The Federal Ministry of Budget and Economic Planning and Ministry of Finance are intensifying efforts to coordinate policies and payments, addressing Nigeria’s financial commitments.
Minister of Budget and Economic Planning, Senator Abubakar Bagudu, emphasized the importance of inter-ministerial collaboration to ensure timely and efficient payment of national financial obligations.
Represented by Permanent Secretary Dr. Vitalis Obi, Bagudu stressed the need for policy frameworks to address delayed payments to manufacturers and critical sectors.
“We partner with the Ministry of Finance to develop consensus-driven strategies and policy frameworks addressing national interests,” he said.
Bagudu announced the upcoming Nigerian Economic Summit (NES#30), themed “Collaborative Action for Growth, Competitiveness, and Stability,” scheduled for October 14-16, 2024.
The summit aims to tackle pressing economic challenges, including inflation, rising costs of living, and slow economic growth, through collaborative efforts between policymakers, corporate leaders, and stakeholders.
“The annual Economic Summits have shaped reform policies underpinning our development aspirations and economic growth strategies,” Bagudu noted.
Nigerian Economic Summit Group Chairman, Mr. Niyi Yusuf, highlighted the economy’s critical challenges, including struggling sectors and declining living standards.
“Our businesses and citizens face massive pressure from rising costs, inflation, and a struggling economy,” Yusuf said.
He emphasized the need for collective action, citing the summit’s theme as a call to action for innovative governance and transformational leadership.
