{"id":3961,"date":"2025-01-17T12:52:12","date_gmt":"2025-01-17T12:52:12","guid":{"rendered":"https:\/\/fiscalresponsibility.ng\/?p=3961"},"modified":"2025-01-17T12:52:12","modified_gmt":"2025-01-17T12:52:12","slug":"how-to-implement-2025-budget-successfully-frc","status":"publish","type":"post","link":"https:\/\/fiscalresponsibility.ng\/?p=3961","title":{"rendered":"How to Implement 2025 Budget Successfully \u2014 FRC"},"content":{"rendered":"

The Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, has said that applying fiscal responsibility practices is the best option to implement 2025 budget.<\/p>\n

\u201cFiscal responsibility practices are the software that makes the hardware of budget figures and percentages work,\u201d Muruako said on Thursday 16 Jan, 2025 as he x-rayed a presentation the President of the Nigerian Economic Society, Prof. Adeola Adenikinji, made to the Senate Committee on Appropriation during a public hearing\/interactive session on the budget.<\/p>\n

Adenikinji\u2019s presentation highlighted the critical role of the 2025 budget in restoring macroeconomic stability, fostering inclusive growth, creating employment, reducing poverty, and driving infrastructural development.<\/p>\n

The FRC\u2019s Head, Strategic Communications Directorate, Bede Anyanwu, in a statement on Thursday 16 Jan, 2025 said the Chairman affirmed support for the objectives portrayed by Prof. Adenikinji, adding that adhering to sound fiscal responsibility principles was the only way the government would realise the goals of the budget.<\/p>\n

Muruako listed fiscal responsibility priorities he said Ministries, Departments, and Agencies (MDAs) should integrate in order to ensure the successful implementation of the 2025 budget.<\/p>\n

He explained, \u201cCitizen-Involvement: Transparent budget consultations, public hearings, and access to budget information are essential for ensuring active citizen participation in the budget process.<\/p>\n

\u201cTransparency and Accountability: Open budget execution requires clear reporting mechanisms, regular audits, and robust sanctions for any deviations.<\/p>\n

\u201cIntentional Plan Implementation: A well-defined, meticulously executed implementation plan, coupled with effective monitoring and evaluation, is necessary for achieving budget goals.<\/p>\n

\u201cDebt Sustainability: Responsible government borrowing is crucial to prevent jeopardizing future economic growth.<\/p>\n

\u201cPrioritisation and Efficiency: Strategic prioritisation of expenditures and efficient resource allocation are vital for maximising budget impact.\u201d<\/p>\n

TheCchairman reiterated the unique opportunity the 2025 budget presents for steering Nigeria towards sustainable economic growth and development, calling for unwavering commitment to fiscal responsibility as a foundation for achieving its promises.<\/p>\n

Pledging the support of the FRC for the policies of the administration of President Bola Tinubu, he stated, \u201cThe Fiscal Responsibility Commission remains committed to supporting all MDAs and Government-Owned Enterprises (GOEs) in meeting the objectives of the Bola Ahmed Tinubu administration\u2019s 2025 Budget.\u201d<\/p>\n

MDAs are currently defending their proposals before the various joint committees of the Senate and the House of Representatives at the National Assembly in Abuja.<\/p>\n

The Senate targets January 31 as the tentative date for the passage of the budget.<\/p>\n

The budget has a revenue projection of N34.82tn, leaving a deficit of over N13tn to be sourced through borrowings.<\/p>\n

While laying the estimates on December 18, President Tinubu had said, \u201cIn 2025, we are targeting 34.82 trillion naira in revenue to fund the budget. Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing.<\/p>\n

\u201cA total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit.<\/p>\n

\u201cThe budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 Naira per US dollar to 1,500 Naira and a base crude oil production assumption of 2.06 million barrels per day (mbpd).\u201d<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

The Chairman of the Fiscal Responsibility Commission (FRC), Victor Muruako, has said that applying fiscal responsibility practices is the best option to implement 2025 budget. \u201cFiscal responsibility practices are the software that makes the hardware of budget figures and percentages work,\u201d Muruako said on Thursday 16 Jan, 2025 as he x-rayed a presentation the President…<\/p>\n","protected":false},"author":4,"featured_media":3892,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/posts\/3961"}],"collection":[{"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3961"}],"version-history":[{"count":1,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/posts\/3961\/revisions"}],"predecessor-version":[{"id":3962,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/posts\/3961\/revisions\/3962"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=\/wp\/v2\/media\/3892"}],"wp:attachment":[{"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3961"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3961"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fiscalresponsibility.ng\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3961"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}