Ahead of President Bola Ahmed Tinubu’s budget presentation, the Chairman, Senate Committee on Privatization and Senator representing Abia North at the National Assembly, NASS Dr. Orji Uzor Kalu weekend took the Minister of Finance and the Minister of Budget to task over 2025-2027 Medium – Term Expenditure Framework, MTEF and the Fiscal strategy paper, FSP strategies.
The Senate Finance, National Planning and Economic Committees had last weekend, held an interactive session with the Ministries, Departments and Agencies, MDAs on the strategies, where Kalu posed some questions on reduction of interest rates, electricity generation, national security, improved pension funds and the health sector.
On MTEF strategy on “Restoring and preserving the micro-economic stability”, Sen. Kalu asked, “How does the government intend to reduce the interest rate to accelerate the private sector investment and reduce unemployment in the country?”
The senator noted, “Improving business and investment environment, efficiency in electricity is critical to whatever you are going to do. If we don’t address power generation, then are not much, the required capacity that will now drive industrial growth. This is because, if there is no growth, all these things we are saying is just grammar. So, the infrastructure in the transmission segment of the sector is almost comatose because there is no way you can go and see what is happening”.
On “Enhancing the National Security” which he said is very important, Kalu said, “I applaud the the strategy you mentioned on page 28 in MTEF, however, I see a pertinent defect in the strategy which government has over the years kept mum (about).
He further queried the Ministers on national security, asking, “Now, how do you safeguard the international borders from the northern part of Nigeria to the southern part of Nigeria to enhance National Security and increase economic growth?
“This question is important because the US mantra today is ‘safeguard the borders’. How do we safeguard our borders? That questions has to be really addressed for the Nigerian people. This is because, if not addressed, we are going to have more problems in what we are doing”.
In what is bordering on pension fund as found in page 35 of the MTEF document, Kalu pointed out, it “undoubtedly, will improve pension funds of employees. However, I have questions that troubles my mind; The pension of employees are usually deducted from the salary. Also, it is anticipated that they (pensioners) withdraw the fund after they retire from service. Painfully, when the pensioners want to withdraw these fund for starting businesses or for health reasons, the value of the funds are usually worthless because the inflationary trends and the weak value of our currency does not make the MTEF intend to address this problem.
Looking at page 29 and 30 of the document, the MTEF stated about improving the health sector, efficient production and distribution of vaccines. It also emphasized affordability of the vaccines and healthcare to Nigerians.
Based on this, the senator asked his 4th question, “How would you achieve this goal, vis a vis budgetary allocation to healthcare in Nigeria? What is the government doing to stem the tide of mass Immigration to other countries? Do you think Nigeria should create a body within Ministry of Health that would digitize health courses for our people?”
Kalu therefore recommended, “If those things are ready to be settled, let us be prepared to adopt the India approach which means, all the digital establishments, government parastatals and individuals will be digitalized and have numbers of their healthcare so that people can access their healthcare”.
As a member of the Finance committee, Kalu reminded the Ministers, “my questions and contributions were unequivocal in examining and charging the MDAs on due diligence, considering the state of the Nation”, adding that the questions need answers from the Minister of Finance and Minister of Budget ahead of Mr. President’s budget presentation.
