate Committee on Finance, acknowledged the economic and developmental challenges facing Nigeria. He highlighted issues such as escalating debt burden, low revenue profile, and fiscal irresponsibility within some government agencies.

With a determination to lead the committee diligently and innovatively, Senator Musa pledged to steer Nigeria’s economic prosperity. He acknowledged the complex economic challenges the country faces, including low GDP growth, inflation, high unemployment, mounting debt, and a limited revenue base. He stressed the need for strategic policy responses to address these challenges and promote sustainable growth.

The removal of fuel subsidies further heightened economic burdens on citizens, prompting the urgent requirement for comprehensive measures to stabilize the economy and ensure equitable access to basic necessities and opportunities for all segments of society.

Senator Musa acknowledged the dual challenges of rising debt and insufficient revenue. He outlined the committee’s mission to amplify revenue streams, promote robust and resilient economic growth through legislative means, manage debt judiciously, and explore avenues for favorable terms and sustainable repayment.

The Senator highlighted the significance of the informal sector, particularly the mining industry, in Nigeria’s revenue potential. He emphasized the committee’s intent to empower this sector through appropriate legislation, formalizing artisanal and medium-scale mining activities to foster economic benefits and responsible practices.

The Senate Finance Committee also plans to raise revenue from the blue marine and creative economies through legislation that encourages consumption and production regulations, while providing an enabling environment for the growth of domestic industries and stimulating economic expansion.

Fiscal discipline remains a cornerstone of the Senate’s approach. The committee is committed to prudent revenue sourcing and ensuring that all earned income is properly accounted for, aligning annual budgets with the Medium-Term Expenditure Framework and fiscal strategy paper to promote coherence and accountability in resource utilization.

The Senate Finance Committee expressed its full support for the Presidential Committee on Fiscal Policy and Tax Reform, aiming to bridge the substantial revenue gap from non-oil sources and achieve an 18% tax-to-GDP ratio.