The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has urged Ministries, Departments and Agencies (MDAs) to expedite the implementation of 2018 Budget to make up for the time lost.
The National President of the association, Iyalode Alaba Lawson, made the call in a statement by Femi Oladeinbo, Public Relations Officer of NACCIMA, on Wednesday in Lagos.
Lawson said the budget was a fundamental framework for strategic planning and decision making by both the public and private sector, and its delay had far reaching implications for the economy and the wellbeing of the people.
“NACCIMA reiterates its long-held and well known position that the act of late passage of annual budgets is neither good for the economy or our nation’s developmental aspirations for inclusive growth and sustainable development.
“It is particularly not helpful to the Private Sector which government has acknowledged as the engine of growth and development of the economy,” she said.
She said the private sector was concerned with deductions in the allocations of some key projects in Health, Security and Infrastructure, which had been earmarked for implementation in the 2018 Budget.
“While we acknowledge the statutory role of the legislature in reviewing the budget, we counsel that these projects be reconsidered for approval as soon as Mr President presents the supplementary budget to the legislature as promised in his speech,” she said.
She urged the Legislature and Executive to devise consultative mechanisms that would ensure quick passage and assent of the yearly budget toward aiding economic stability and growth.
President Muhammadu Buhari on June 20 signed the 2018 Appropriation Bill of N9.12 trillion into law after seven months of its submission to National Assembly.
Buhari, however, noted that the National Assembly made cuts amounting to N347 billion in the allocations to 4,700 projects and introduced 6,403 projects of their own amounting to N578 billion.