Minister of Budget and National Planning, Atiku Bagudu, has encouraged Nigerians to hold public officials accountable for the outcomes of the 2024 budget, which features a significant increase in deficit.
Bagudu while speaking in an interview addressed concerns about potential negative impacts on the private sector due to increased government borrowing.
He assures that borrowing will strictly adhere to legal limits, emphasising the president’s directive to cease unlawful borrowing and highlighting the issuance of bonds as a viable option.
Responding to queries about the revenue structure, Bagudu emphasizes the importance of the maritime industry, pointing to the establishment of a dedicated ministry for blue and maritime economy.
He echoes President Bola Tinubu’s call for public officials to step aside if unable to meet targets, emphasizing the need for accountability.
The interview delves into the discrepancy between the budget’s oil production target and current levels.
Bagudu emphasizes the importance of challenging public officials and holding them accountable for achieving set targets, asserting that increased production will attract foreign investment and strengthen the country’s exchange rate.
Regarding exchange rate policies, Bagudu highlights President’s executive orders to liberalize the market, allowing for a rule-based system.
He acknowledges initial inconveniences but expresses confidence in market stabilization over time.
On the topic of escalating debt, Bagudu acknowledges the necessity of borrowing to address urgent national needs such as education and security.
He notes that revenue challenges stem from a growing population and increased demands on infrastructure and security.
Bagudu addresses concerns about budgetary provisions, acknowledging inefficiencies in government spending.
He emphasizes citizen involvement, stating that the budget belongs to the people, and encourages scrutiny through an eye-mark app for monitoring and evaluation.
In concluding remarks, Bagudu outlines protocols to enhance budget implementation, emphasizing ministerial responsibility and inviting citizens to actively participate in the scrutiny and assessment of budgetary deliverables.
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