Due to the poor implementation of the 2017 appropriation budget, the Senate on Tuesday summoned the Minister of Finance, Kemi Adeosun, and the Ministry of Budget and National Planning, Senator Udo Udoma, to appear before the Red Chamber.
The summon of the two ministers was sequel to a motion sponsored by Senator Yahaya Abdullahi.
Leading the motion, Senator Yahaya revealed that the 2017 budget has been underfunded by the Federal Government, which is dangerous for the economy of the country.
Yahaya disclosed that the level of harmony between the fiscal and monetary policies of government is still very low.
He stated that the poor implementation of the budget may drag Nigeria back into economic recession and frowned at the $9 billion allegedly spent on Naira stabilisation by the government.
Speaking in support of the motion, Senator Barau Jubril, who seconded it, asked that the managers of the nation’s economy be put on their toes so that they would not be complacent.
According to Jubril, the failure to release money to fund the budget has become a serious threat to the economy.
Also speaking in favour of the motion, Senator Dino Melaye claimed that “our economic managers are just joggling the economy using ways and means to manipulate it”.
Melaye said: “If it is true that the foreign reserve has grown from $25 billion to $34 billion, why are we incapacitated in funding the 2017 budget?
“We must say the truth.
“We must go back to the drawing board and take key decisions.
“We must engage in massive production and we must engage in massive spending too.
“What we have done is not a genuine approach to addressing the problem of the economy and getting out of recession.”
The motion was unanimously supported by senators who lamented that $9 billion has been spent by government so far for the purpose of stabilising the naira.
After exhaustive debate of the motion, the Senate urged the national economy managers to remain focused and ensure that the current weak growth of a mere 0.55 per cent is built upon and increased substantially in the months and years to come.
The Red Chamber equally urged the fiscal and monetary authorities to come together and harmonize fiscal and monetary policies with a view to drastically reducing the high interest rate that has adversely affected borrowing for investment by the real sector of the economy.