Economy
EDUN HARPS ON SYNERGY TO DRIVE ECONOMIC GROWTH, ATTRACT INVESTMENTS
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun on Tuesday charged Heads of Agencies and Parastatals under his Ministry to work together towards ensuring the full implementation of President Bola Ahmed Tinubu’s 8-Point Agenda, aimed at boosting economic growth and development so as to attract foreign investors and expertise into the country.
Speaking during a quarterly performance review briefing with Heads of Agencies and Parastatals in Abuja, the Minister emphasized the importance of synergy and effective implementation to achieve the goals outlined in the President’s blueprint.
“This is a very important gathering to benchmark where we are and pinpoint where we need to get to and how we intend to get there”
He highlighted the progress made so far under the present Administration and encouraged the Agencies and Parastatals within his jurisdiction to continue working together so as to drive economic growth and prosperity for all Nigerians.
According to him, the meeting would also serve as a benchmark towards the implementation of the performance bond signed by Mr. President, which is aimed at reviewing the achievements made in the last one year, address challenges and chart a way forward for improved performance of the Ministry.
“We have all signed performance bonds. We all know the plan and blueprint, which are the eight point agenda of Mr. President. It has been categorised as a house. The pillars are the fundamentals that you need for the Economy and society to thrive that is, security, rule of law, and at the very top is the roof, that is, the outcomes: food security and other measures of a good standard.
Finance Minister, Wale Edun with the Ministry’s Permanent Secretaries and participants at the interactive meeting
“Our collective efforts and shared commitment is not only pivotal in ensuring the efficient and effective management of the nation’s economy, but should also go a long way in facilitating the realization of the agenda of Mr. President”, he said
Edun stated that the call to action became necessity with the need to galvanize the agencies to work collaboratively and efficiently towards achieving the objectives of the 8-point agenda.
The Minister explained that by working together, the Agencies can help create a conducive environment for economic growth, attract investors, and make opportunities available for Nigerians to thrive.
He further informed them that the Tinubu Administration has helped stabilize the exchange rate and is working towards lower interest rates that would attract additional investments to the nation.
“It is, therefore, incumbent upon us to pursue the achievements of our deliverables with diligence and determination by establishing clear targets, timelines, and consequences for non- compliance with our respective Agencies/Parastatals. We can help to create a framework that incenticizes excellence and service delivery as well as build the needed synergy and partnership that can facilitate the implementation of the transformative economic policies of this administration”, Edun said
The Minister expressed optimism that with the calibre of persons heading the Agencies under his stewardship, the Ministry is sure to deliver on its mandate in compliance with the Renewed Hope Agenda of the present administration.
Earlier in her welcome address, the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, stated that the engagement would provide a unique platform for robust discussions, especially in the area of implementation of the transformative policies of the present administration, which she said, aims at improving the nation’s economy, promoting job creation, and poverty reduction as well as a safety environment that will attract investments into the country.
She assured that the Ministry will continue to provide an enabling environment for the full implementation of the policies, programmes and projects of the Federal Government, in line with its mandate.
Also speaking, the Ministry’s Permanent Secretary, Special Duties, Mr. Okokon Ekenam Udo advised the Agencies to collectively align their efforts with the fiscal goals set by the Federal Government with a view to ensuring the realization of its policy objective.
He therefore called on them to bring in their wealth of experience to bear in making sure that the Agencies deliver on their respective mandates in accordance with the policy thrust of the present administration.
The Federation Account Allocation Committee said it disbursed N1.358.075 trillion to the three tiers of Government in Nigeria as July allocation.
The was contained in a statement by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga on Friday.
The disbursed N1.358.075 stems from the total gross N2,613.791 trillion revenue generated in July 2024.
In the period under review, the distributable allocation comes from Statutory Revenue of N161.593 billion, Value Added Tax revenue of N528.307 billion, N18.818 billion from Electronic Money Transfer Levy (EMTL), N581.710 billion from Exchange Difference and N13.647 billion.
The federal government received N431.079 billion, states got N473.477 billion, local government councils got N343.703 Billion, while the oil-producing states received N109.816 billion, representing 13 percent derivation or mineral revenue.
This is a slight increase from the figure distributed in June, which stood at N1.354 trillion.
A further analysis of July’s allocation showed that the sum of N99.756 billion was given for the cost of collection by the Government’s revenue-generating agencies, while N109.816 billion was allocated for transfer intervention and refunds.
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