The Senate has promised to pass laws that will reduce the country’s debt burden.
He also assured that he would propose policies that would increase the revenue of Ministries, Departments and Agencies (MDAs) and would prescribe sanctions for non-compliant ministries in accordance with the Fiscal Responsibility Act.
This was stated by the chairman of the Senate Finance Committee, Sani Musa, in a statement on Sunday.
“The country faces a double challenge: increasing debt and insufficient income, which demand our immediate attention. The Senate Finance Committee, under my leadership commitment, will embark on a mission to amplify our revenue streams, fuel economic growth that is not only strong but also resilient through legislative means, prudently manage our debt, and explore ways to achieve favorable terms and a sustainable payment simultaneously. ,” he said.
“The President of the Senate, His Excellency Senator Godswill Akpabio, CON, has given the committee a marching order to, as a matter of national concern and interest, embark on serious legislative oversight of all revenue-generating agencies with a view to ensuring that all income is deposited in the federation account, identify non-compliant agencies and prescribe sanctions when necessary in accordance with current legislation and also in accordance with the Fiscal Responsibility Law”, he said.
Musa, a senator representing eastern Niger, also assured that the committee will study increasing income from the mining and other informal sectors.
“In addition, it is important to note that the Senate Finance Committee will take a serious look at the informal sector, which makes up about 80 percent of the Nigerian economy. The committee will seek to empower the informal sector with a focus on mining.
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“The informal sector, particularly the mining industry, is a hidden gem in our earning potential. This was corroborated by the Ministry of Mining and Steel Development (MMSD) that solid minerals have the capacity to generate US$2-3 billion per year. We will dedicate our efforts to understand and nurture this sector with adequate legislation with an emphasis on the formalization of artisanal and medium-scale mining activities.
“This strategic measure will bring economic benefits while promoting safer and more responsible practices. We will take advantage of and increase the sources of income from both the Blue Navy and the Creative Economies by setting targets. The committee will legislate to encourage consumption and production regulations, facilitate the environment through legislation for domestic industries to develop, and stimulate economic growth through the inflow of foreign direct investment,” he said.
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