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The Federal Government of Nigeria has reaffirmed its commitment to addressing payment delays affecting the private sector, with a focus on improving policy coordination and financial management. Senator Abubakar Bagudu, Minister of Budget and Economic Planning, highlighted the government’s efforts to enhance collaboration between key ministries to ensure timely fulfillment of national financial obligations.
Represented by Dr. Vitalis Obi, Permanent Secretary of the Ministry, Bagudu emphasized that the Federal Ministry of Budget and Economic Planning is working closely with the Ministry of Finance to streamline financial processes and tackle issues such as delayed payments to manufacturers and other critical sectors.
“In our coordinating role, we partner with the Ministry of Finance, and once a consensus is reached, we develop a unified strategy and policy framework to address any national issue,” Bagudu stated. He further assured that once funds are approved for disbursement, swift action would be taken to resolve any pressing financial concerns.
Bagudu also outlined the theme for the upcoming Nigerian Economic Summit (#NES30), “Collaborative Action for Growth, Competitiveness, and Stability,” scheduled to take place from October 14-16, 2024. He explained that the summit will serve as a platform for top policymakers, business leaders, and stakeholders to address the country’s critical economic challenges, including inflation, rising living costs, and slow growth.
“The annual Economic Summits have shaped many of the reform policies that support our national development and economic strategies over the past 29 years,” Bagudu noted. He added that the collaborative partnership between the government and the private sector in organizing the summits has been crucial to Nigeria’s economic progress.
Mr. Niyi Yusuf, Chairman of the Nigerian Economic Summit Group (NESG), also addressed the country’s economic challenges during his welcome remarks. He pointed out that while the Nigerian economy recorded a GDP growth rate of 3.2% in Q2 2024, sectors such as agriculture and services continue to face significant struggles, contributing to declining living standards.
“Our businesses and citizens are under severe pressure from rising costs, inflation, and a fragile economy,” Yusuf stated, calling for collective efforts to tackle these issues. He underscored that this year’s summit theme is a call for “business-unusual” approaches, innovative governance, and transformative political leadership.
The government’s renewed focus on resolving payment delays and fostering collaboration between the public and private sectors is aimed at improving Nigeria’s economic resilience and ensuring sustainable growth for the nation.
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