Finance

FG shops for $100bn to fund SDGs

Fed Govt, states agree to update Finance Bill 2022

Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, on Tuesday, disclosed that the estimated cost of Nigeria’s Sustainable Development Goals (SDG) financing requirements stands at about US$100 billion. She said the government was determined to fund the programme against all odds. The Minister stated this in Abuja at the 52nd national conference of the Institute of Chartered Accountants of Nigeria (ICAN).

According to her, the Federal Government has also designed the National Development Plan (2021-2025), while associated strategies have been put in place to reflect emerging threats and opportunities and develop a clear path to reaching the nation’s goals and priorities.

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She said: “The Federal Government is firmly committed to the 2030 Agenda for sustainable development and the SDGs.  This commitment culminated in the recent launch of the Integrated National Financing Framework (INFF).  The goal of INFF is to enhance revenue collection at the national and sub-national levels.  To digitalise, optimise and make the tax system much more effective, better coordinate the budget processes, and make public spending much more effective”.

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She listed other government reforms being undertaken to put Nigeria on a steady path of sustained growth to include: strengthening and continued implementation of the strategic revenue growth initiatives to shore up government revenues, reduce financing pressures, and expand the fiscal space.

Another is rationalising expenditure by focusing on priority spending on growth-enhancing sectors of the economy; enhancing growth in non-oil exports through fiscal and trade incentives.

Also in the plan is improving and sustaining political and macroeconomic stability, as well as addressing security and infrastructural challenges, to attract Foreign Direct Investments (FDIs) and improving the monitoring and tracking revenue from government-owned enterprises (GOEs), while developing a model for continuous improvement in activities.  

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“The aim is to make these enterprises financially and commercially viable so that they will have no recourse to the government for funding”, she added.

The Minister charged the accountants to help in combating wastage and mismanagement, as they are crucial components of financial sustainability.

Sunnews

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