FG: We’re Committed to Sound Fiscal Management, Sustainable Economic Devt

•Moves to revitalise Bank of Industry

Ndubuisi Francis in Abuja

The federal government has expressed its commitment to ensuring sound fiscal management and sustainable economic development through the Revised Policy on Cash Management and Bottom-Up Cash Planning.

President Bola Tinubu had last year authorised the modification of the Policy on Cash Management and Bottom-Up Cash Planning to optimise government revenue and improve budget execution.

Speaking at the stakeholders’ review meeting on the implementation of the policy, in Abuja, the Minister of State for Finance, Dr. Doris Uzoka-Anite stated that, “the Revised Policy on Cash Management and Bottom-Up Cash Planning represents a pivotal step in our journey toward ensuring sound fiscal management and sustainable economic development.”

She explained that the policy, introduced in 2024, had shown significant progress in streamlining budget execution, ensuring funds are allocated and utilised in line with approved plans, and facilitating timely project implementation.

The policy, she added, had increased transparency and accountability by introducing greater scrutiny and justification for fund requests, reducing opportunities for financial mismanagement, and safeguarding public funds.

Uzoka-Anite highlighted the importance of data consistency across key government institutions to ensure accurate economic indicators and greater transparency.

She also stressed the need for structural reforms, particularly in agriculture, to boost food supply and ease inflationary pressures.

“By adopting this policy, we reaffirm our dedication to the efficient use of public funds, which is critical to driving impactful development programs and meeting the needs of our people,” she explained.

However, she acknowledged that challenges still remain, including concerns about the policy’s processes taking too much time and the need for some Ministries, Departments, and Agencies (MDAs) to develop the necessary expertise and tools to fully implement the Bottom-Up Cash Planning approach.

To address these challenges, she said, “the government is engaging in an open and constructive dialogue with stakeholders to identify areas for improvement and develop solutions.”

While reaffirming the government’s unwavering commitment to ensuring the success of the revised policy on Cash Management and Bottom-Up Cash Planning, Uzoka-Anite encouraged all stakeholders to actively participate, share insights, and propose actionable solutions.

She assured that together, “we can build a more transparent, accountable, and efficient public financial management system that serves the best interest of all Nigerians.”

In a related development, the federal government said it has taken decisive steps to reposition the Bank of Agriculture (BoA), a critical institution in Nigeria’s agricultural landscape.

Presiding over a progress report meeting in Abuja yesterday, the Minister of Finance, and Coordinating Minister of the Economy, Mr. Wale Edun highlighted the BoA’s crucial role in boosting agricultural production, as well as stabilising prices

In a statement, the Director,  Press and Public Relations,  Ministry of Finance,  Mohammed Manga said Edun reaffirmed government’s  commitment to restructuring and recapitalising the Bank of Agriculture (BoA) as part of efforts to strengthen the economy and enhance food security

While monetary measures are being implemented, Edun stressed the need for fiscal, real-sector strategies to increase output, support economic growth, and dampen inflation.

He disclosed that the National Council on Privatisation (NCP) had tasked its technical committee with developing a comprehensive roadmap for repositioning the bank.

Edun expressed confidence that with the right strategy and leadership, the BoA could drive agricultural expansion and contribute to long-term economic stability.

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