The Abuja Chamber of Commerce and Industry (ACCI) has called on the federal government to ensure that its capital releases are done in good time to fast track implementation of the budget to spur economic growth.
Tony Ejinkonye the President of Abuja Chamber of Commerce said while reacting to the presentation of 2018 budget estimates made by President Muhammadu Buhari to both Chambers last Tuesday.
Recall, President Muhammad Buhari presented the 2018 budget estimates to the joint session of the National Assembly on Tuesday, 7th November, 2017 during which he briefed Nigerians on the level of progress made on the implementation of 2017 budget and the overall economy.
Ejinkonye said in a statement issued on Friday that the economy requires significant fiscal injections to sustain and accelerate Economic Recovery and Growth Plan (ERGP) put in place by the present administration.
With the significant investment in infrastructure, education and agriculture, among others, there is also hope that the country’s efforts in diversifying Nigeria’s economy, revenue and export base is to be sustained,Ejinkonye said.
He pointed out in the statement that the N8.6 trillion proposed budget for 2018 which was tagged “Budget of Consolidation” appears to be a budget for infrastructural development, which he noted will no doubt enhance economic growth.
“The capital aspect of the budget is an indication that sizeable resources have been allocated to capital expenditure, which, means more effect will be felt in this regard as compared to the previous years where only lip service was given to the matter”he said..
The promise to expedite work on critical projects like the Second Niger Bridge, East West Road, North-East Road and railway projects in the country is no doubt a welcome development,he said.
The major highlight of the 2018 budget shows that N8.612 trillion, N3.49 trillion, N2.014, N46 billion and N220 billion has been allocated for recurrent expenditure, capital expenses, debt servicing, statutory transfers and sinking to retire monetary bonds, respectively.
While the Chamber wishes to express satisfaction with the journey so far made as was stated by the President while presenting the budget to National Assembly, we particularly noticed that one of the critical issues therein was the budget circle.
HARRISON EDEH, ABUJA