There will be no more automatic releases of capital allocations – Presidency says

Udoma Udo Udoma

Udoma Udo Udoma

The Minister of Budget and National Planning, Udoma Udo Udoma, speaking in Abuja yesterday, has said that there will no longer be automatic release of capital votes in the annual budget, pointing out that such releases would henceforth be based on Ministries, Departments and Agencies, MDAs, meeting set performance indicators.

The minister explained that the development is a result of a robust monitoring and evaluation framework developed by the ministry for effective monitoring of the 2016 budget implementation

“We believe that with all these measures, we will succeed in turning the economic crisis into an opportunity to restructure and reposition our economy for growth and prosperity. In this way, we will deliver the economic change we promised Nigerians,” he said.

YOU MAY ALSO LIKE:   Nigeria will soon overtake South Africa as largest economy in Africa - FG hopes

The Minister explained that the 2016 budget was designed to help in ameliorating economic challenges in the country, pointing that the document signals the determination of the administration to create a diversified economy that was no longer dependent on crude oil proceeds.

He noted that the budget, which has an outlay of N6.06 trillion, with capital expenditure of N1.79 trillion (29 per cent of entire budget), was aimed at reflating the economy, creating jobs for Nigerian youths as well as supporting the vulnerable groups.

YOU MAY ALSO LIKE:   President Buhari is yet to receive the 2018 budget, one week after it was passed by the National Assembly

Udoma held that government was determined to achieve inclusive development, just as it is committed to strengthening the link between its plans and budgeting processes to ensure better implementation of projects and programmes.

I can’t be PDP chairman at all cost, I’m ready to vacate office – Sheriff
FG investigates, clears Army boss, Buratai over Dubai assets, others

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.