Sunday Aborisade in Abuja
The Senate through the Chairman of its Committee on Finance, Senator Mohammed Sani Musa, has called for an urgent budgetary reform that would adequately address the nation’s current social and economic challenges
Musa, who is a delegate representing Nigeria at the ongoing Spring Meetings of the World Bank and International Monetary Fund, in Washington DC, according to a statement from his Media Office, yesterday, stated this on the sidelines of the Investors’ Forum at the US.
He specifically urged the executive arm of government to initiate Nigeria’s long-overdue transition to a Results-Based Budgeting (RBB) system.
He emphasised that monetary reforms must be complemented by urgent and far-reaching fiscal reforms to sustain the momentum.
He specifically called on the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, to work collaboratively with the Minister of Budget and National Planning, Senator Atiku Bagudu, to initiate the Nigeria’s long-overdue transition to a Results-Based Budgeting (RBB) system.
The Senate Finance Panel Chairman commended the leadership of the Central Bank of Nigeria (CBN) for the unprecedented international credibility accorded to Nigeria’s economic reform agenda.
Musa hailed the presence of high-ranking global financial leaders and institutional investors as a powerful endorsement of the CBN’s reform trajectory.
He said, “The events in New York and Washington had reaffirmed global confidence in Nigeria’s commitment to economic transformation.
“I commend the leadership of the Central Bank of Nigeria under Mr. Yemi Cardoso for the renewed credibility and trust it has brought to our financial system and will dedicate this goal to the courageous leadership of President Bola Ahmed Tinubu.
“The reform agenda being pursued is not only bold but also visionary—anchored on market principles and transparency.
“The presence of global financial stakeholders at these forums is a testament to the confidence the world now has in Nigeria’s economic direction,” Musa stated.
He emphasised the need to complement these financial sector reforms with deeper fiscal transformation, beginning with a complete overhaul of Nigeria’s budgeting system.
He said, “It is time for Nigeria to transition from the outdated envelope budgeting system to a Results-Based Budgeting (RBB) model.
“This performance-oriented approach, when combined with comprehensive tax reforms, will significantly enhance fiscal discipline, improve service delivery, and strengthen our economy.
“We must align our public financial management practices with global standards to effectively deliver on national priorities,” he added.
Musa reaffirmed the National Assembly’s readiness to support legislative actions that will drive these changes and ensure Nigeria’s economic policies remain credible, sustainable, and investor-friendly.