N100 billion AGRICULTURAL FUND WOULD STIMULATE MORE FUNDING FROM THE PRIVATE SECTOR- BAGUDU
By Sadiq Aminu The Minister of Budget and Economic Planning Alh Atiku Bagudu, says the 100 billion naira agricultural fund would stimulate more funding from the private sector.
Alh Bagudu who stated this when he appeared before the House of Representatives committee on appropriation, explained that the fund is a consumer credit scheme to support manufacturing so that more funding can be acquired.
According to him, the budget cannot fund everything, adding that a deal has just been signed in Germany with Siemens company so that not only would they help Nigeria in the power sector, buy would also distribute more.
The Minister also disclosed that the President has set up a committee on financing of infrastructure outside the budget system.
“There is a lot the private sector can do, so I should also see my role as a Minister as that of inviting the private sector, marketing them so that they can do those things which appropriation cannot give me the money to do. We are not going to have enough money to build all the houses are roads we require.
The Director General Debt Management Office DMO Mrs Patience Oniha, stated the DMO was to raise 8.8 trillion naira to fund the 2023 budget, from both local and international sources, out of which they were able to raise 7 trillion naira locally to fund the budget.
As at June this year, she said, Nigeria debt burden stood at 87.37 trillion naira, 90% of which belongs to federal government.
The Chairman of the committee Mr Abubakar Bichi, observed that reducing the burden of Nigeria’s debt profile, sectoral budgetary allocations, and the dynamics of budget releases, economic diversification strategies, revenue generation forecasts is needed to facilitate the enactment of the bill and effective implementation of the Appropriations Act, 2024.
He said interactive session was to discuss further areas where the country could find money to fund the 2024 budget.
According to him, revenue-generating agencies must come with money because, without money, there is no magic the president can perform to ensure the realization of the Renewed Hope Budget.