The Abuja Chamber of Commerce and Industry (ACCI) has said that the 2016 Budget presented by President Muhammadu Buhari will set Nigeria on a recovery path by stimulating the economy and bridging the unemployment gap.
ACCI President, Tony Ejinkeonye who reportedly spoke in an interview in Abuja said despite falling Oil prices, the 2016 budget, if fully implemented has huge potentials for the country.
Ejinkeonye said “Despite the prediction that oil price may fall as low as $20 per barrel, there are still huge potentials for inclusive growth and sustainable development in the coming year notwithstanding the fact that about the 50 per cent revenue is expected from oil receipts to fund the N6.08 trillion budget together with the projected increase from internally generated revenue (IGR).
“For the country to actualise its goals, we need a measure of fiscal discipline and strict budgetary control monitoring and implementation.
“President Muhammadu Buhari, in his budget presentation to the National Assembly indicated that the focus of the budget would be on inclusive growth. This was expected to be achieved using the budget as a platform for putting Nigerians to work and having job creation as the primary focus of every aspect of the execution of the budget.
“This is to be driven by the private sector and signifies a clear understanding of what is needed in this regard as private sector and not civil service jobs have the potential of solving the problems presently affecting the country.
“There were indications that the spending would both stimulate the economy and the policy of funding a scheme to employ about 500,000 graduate teachers by states and local government areas would go a long way in reducing unemployment.”
Leave a Reply