Below are key points from the
speech of the Senate President, Bukola Saraki at the presentation of the 2018
appropriation bill on Tuesday.
1. As the country gradually
recovers, it is important to reset the fundamentals that drive our economy – so
we do not slide back into recession. We must reassess the relationship between
oil and our economy. Oil prices are gradually inching up, but that is no reason
for complacency in our diversification drive. We must grow our economy away
from oil - as well as the need to increase non-oil revenue generation and
collection.
2. Revenue from taxes as well as
independent revenues from State Owned Enterprises must be taken seriously. If
the budget is to be funded, we cannot afford to turn a blind eye to revenue
under-performance. While there is a need to review extant laws guiding the
operation of some Government enterprises, I would urge for more determined
effort on the part of the Executive, to plug leakages. This sector alone
accounts for over 40 trillion naira in valuation, of which less than 400
billion naira is remitted as revenue to the Consolidated Federation Account.
This is not acceptable. We need to vigorously address this area.
3. The budgets of parastatals and
agencies are meant to be submitted with this budget presentation, as stipulated
by the constitution. We must work to ensure that these are passed by the end of
the year, and sanction those parastatals and agencies that fail to submit their
budget along with the 2018 budget, and deny access to capital expenditure
unless budget is passed.
4. Further to the area of
increasing independent revenue, there is the need to review agreements that
government has signed with some private sector service providers. Many of these
agreements are biased, and clearly, not in the interest of the country.
5. We appreciate the need to
spend, Mr. President. However, we must ensure that our borrowing is targeted at
productive projects that will stimulate the economy. We must ensure real
value-for-money in projects funded by borrowing, and make doubly sure that the
projects are not overpriced.
6. To ensure consistency in
government’s economic programmes and tax policies, we will be requiring that
the submission of the 2018 Budget - and budget submissions going forward - be accompanied
by a Finance Bill. This bill - which should clearly detail the imposition,
alteration or regulation of taxes such as the proposed tax on luxury items and
excise taxes, among others - will put the financial proposals of government
into effect.
7. As we are all aware, many
businesses were adversely affected by the recession; many lost their means of
livelihood. As the country emerges from that period of uncertainty, the
question on the lips of many Nigerians has been this: How does the recovery translate
into tangible economic benefits for me? We must remember that the real gains
must be felt on a personal level by the individual, for economic recovery to
have meaning. People are seeking to get back to work but cannot find jobs.
Entrepreneurs want to restart their businesses but are finding it difficult to
access the needed capital. As for our farmers, the last thing they want is for
produce to go to waste because people cannot afford to buy.
8. Looking around today, we see
that many of our undergraduates are apprehensive about their graduation day;
and our National Youth Corps members are not looking forward to the end of the
service year, for fear of being tagged ‘unemployed’. While I commend your
current efforts at tackling unemployment - especially among the youth through
Federal Youth Programmes such as YouWin, N-Power, and YES-Programme -
deliberate steps must be taken to make the 2018 budget a job oriented
one.
9. In line with that, we must see
to the implementation of the Procurement law, with particular relevance to the
part that has to do with support for Made-In-Nigeria goods. The implementation
of the 2018 budget must anchor on the Made-In-Nigeria project. This should be
reflected in government procurements in 2018.
10. Let me now talk about
mainstreaming social inclusion. Mr. President, each and every Nigerian wants to
be part of the economic progress. We must never lose sight of the need for
equity and balanced development across the entire spread of our country.
Infrastructural development should be seen to be well distributed, to create
growth pools away from the major city centres and drive the regeneration of our
rural areas. Agriculture, for instance, is meaningless without those that will
engage in farming in the countryside. The current rate of rural-to-urban
migration is alarming and unsustainable – congesting the cities and stretching
resources to breaking point, while undermining the economic viability of some
states. People must be able to see a future for themselves in every corner of
this country, not just in the big cities.
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