The Nigerian House of Representatives has taken a critical step towards strengthening the nation’s financial management. They initiated an in-depth review of the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), as outlined by President Tinubu.
Chairman James Faleke, leading the House Committee on Finance, recently engaged with various government departments in Abuja. He emphasized the session’s crucial role in creating a realistic MTEF/FSP, essential for the upcoming annual budget.
The committee’s agenda is clear: to confront fiscal issues head-on. They’re tackling the $11 billion P and ID contract scandal and examining the regular payments to Azura Power by the NBET. The loss of revenue due to waivers and exemptions is also under scrutiny, with projections exceeding N2.7 trillion.
Faleke and his committee are actively exploring solutions to the revenue shortfalls. They are closely examining contracts and agreements that contribute to these deficits, especially within the NNPC and oil sectors.
The Revenue Monitoring Exercise is an innovative strategy the committee plans to continue. It aims to significantly improve Nigeria’s revenue streams and offset the impact of foreign economic challenges, such as rising interest rates.
The Finance Committee demonstrates its commitment through these reviews. Their goal is to ensure a sound economic future for Nigeria, marked by fiscal responsibility and economic growth.
