The Federal Government must commit itself to the full implementation of the 2012 budget for accelerated development of the country on all fronts, a member of the House of Representatives, Dr. Ifeoluwa Arowosoge, has advised.
Arowosoge of the Action Congress of Nigeria (ACN), who represents the Ekiti South Federal Constituency 11, also said that all hands must be on deck to make the budget achievable, adding: “The 2012 budget is a workable document if properly and strictly implemented by the Executive.
“Although recurrent expenditure of N2.472 trillion accounts for about 72 percent of the total budget, the capital expenditure of N1.32 trillion is an improvement of about 15 per cent increase over the amount approved in the 2011 budget. I hope the government will be committed to its promise to bring down the recurrent expenditure continuously to account for 33 per cent of total budget by 2015. I am happy to note, that the budget also is channeled towards the completion of all ongoing and abandoned projects.”
Disclosing that the National Assembly was worried about the number of uncompleted and abandoned projects and programmes by past administrations over the years, the lawmaker said: “The 2011 budget performance was about 67 per cent, 2012 budget performance should be 100 percent if Federal Government is to actualise the objectives of the 2012 budget. The present National Assembly, through the instrumentality of oversight, will monitor and ensure that projects are implemented in accordance with budget proposal.”
Nigeria today, he said, is facing some of the toughest challenges in her history, security, economy and unemployment, noting that the budget, if properly implemented, will meet most of the challenges.
With security getting the lion share of N921.91b, which is more than 400 percent of 2010 allocation to the sector, he assumed that all security agencies would be properly funded to meet the challenges of terrorism, armed robbery, militancy and piracy.
The liberalization and privatization of the power sector, he also reasoned, would provide employment and ensure the economic growth of the nation. “The proposed improved infrastructure and removal of impediments arising from bureaucracy in our ports will also improve revenue generation and cut down inflation, while the deregulation of the downstream sector of the oil industry will encourage investment, create more wealth and job opportunities for the nation’s teeming youths.
He also observed that the N78.98b allocated to agriculture and rural development as against N29.4 billion allocated in the 2011 budget was an improvement. However, he advised that future budgets needed to increase allocation to the sector as agriculture is the most critical sector of our economy. “Agricultural sector provides jobs for over 70 per cent of employable Nigerians. N78.98billion is inadequate for agricultural sector as Nigeria spends about N365 billion on importation of rice per annum.
“I appreciate the fiscal policy measures highlighted in the budget to encourage indigenous farmers and create jobs. Educated youths must be encouraged to go into mechanized farming with government support as a deliberate effort to depart from subsistence method of agriculture hitherto embraced by illiterate and aged farmers.”
In the same vein, Arowosoge said: “The zero duty for agricultural and milling equipment, the ‘no waiver’ policy for rice and wheat importation, the ban on the importation of cassava, imposition of levies on wheat grain, wheat flour, imported polished rice and brown rice; the substitution of high quality cassava flour for wheat flour; the low interest rate on loan to farmers are all positive ways of actualising value chain in agriculture.”
All the fiscal policies if properly implemented, he emphasised, would stimulate domestic production, investment and job creation for our unemployed youths.
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