Business
Udoma seeks 30% of 2016 budget for capital projects
In from Ripples Nigeria
Minister of Budget and National Planning, Senator Udoma Udo Udoma and the Minister of State for Budget and National Planning, Hajiya Zainab, have impressed on the National Assembly the need to ensure that 30% of the 2016 budgetary provision is committed to capital projects, stressing that this becomes inevitable to avoid the mistake of the 2015 budget which had just 10% allocated for capital expenditures.
Udoma and Zainab made this appeal on Wednesday when they both visited the Chairman of the Senate Committee on Budget, Planning and Economic Affairs, Senator Rabi’u Musa Kwankwaso.
In a statement by the ministry’s spokesman, Mr. Charles Dafe, the minister emphasised the need for the National Assembly to optimally facilitate realisation of government’s budgetary objectives.
“We are in a challenging time, we want to use the 2016 budget as solutions to our economic problems, especially the 30% capital allocation component in the budget. We want to move from the past administration’s faulty traditional ways of managing our economy without development strides.”
Responding on the fate of 2016 budget in the face of present fall in oil prices, Udoma said that focus on hitherto untapped revenue sources and the blocking of revenue losses would enable government to realise its objectives.
“We are working hard to expand fully the nation’s revenues base away from oil, government has set achievable targets to all revenues generating agencies, we must collect all revenues that is due and increase tax coverage areas.
“We have set Treasury Single Account that is blocking corruption loopholes and checking revenue leakages,” he stated.
Earlier, the Chairman of the Senate Committee on Budget, Planning and Economic Affairs, Senator Rabi’u Musa Kwankwaso, assured that his Committee will do justice on the budget and will also ensure that every naira budgeted will be utilised for the benefit of all Nigerians.
RipplesNigeria …without borders, without fears
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...