The Parliament Diary

Joseph Odok PhD Esq

Building our economy on the Removal of subsidies, high tax drive, high cost of energy and electricity tariffs, increase in loans and high expenditure of Government is strangulating business and the poor in Nigeria; this will continue to keep our inflation skyrocketing

Nigeria’s budget funding is indeed a pressing concern. The reliance on taxes and loans, as emphasized by the National/State Assembly committee, highlights the need for effective tax collection and prudent financial management. However, the lack of concrete steps to cut governance costs and address expenditure inefficiencies is a significant issue. Not even a tax Reform Bill will create any difference in a country that operates on fiscal irresponsibility and financial rascality of its leadership while expanding it’s loans and tax net to stifle production, erode the middle class and suffocate it’s poor

Nigeria’s problem lies not in revenue collection, but in ensuring that expenditures trickle down to benefit the majority of Nigerians. The current situation, where many Nigerians struggle with hunger and poverty despite significant loan intake and revenue generation, is unacceptable. The constant announcement of revenue increase and a positive economy in a country that majority of it’s citizens are poor and hungry either suggest insincerity, ineptitude, or state sponsored corruption. This is indeed a betrayal of Renewed Hope that was promised Nigerians

Key Challenges:

Inefficient Expenditure has created a situation where funds are not allocated effectively to address poverty and inequality.

Widespread corruption is hindering the proper management of funds.

Lack of Accountability is a tale of insufficient oversight and accountability mechanisms by National/States Assemblies; this allow for wasteful spending and mismanagement of public funds

To address these challenges, it’s essential to:

Enhance Transparency and Accountability: Our National/States Assemblies must not be seen as a rubber stamped extension of the executive that functions only in encouraging tax agencies to widen tax collection, removal of subsidies and the approval of more loan. Rather they must strengthen oversight mechanisms to ensure that funds are being used efficiently and effectively.

Improve Expenditure Allocation by prioritizing allocations that directly benefit the most vulnerable populations. This is contrary to what obtains now as our budget has often concentrated it’s expenditure on the leadership of the executive, legislative and judicial arms of government

Address Corruption by Implementing a robust anti-corruption measures to prevent the mismanagement of public funds.

Ultimately, holding the government accountable for its financial management is crucial to ensuring that Nigeria’s budget is utilized for the benefit of all its citizens.

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