Adeosun Canvasses Fiscal Discipline, Rational Resource Allocation

Ndubuisi Francis in Abuja

The Minister of Finance, Mrs. Kemi Adeosun, has advised all tiers of government to strive for fiscal discipline, improved revenue generation, rational allocation and efficient use of resources if the economy is to move back to sustainable growth and development.

She also called for the refocusing of attention on quality investment in the real sectors of the economy, including agriculture, manufacturing, mines and steel, as well as the promotion of micro, small and medium enterprises as the critical contributors to the growth of the Gross Domestic Product (GDP).

Adeosun, in a keynote address at a retreat organised by her ministry in collaboration with the Federation Account Allocation Committee (FAAC) on the theme: ‘Enhancing the Effectiveness of FAAC,’ in Uyo, Akwa Ibom State, said the economic reforms of the federal government have been geared towards wealth creation, employment generation, poverty reduction, development of the non-oil sector and value re-orientation.

Represented by the Permanent Secretary, Federal Ministry of Finance, Dr. Mahmoud Isa-Dutse, she said: “Programmes like the promotion of Micro, Small and Medium Enterprises (MSMES), the initiation of N-Power and a number of others were designed to empower the citizenry, encourage private enterprises and change the way government does business.”
A statement issued by the Director of Information in the ministry, Mr. Salish Na’Inah Dambatta, added: “It is my firm belief that the pursuit of economic diversification through promotion of private enterprises is one of the ways we can unlock the untapped socio-economic potentials for social progress, economic growth and national development.

“I am happy to state here that the present government is intensifying efforts in this direction and very soon the multiplier effect will become obvious,” she noted.

The minister urged the three tiers of government to apply the best international practice in public financial management.

She added: “We must block all observed loopholes and strengthen public financial management. While making frantic efforts to realise this, there is urgent need to reposition FAAC for enhanced performance through efficient management of accrued scarce resources for national development.”