Collaboration with private sector crucial to economic growth

Omeiza Bilal

Minister of Finance and Coordinating Minister of the Economy Wale Edun, has said the government’s increased collaboration with the private sector will enhance Nigeria’s financial strength.

The minister, who said this at the High-Level Interactive Session with members of the National Assembly, heads of Agencies and Directors of the Ministry Thursday in Abuja, stressed that collaboration with stakeholders will drive sustainable economic growth and sound financial management for Nigeria.

Speaking when he declared the event open, Edun reiterated that the present administration is committed towards ensuring that its fiscal policy remains strong and consistent and aligned with the monetary policy.

He said, “Well, let me indicate immediately here that this talk of collaboration, cooperation, which in fact is resonating at the Sustainable Energy for Development events which I’m attending here, but more importantly, that collaboration is not just within government, it’s also between government and in particular the private sector, the financial sustainability that we are eagerly seeking really reposes with a strong collaboration with the private sector. That’s where that financial strength will come from, a booming prosperous private sector that delivers.

“Through our collective efforts, especially between the legislature and the executive, we do and can and are refining our budget process.”

Edun said that the government is committed to enhance public transparency, reduce waste and foster accountability in public financial management while at the same time optimizing our resources.

“We have that optimization stage where there is less focus on borrowing, particularly from the commercial markets which is quite high, more focus on optimizing assets and crowding private sector investment, whether domestic, whether foreign. That’s the collaboration I keep referring to and it pops up at each and every stage.

“I’m confident that through our collective resolve, using macroeconomic tools, we can charge a cost that will lift our people out of poverty in substantial numbers, the majority of the people, with this process based on the trajectory which we are currently following,” he said.

The event had as its theme: Strengthening collaboration for sustainable financial management and national development.

In his keynote address, former presidential adviser National Assembly Matters, Senator Ita Enang, urged the minister to increase its monitoring of agencies and departments under its supervision.

Sen Enang noted that until that is done; the government will continue to experience leakages in his finances.

“That in the Budget Process, please cause collaboration at the stage of conceiving the project and amounts, locations, priorities, prioritization and alignment of the budget proposals with the manifesto of the ruling party, the immediate Agenda, share it with leadership of the respective chambers along with the committees, have their buy-in, take and accommodate their inputs & projects before concluding for FEC-approval for transmission to the National Assembly.

“That even where Budget has been passed and assented to without Revenue target being met, with great collaboration taking into confidence your Committees and Leadership of the Legislature, the provision for virement as provided in the Fiscal Responsibility Act and the Appropriation Act can be activated without going through full scale Repeal and Re-enactment or Appropriation (Amendment) Bills.