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MINISTER OF FINANCE SAYS NIGERIA NEEDS TO EXPLORE CLIMATE FINANCING TO FUND THE 2024 BUDGET

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MINISTER OF FINANCE SAYS NIGERIA NEEDS TO EXPLORE CLIMATE FINANCING TO FUND THE 2024 BUDGET                                                    05-12-23

By Sadiq Aminu                                                   The Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun, has said Nigeria needs to explore climate financing to fund the 2024 Budget.

He stated this during a one-day retreat on the 2024 Appropriation Bill organised by the Senate Committee on Appropriations.
Mr,Edun acknowledged that the Nations fiscal space was exhausted in line with the International Monetary Fund (IMF), and proposed a strategic shift towards concessional funding through climate financing as a viable solution.

“Nigeria’s fiscal space is exhausted, we have to focus on the concessional funding, the cheaper funding, even free funding and climate financing is the way.

He highlighted the urgency of addressing the fiscal constraints and reducing dependence on borrowing particularly foreign borrowing.

The Finance Minister stressed the need for a change in the narrative,since an estimated $1 trillion dollars is to be spent annually on climate change.
“We have to be brave, courageous, innovative to make sure that we use the financial market to take the stress down, to reduce our debt servicing, to reduce our emphasis on borrowing,” he said.

The Minister highlighted recent strides, including the signing of a 100 million euros foreign direct investment for reforestation of mangrove forests in Cross River and expressed hope for a swift passage of the budget, signaling a proactive approach to addressing the nation’s financial challenges.

The President of the Senate, Godswill Akapbio represented by the Deputy Senate President Barau Jibrin,said that Nigeria would not achieve much, unless the country increased its revenue.

He urged all revenue agencies in the country to do more and block all revenue leakages.

“No matter how beautiful the budget is , if there is no money to spend, the budget will not work.

‘Let’s get up and block the loopholes of leakages and wastages and then bring more revenue so that the 2024 budget becomes realistic”, he said.

The senate president assured that the National Assembly was determined to pass the budget on record time ” “and we will continue to ensure the January to December budgetary cycle”
The theme of the retreat is “Budget and Budgetary Process: Improved Outcomes in 2024”.

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