The Hon. Minister of Finance, Budget & National Planning, Mrs Zainab Shamsuna Ahmed says that the Federal Government under the leadership of President Muhammadu Buhari has demonstrated strong commitment towards the 2030 Agenda for sustainable development and the SDGs. She mentioned this at the launch event of the the Integrated National Financing Framework (INFF) on the margins of the United Nations General Assembly (UNGA) in New York, USA recently.
The High-Level Side Event was organized in collaboration with the Ministry of Finance, Office of the Senior Special Assistant to the President on SDGS (OSSAP-SDGS), UNDP and the European Union as part of Nigeria’s commitment to the implementation of the 2030 Agenda for Sustainable Development and the Addis Ababa Action Agenda on Financing for Development. To meet the estimated US$100 Billion financing requirements for the SDGs, the INFF was launched to enable participants/stakeholders discuss and share experience on how best Nigeria can better operationalize the Framework.
His Excellency, President Muhammadu Buhari who was in attendance stated in his address that Nigeria decided to adopt the INFF as a tool to improve SDG financing without increasing public debt and contingent liabilities to levels that will be detrimental to economic sustainability. This financing strategy is backed by a Medium-Term Revenue Strategy and a Medium-Term Expenditure Framework. It is further supported by a clear roadmap and monitoring framework and includes guidance on governance and coordination to provide a holistic approach with the necessary transparency and accountability measures to make this a successful initiative.
Nigeria is a pioneer country in launching the framework and the hope is to improve on Nigeria’s revenue collection both at the national and sub-national levels with a plan to digitalize, optimize and generally make our tax system much more effective, better coordinate the budget processes, and generally make public spending much more effective.