Credible budget to stimulate Nigeria's economic growth: senate president

The impact of credible budget on Nigeria's economic growth cannot not be underestimated, president of the Nigerian Senate, Bukola Saraki said Monday.

Saraki made the remark in Abuja, the nation's capital city at the opening of public hearing on the 2017 budget organized by the joint committees of the Senate and House of Representatives on Appropriation.

He told his audience that the problem has always been how best to implement the budget, which is the best tool for economic development.

"If the budget is well-crafted and implemented, it remains the most potent fiscal policy instrument of government in delivering socio-economic benefits in an all-inclusive manner," he added.

"The best way to achieve this is to ensure that all stakeholders are made a part of the decision-making process, especially as it relates to the provision of public services and distribution of social benefits," he said.

The senate president gave assurance that the National Assembly was ready to assist the executive in its drive to achieve the desired development.

Saraki enumerated the issues challenging Nigeria's economy such as low government revenues, shortages in foreign exchange supply, slow down in economic activities, rising unemployment and high cost of living.

The public hearing, the first of its kind, was organized by the National Assembly to get the views and inputs of stakeholders and critical sectors of the economy in the preparation of the 2017 budget.

The intent is to make the budget credible and align with the goal of the federal government to diversify and pull the economy out of recession. Endit