On Wednesday, the Senate called on the Federal Government to step up its efforts in funding the capital components of the three ongoing national budgets, News About Nigeria reports.
This appeal was made by Senator Solomon Adeola, Chairman of the Senate Committee on Appropriation, during a session with the Minister of Finance and Coordinating Minister for the Economy, Wale Edun, and the Accountant-General of the Federation, Oluwatoyin Madein.
Senator Adeola expressed concern over the inadequate funding of the capital components, urging Minister Edun to address this issue more robustly.
“The capital component of the budgets is crucial for showcasing the government’s performance through various executed projects,” Adeola said.
He noted that the N1.84 billion achieved so far out of the N9 trillion capital expenditure is insufficient and called for better engagement with Ministries, Departments, and Agencies (MDAs) to improve the situation.
The Senate panel also revealed plans to hold a public hearing on the Nigerian National Petroleum Company Limited, inviting stakeholders from the oil and gas sector, including the Finance Minister.
Despite the challenges, Adeola commended Minister Edun for achieving 100% funding for the 2023 supplementary budgets.
Minister Edun assured the Senate that the Federal Government is making progress in its forensic investigation into the N30 trillion Ways and Means.
He also noted that the procurement of electric and Compressed Natural Gas (CNG) vehicles has been delayed due to increased freight costs.
Edun pledged to intensify monitoring of revenue-generating agencies and confirmed that debt service payments are up to date.
“We have paid $700 million in debt services for 420 national development agencies and others,” Edun stated.
He also mentioned ongoing efforts to scrutinise the N22.7 trillion debt inherited by the current administration through a forensic audit and emphasised the need to maximise revenue collection.
