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African countries have been entrusted by House of Representatives Speaker Abbas Tajudeen to generate employment and block revenue in order to ensure the continent’s economic destiny.

The seventh Annual African Network of Parliamentary Budget Offices meeting opened in Abuja with a charge from Mr. Tajudeen.

The conference will be held for a week with the theme “The Role of PBOs in African Parliaments: Contribution to the African 2063 Development Agenda” and a focus on fiscal oversight.

Participants came from South Africa, Ghana, Kenya, Cape Verde, Gambia, Somalia, Uganda, Mozambique, Sierra Leone, Zimbabwe, Namibia, Tanzania, Malawi, and Liberia.

The speaker said that with 1.4 billion people, or about one-sixth of the world’s population, Africa was at a pivotal juncture in its history.

The African continent is youthful, developing, and full of potential, according to the congressman.

In this African tale, Nigeria bears a particular burden as the continent’s most populous country, home to almost 200 million people and with a projected GDP of $477 billion in 2022.

We have ambitious goals encapsulated in the African Union’s Agenda 2063, which serves as the blueprint for the Africa we desire. We are a continent rich in resources and young people with talent. But achieving this ambition is still a challenging task,” he stated.

The World Bank predicted that Sub-Saharan Africa’s economic growth will rise from 3.3% in 2024 to 3.5% in 2025, indicating a modest but positive recovery, he said.

“While this is positive, it is not yet enough to address our demands for development. According to estimates, 464 million Africans would be living in extreme poverty by 2024, demonstrating the pervasiveness of poverty, Mr. Tajudeen added.

“Unemployment and underemployment, particularly among young people, are urgent issues,” he continued.

“Although 12 million young Africans join the workforce annually, only about three million formal employment are founded. “This disparity in opportunities underscores a demographic dividend that may become a demographic risk if we do nothing,” he said.

National and continental development plans, among other development strategies in different nations, must be sufficiently represented in government budgets and backed by strong supervision procedures, according to Mr. Tajudeen.

He claimed that Africans looked on their parliaments to properly balance public spending with more general development goals and to take people’ opinions into account when making fiscal decisions.

The speaker said that the African Development Bank estimates that capital flight costs Africa more than $587 billion a year.

“The money left the continent through a variety of channels, including profit shifting by multinational corporations, mispricing, illicit trade, and corruption,” he said.

It was estimated that corruption alone costs Africa some $148 billion a year, he said.

Nigeria, according to the speaker, served as a warning about the difficulty and pressing need for supervision.

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