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.
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.
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.