Nigeria needs budget reforms to sustain economic momentum — Musa

• Published On: 28 April 2025 at 20:53

Senator Mohammed Sani Musa, Chairman of Nigeria's Senate Committee on Finance, has called for immediate budgetary reforms to address Nigeria's critical social and economic concerns.

Speaking on the sidelines of the Investors' Forum at the World Bank and IMF Spring Meetings, Musa stressed the necessity for a budgetary overhaul to accommodate the country's changing demands.

Musa, who represented Nigeria at the global financial conference, emphasized the importance of matching budgetary priorities with current realities in order to promote economic stability and social growth, according to a statement released by his Media Office on Sunday.

He urged Nigeria's executive branch to implement the long-awaited move to a Results-Based Budgeting system.

He also stressed the importance of combining monetary reforms with timely and thorough fiscal reforms in order to maintain momentum.

The Chairman of the Senate Finance Panel applauded the Central Bank of Nigeria's leadership for providing outstanding international credibility to Nigeria's economic reform plan.

Musa applauded the participation of major global financial leaders and institutional investors, seeing it as a strong endorsement of the CBN's reform agenda.

He stated, "The events in New York and Washington have renewed global trust in Nigeria's commitment to economic development.

"I thank the Central Bank of Nigeria's leadership under Mr. Yemi Cardoso for restoring confidence and faith in our financial system, and I will dedicate this achievement to President Bola Ahmed Tinubu's bold leadership.

"The reform strategy being pursued is both bold and visionary, with a focus on market principles and transparency.

"The presence of global financial stakeholders at these forums is a testament to the confidence the world now has in Nigeria's economic direction."

He emphasized the significance of combining these banking sector changes with a comprehensive fiscal transformation, beginning with a fundamental revamp of Nigeria's budgeting system.

"It is time for Nigeria to move away from the old envelope budgeting approach and toward a Results-Based Budgeting (RBB) model.

"This performance-based strategy, when combined with comprehensive tax reforms, will considerably increase fiscal discipline, service delivery, and economic strength.

"We must align our public financial management practices with global standards to effectively deliver on national priorities," Musa told the press.

Musa reaffirmed the National Assembly's commitment to supporting legislative measures that will propel these changes and keep Nigeria's economic policies credible, durable, and appealing to investors.