Finance Minister Calls for Unity in Nigeria’s Fiscal Management

Mr. Wale Edun, Nigeria’s Finance Minister, has urged for unity in fiscal management during a High-Level Retreat aimed at enhancing collaboration among economic stakeholders. The event highlighted recent economic improvements and reforms to attract private investment for sustainable growth, signaling a progressive economic outlook for the country.

The Nigerian Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, has emphasized the necessity for collective efforts in fiscal management to transform the nation’s economic landscape. This appeal was made during a High-Level Retreat focused on promoting cooperation among crucial stakeholders in the finance sector, organized by the Federal Ministry of Finance.

Taking place at the Congress Hall of Transcorp Hilton Abuja, the two-day retreat convened members of the National Assembly, heads of government agencies, and senior officials from the Ministry of Finance. The primary objectives were to bolster fiscal governance and ensure economic sustainability across Nigeria.

During his virtual opening remarks, Mr. Edun reiterated the government’s dedication to optimizing assets and attracting more private-sector investments. He stated, “This event demonstrates our commitment to strengthening cooperation in financial governance.”

Further elaborating, the Minister explained that fostering collaboration would enhance budgetary processes and ensure better resource allocation for sustained economic stability. He highlighted recent economic developments, including a 3.40% GDP growth for 2024, increased oil production, and elevated revenue collections resulting from significant fiscal reforms.

Among the reforms mentioned were the removal of petrol subsidies, improvements in tax policies, and the automation of revenue collection processes. The discussions aimed to reinforce partnerships with the private sector, which is deemed essential for achieving financial viability and sustainable economic growth.

A significant portion of the retreat included technical discussions on post-reform economic growth, wherein Mr. Edun showcased Nigeria’s Renewed Hope economic agenda. He delineated the government’s focus on enhancing public financial management and regulatory reforms to attract investments.

Key dignitaries participated in the event, delivering remarks, including the Minister of Budget and Economic Planning, Senator Abubakar Bagudu; the Minister of State for Finance, Dr. Doris Uzoka-Anite; and others from relevant agencies. This initiative signals Nigeria’s readiness to initiate a significant phase of economic growth and stability, guided by Mr. Edun’s vision and persistent leadership.

The call to unity in fiscal management by the Nigerian Finance Minister highlights a strategic approach towards reshaping the nation’s economic future. Emphasizing collaboration with the private sector and implementing key fiscal reforms, the government aims to foster transparency and better resource allocation. The High-Level Retreat reflects an optimistic outlook towards achieving economic sustainability and growth, as indicated by recent positive economic indicators.

Original Source: www.zawya.com