…Calls for Budget System Overhaul

By Henry Umoru

ABUJA — Chairman of the Senate Committee on Finance, Senator Sani Musa (APC, Niger East), has commended the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, and his team for the international recognition and renewed credibility Nigeria’s economic reform agenda has received on the global stage.

Senator Musa, speaking on the sidelines of the ongoing IMF–World Bank Spring Meetings in Washington, D.C., praised the CBN’s efforts, particularly during the Nigeria Investors’ Forum held at the Willard Hotel in Washington and the Nigeria Investment Agenda event hosted at Nasdaq MarketSite in New York.

He described the high-level participation of global financial leaders and institutional investors at these events as a strong endorsement of the CBN’s reform trajectory and a reflection of the growing confidence in Nigeria’s economic direction.

“The events in New York and Washington have reaffirmed global confidence in Nigeria’s commitment to economic transformation,” Musa said. “I commend the leadership of the Central Bank under Mr. Yemi Cardoso for restoring credibility and trust in our financial system. These bold and visionary reforms, anchored on market principles and transparency, are already attracting positive attention globally.”

However, Senator Musa stressed the importance of complementing the ongoing monetary reforms with a comprehensive overhaul of Nigeria’s budgeting system. He advocated for a shift from the traditional envelope budgeting system to a Results-Based Budgeting (RBB) model.

“It is time for Nigeria to transition from the outdated envelope budgeting system to a Results-Based Budgeting model,” he said. “This performance-oriented approach, when paired with comprehensive tax reforms, will enhance fiscal discipline, improve service delivery, and strengthen our economy.”

In a statement issued Friday, the lawmaker reaffirmed the National Assembly’s commitment to supporting the necessary legislative actions to ensure Nigeria’s economic policies remain credible, sustainable, and investor-friendly.

He also urged the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, and the Minister of Budget and Economic Planning, Senator Atiku Bagudu, to collaborate and drive Nigeria’s long-overdue transition to the RBB system.

Senator Musa concluded by emphasizing that sustained economic transformation depends on aligning Nigeria’s public financial management practices with global best standards to deliver on national development priorities effectively.