Dr Samuel Nzekwe, former President, Association of National Accountants of Nigeria (ANAN), has urged the Federal Government to ensure quick implementation of the 2017 budget.
Nzekwe made the call in an interview with the News Agency of Nigeria on Monday in Lagos.
He said that the 30 per cent of the 2017 budget earmarked for capital expenditure should be utilised for the provision of quality infrastructure.
Nzekwe also said that the provision of quality infrastructure in critical areas of the economy would help boost the industrialisation which the country desired.
He said that although the budget was passed after six months into the 2017 fiscal year, a lot could still be achieved if implementation began on time.
Nzekwe said, “ I keep saying that the budget is a mere presentation that guides the government on its expectations and how money should be spent.
“You can see that people are not talking about the project; it is because the delay now seems to be a tradition.
“How do we talk about industrialisation when critical infrastructure are not there.
“Infrastructure such as power, good roads among others are parts of the things needed for an enabling environment to jump-start the economy from recession.”
The National Assembly on Thursday passed the Appropriation Bill of N7.44 trillion against the N7.30 trillion submitted to it by President Muhammadu Buhari.
The sum of N434.41 billion was for Statutory Transfers, N1.84 for Debt Servicing and N177.46 billion for Sinking Fund from maturing bonds.
Recurrent Expenditure got N2.99 trillion, Capital Expenditure, N2.18 trillion and provision of N2.36 trillion was made for Fiscal Deficit, with deficit to Gross Domestic Product (GDP) put at 2.18 per cent.
Nzekwe said turning the budget into a reality on time would encourage foreign investors and help boost their confidence in the country.
He advised government against late submission of the budget, adding that it posed negative effects on national development.
“As a country, we do not want to be one step forward and three steps backward,” he added.(NAN)
