The Minister of Finance and Co-ordinating Minister of the Economy, Wale Edun, said the Ministry of Finance is spearheading digitalisation for the purpose of achieving greater efficiency and cost reduction in governance, which will in turn boost the economy.
He made that assertion during the 2024 Budget Defence of the Federal Ministry of Finance at the Senate Committee on Finance at the National Assembly on Monday in Abuja.
According to Edun, “Digitalization is a veritable tool in safe guarding against wrongful use and invasion of the entire public service system.”
The Minister reiterated the need for fiscal policy review and tax reforms for revenue generation to run the nation’s economy, adding that such measures would attract domestic and foreign direct investment into the country for job and wealth creation.
He disclosed that the 2023 Supplementary Budget would run concurrently with the 2024 Appropriation Act.
Edun emphasized on savings and tax incentives, wholesale revenue in the nation’s 2024 N27.5 trillion budget proposals that would further boost the nation’s economy.
He added that a solid revenue performance would further enhance the economy.
While responding to a question on Galaxy Backbone Edun said the project was on-going and being done in phases. He added that the project is currently on the 3rd phase in the Ministry.
Earlier, the Chairman Senate Committee on Finance, Senator Mohammed Sani Musa said that we need a budget that will renew the hope of Nigerians, adding that, it is the reason, Mr. President tagged the Budget “Renewed Hope”. He stressed that when this is achieved, the multiplying effects will bring economic wellbeing to Nigerians and this will get down to every house hold.
He acknowledged the Hon. Minister for a work well done and assured him of their support because of his antecedents.
The Permanent Secretary Ministry of Finance, Okonkon Udo in his response to a question on the Service Wide Vote said that it is domiciled in Federal Ministry of Finance which makes the Ministry a custodian of the Federal Budget.