Senator Natasha Akpoti-Uduaghan, representing Kogi Central, has questioned what she described as unclear plans for funding the private sector in the Federal Government’s 2026–2028 Medium-Term Expenditure Framework and Fiscal Strategy Paper.
She raised the issue during an interactive session with the Senate Committee on Finance at the National Assembly, where the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, presented the government’s fiscal outlook.
Reacting to the minister’s statement that the government intends to “mop up funds” to support the private sector, Akpoti-Uduaghan said the explanation was vague and unconvincing, especially given the current economic strain on Nigerians.
“Speaking to the closing part of your presentation, where you mentioned that the government is trying to mop up funds to support the private sector, I find that quite generic and bland.
“Kindly explain where these monies will be mopped from to support the private sector. Is it from taxes, duties, levies, dormant accounts and so on, because we have seen an outcry from the public regarding heavy taxation?” she asked.
Referring to the minister’s presentation, she said the plan sounded “quite generic and bland,” and asked for clarity on where the funds would come from. She questioned whether they would be sourced from “taxes, duties, levies, dormant accounts and so on,” noting that there has already been “an outcry from the public regarding heavy taxation.”
The senator also pressed the government on how businesses would benefit from the proposed funds. She asked whether access would be through banks “with heavy interest rates” or if the support would come in the form of grants. She further demanded clarity on how beneficiaries would be selected and what criteria, terms or conditions would apply.
Beyond financing, Akpoti-Uduaghan questioned whether the funds would be used to address infrastructure challenges faced by businesses. She asked if they would help create an enabling environment through improved electricity supply, internet access in public spaces and better road networks, or if they were meant for other purposes.
In his response, Edun said the government was looking at mobilizing domestic savings, pointing to countries such as South Korea, Singapore and China.
According to him, those countries succeeded because “when they produce, they don’t consume everything; they put some back into productive savings.”
He added that discussions were ongoing around a national savings scheme, stressing that participation would be voluntary.
“It will be voluntary; it’s not taxation, it’s not compulsory,” he said, explaining that the idea is to give people an opportunity to earn income while supporting development efforts across different levels of society.
However, despite these explanations, the minister did not give specific details on the exact source of the funds, how the private sector would access them or how they would ultimately be deployed.
Akpoti-Uduaghan’s intervention reflects growing concerns within the Senate over the lack of clarity in major fiscal policies as lawmakers continue to examine the MTEF ahead of the 2026 budget.
