By Sunny Anderson Osiebe...
REMARKS BY HIS EXCELENCY, PRESIDENT OF THE SENATE, SENATOR (DR.) BUKOLA SARAKI, AT THE NATIONAL ASSEMBLY 2017 BUDGET HEARING, 13TH FEBRUARY,
2017.
1. Protocols.
2. It gives me great pleasure
to welcome you all to this 3-day National Assembly’s 2017
Budget hearingorganized by the Joint Committees of Appropriations.This
is the first public hearing on the Budget that brings together all stakeholders involved in the budget
process.
3. Distinguished Guests,
We are at a crucial stage in our national development. This cannot be overstated! You will agree with me that the
current state of the economy is needing of, among others, a credible budget that will stimulate real economic
activities, fix our critical infrastructure and provide cushion
for the poor and vulnerable. The challenge, however, is how best to ensure that the Budget is utilized as an effective policy in
achieving these.
4. It is my belief that the public
budget, if well-crafted and implemented, remains the most potent fiscal
policy instrument of government in delivering socio-economic benefits in an all-inclusive manner; and, the
best way to achieve this is to ensure that all stakeholders are made a
part of
the decision-making process especially as it relates to the provision
of public services and distribution of social benefits.
5. It is, therefore, in
line with this belief that the 8th National Assembly deemed
it necessary to bring Government, Civil Society Organisations, Private Sector,
and other key actors in the economy to deliberate on the Budget proposal. Through this engagement,
and others to come, we hope to increase the efficiency of government and its responsiveness to citizens
needs as well as improve overall transparency and accountability in governance.
6. Distinguish
Ladies and Gentlemen, the issues challenging the economy are well-known to us: from low government
revenues, shortages
in foreign exchange supply, and slowdown in economic activities to rising unemploym
7. What we have before our consideration is the 2017 Budget proposal of
N7.298 trillion, which we believe has been designed based
on a medium-term recovery and growth plan. At the various sub-Committees,
we are objectively reviewing the planned expenditures especially as it relates to its feasibility and relevance
in delivering the broad objectives of the Budget which are to:
i. Pull the economy out of recession;
ii. Invest in the people of Nigeria; and,
iii. Lay the foundations for a diversified, sustainable and inclusive growth.
8. On a more specific note, the
2017 capital budget proposal is intended to support
activities that will help to speed up the diversification of the
economy and the promotion of the non-oil sector, as well as create jobs
for our youth. Accordingly, it is expected that “Made-in-Nigeria” (that
is, domestic production of food, materials and
other commodities) will be encouraged. In addition, 2017 capital budget
proposal is intended to engender private sector partnership in infrastr
9. However, the extent to which the budget proposal will succeed
in achieving its overall objective of pulling the economy out of recession depends on a number of imperatives. These include:
i. how well the capital spending targets
critical sectors of the economy;
ii. how much of the capital allocation is devoted to real developmental projects as against
administrative capital project;
iii. the
level of detail provided in the budget that will aid proper oversight of budget implementation; and, ultimately,
iiii. the realization of projected revenues
and borrowings.
10. As
most of you may have observed, while government has made efforts to
ensure that provisions
in the Budget proposal aligns with the arching goal of pulling the
economy out of recession and laying the foundations for diversified
growth, certain provisions are clearly off the path. The Budget must address
the critical issues setting back our national growth and development.
11. In this regard, the 8th National
Assembly will continue to support government’s economic recovery and growth effort. To
this end, we will ensure that proposed projects and programmes,
and their estimated expenditure are in sync with Government’s priorities.Beyond
that, we will also ensure that, in line with the amended
12. In
addition, the National Assembly will continue to focus on priority Bills
that will loosen the structural bottlenecks that are impeding the ease-of-doing
business in the country.
These priority Bills, among
which, include: National
Transport Commission bill; National Road Fund Bill;
National Road Authority Bill; National
Inland Waterways Bill;
Nigerian Ports and Harbours Authority Bill; Infrastructure
Development Commission Bill, Petroleum Institution and Governance Bill;
Federal Competition and Consumer Protection Bill will unstiffen the
investment climate in critical sectors of the economy.
13. What we want to build is a better Nigeria,
and we all have a part to play.
14. I therefore enjoin us to feel free and be constructive in our deliberations as this will
not only enhance the outcome of this interactive session but engender the attainment of the development interest of Nigerians.
15. I
look forward to your very valuable and intuitive contributions in this 3-day
Budget hearing, and assure you that your suggestions will be carefully utilized in ensuring we
deliver a budget that address our real development issues and sets us
on the path of
recovery and sustainable inclusive growth.
16. Thank you and God bless you!
PRESIDENT OF THE SENATE
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