President Bola Tinubu has reaffirmed his administration’s commitment to allocating sufficient funds to vital economic sectors. He claimed that this action is intended to restore public confidence and advance inclusive national development.
At the opening of a nationwide symposium on public accounts and fiscal governance, which was organised by the Senate and House of Representatives Public Accounts Committees, Tinubu made this statement on Monday.
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Doris Uzoka-Anite, the Minister of State for Finance, represented Tinubu, who stated that the goal of the subsidy’s withdrawal was to revitalise the economy for the benefit of Nigerians, despite the fact that it was painful.
“In 2022 alone, Nigeria spent over N4tn on fuel subsidies, more than we allocated to capital expenditure. This was not only physically unsustainable, but it was also unjust. A subsidy that disproportionately benefited the affluent, encouraged smuggling, and bred inefficiency was neither equitable nor strategic.
According to Tinubu, Nigeria’s economy has been hampered for far too long by structural inefficiencies, budgetary leaks, and an excessive reliance on oil earnings. However, we are not here to linger on the difficulties of the past. Our goal is to set a new direction.
President Tinubu further stated that new tax legislation will make it easier to do business in Nigeria, increase the tax base, simplify compliance, and facilitate collection.
“These reforms are designed to widen the tax base by integrating the informal sector, simplify compliance for small and medium-sized enterprises, digitise revenue collection to reduce human interference and eliminate leakages, and harmonise multiple taxes to make doing business easier in Nigeria,” he said.
Describing the new tax system as “a governance imperative,” President Tinubu disclosed that his administration is laying the foundation for a self-sustaining economy that gradually moves away from dependence on oil revenues to a more diverse and inclusive revenue base.
He mentioned recent efforts to consciously change the nation’s economic narratives, such as the National Credit Guarantee Company, which seeks to encourage non-oil exports, empower SMEs, and support local industry.
Regarding monetary policy, Tinubu praised the Central Bank’s effort in controlling inflation, stable the naira, and successfully collaborating with fiscal authorities.
Speaking as well, Senate President Godswill Akpabio cautioned against the rising trend of legislative summons non-compliance and encouraged both chambers’ Public Accounts Committees to use their constitutional authority to enforce accountability and transparency in government.
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“Refusal to honour legislative invitations, especially from the PACs, is unacceptable. This trend must be stopped. Heads of agencies, including the Head of Service and others, must recognise the authority vested in the legislature by the 1999 Constitution as amended.
“It is your duty to track how revenues are collected, stored, appropriated, and implemented. Without accountability, there will be no prosperity. Without discipline, there will be no development,” he added.
Akpabio also highlighted the difficulties the legislature has carrying out its oversight duties, especially when it comes to intricate organisations like the Federal Inland Revenue Service, the Nigerian National Petroleum Company Limited, and the Central Bank of Nigeria.
The president of the Senate urged support for the legislature so that it could meet the challenges of efficient representation, oversight, and legislation.
Speaking out against Nigeria’s unsolved fiscal breaches, Speaker of the House of Representatives Tajudeen Abbas disclosed that more than ₦300 billion in public funds that were identified by audit reports had not been retrieved.
Abbas, who was represented by House Leader Julius Ihonbvere, urged government entities to give careful consideration to audit enquiries.
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