FG stresses importance of policy frameworks to address payment delays
The Federal Ministry of Budget and Economic Planning, as well as the Ministry of Finance, have stressed the importance of coordinating policies and payments in order for Nigeria to meet its financial obligations.Senator Abubakar Bagudu, Minister of Budget and Economic Planning, highlighted this collaborative effort, which aims to address delayed payments to manufacturers and other critical sectors, according to The Punch.
The Permanent Secretary, Dr. Vitalis Obi, emphasized the importance of strong policy frameworks in achieving timely financial management.
Senator Abubakar Bagudu, represented by the Ministry's permanent security officer, Dr. Vitalis Obi, emphasized the importance of strong policy frameworks in achieving timely financial management.
He went on: "In our coordinating role, we partner and dialogue with the Ministry of Finance, and when we come up with a consensus, we develop a common strategy and policy framework to be able to address any issue of national interest."
He emphasized that once funds were approved for disbursement, immediate action would be taken to address urgent national issues.
"That is the practical step we take to ensure that when funds are approved for disbursement or release to solve national problems, we follow through quickly. Any such issue on our table will not only be addressed during the meeting I just described, but will also be resolved in a timely manner," he added.
Bagudu described the upcoming NES#30's main theme, "Collaborative Action for Growth, Competitiveness, and Stability".
The summit, scheduled for October 14-16, 2024, aims to address the country's pressing economic challenges, including inflation, rising living costs, and slow economic growth.
He emphasized that the summit allowed top policymakers, corporate leaders, and other stakeholders to exchange ideas and reach an agreement on strategic policies that would benefit the country.
"The annual Economic Summits have helped to shape many of the reform policies that have underpinned our development aspirations and economic growth strategies over the past twenty-nine years," says Bagudu.
He also stated that the collaboration between the government and the private sector in organizing the summits was critical to promoting Nigeria's economic development.
"It has become a model for public-private partnership and provides a credible and widely recognised platform for top policymakers and corporate leaders to interact and exchange ideas," said Mr. Trump.
The minister also addressed the financial pressures on manufacturers and other industries that rely on timely payments.
In his welcome remarks, Mr Niyi Yusuf, Chairman of the Nigerian Economic Summit Group, highlighted the country's economic challenges.
He noted that, despite a 3.2% GDP growth rate in Q2 2024, sectors such as agriculture and services remained weak, contributing to a drop in living standards.
"Our businesses and citizens are under massive pressure from rising costs, inflation, and a struggling economy," Yusuf told the crowd.
He urged everyone to work together to address these challenges, emphasizing that the summit's theme was a call to action.
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