Don calls for speedy, effective implementation of 2017 budget

The Executive Director of African Heritage Institution (Afri-Heritage), Enugu, Prof. Ufo Okeke-Uzodike, has called for speedy and effective implementation of the 2017 budget for socio-economic turnaround.Okeke-Uzodike told newsmen during the week that the impact of the budget would be felt if implemented speedily and effectively.

He said that the impact of the budget would be felt more in its implementation rather than on timing or the amount of money involved.“Before now, we have seen budgets passed in good time with huge monetary provisions and with good intentions, but their
implementation were abysmal; just between 25 and 30 per cent.

“So, the institute is calling on the Federal Government to ensure high rate and quality implementation of this year’s budget to improve the economy and revamp the already healing economy.“We expect 80 per cent implementation to maximise the benefit of this newly signed budget,’’ he said.The executive director lauded the federal government for putting the economy in the part of recovery.

“The economy is already showing signs of slow but steady recovery, which is a good one,’’ Okeke-Uzodike said.He urged the government to implement all aspects of the budget to stimulate the economy and provide jobs as well as increase bargaining power of Nigerians.

“I can tell you the rate of inflation is still high; there must be conscious efforts to bring it down so that the growth of the economy will impact more on individual Nigerians and households,’’ he added. It would be recalled that the Acting President, Prof. Yemi Osinbajo, on Monday signed the 2017 appropriation bill of N7.44 trillion into law.

He described the event as “an important milestone’’ in President Muhammadu Buhari’s administration. The budget christened; “Budget of Economic Recovery and Growth’’ has projected revenue of N5.08 trillion with deficit of N2.36 trillion.

A total of N2.98 trillion was earmarked for recurrent non-debt expenditure, while N2.17 trillion was earmarked for contribution to the development fund for capital expenditure exclusive of capital expenditure in statutory transfers.

A total of N434.41 billion was earmarked for statutory transfers while N1.84 trillion for debt service and N177.46 billion for sinking fund for maturing bonds.The acting president said the appropriation act was an important milestone in the administration’s Economic Recovery and Growth Plan (ERGP).