The Senate has called on the Federal Government to enhance the funding of the capital components in the three national budgets currently in effect. This appeal was made on Wednesday by Senator Solomon Adeola, Chairman of the Senate Committee on Appropriation, during a panel session with Finance Minister Wale Edun and Accountant-General Oluwatoyin Madein.
Senator Adeola expressed concerns over the inadequate funding of capital projects, stressing their importance in demonstrating the government’s performance. “The capital component of the budgets is crucial in showcasing various projects and the government’s efforts. The N1.84 billion achieved so far out of a N9 trillion capital expenditure component is insufficient,” he stated.
He urged Minister Edun to engage more with Ministries, Departments, and Agencies (MDAs) to ensure they are informed about the current funding arrangements. Adeola also mentioned the Senate’s plan to organize 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 the Finance Minister for achieving 100% funding for the 2023 supplementary budgets. He emphasized the need for periodic reports on the implementation levels of various agencies to guide future financial strategies.
Minister Edun updated the Senate on progress made in the forensic investigation into the N30 trillion Ways and Means and discussed the delays in the rollout of electric and Compressed Natural Gas (CNG) vehicles due to increased freight costs. He assured that the ministry is intensifying efforts to monitor revenue-generating agencies and is up to date on debt servicing, having paid $700 million for 420 national development agencies and others.
“We are committed to addressing the N22.7 trillion we inherited, ensuring proper forensic audits are conducted, and interrogating all due revenues,” Edun concluded.
The Senate’s call for enhanced capital funding highlights the need for improved fiscal management and strategic investments in national projects to foster development and economic growth.
