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Sanusi Canvasses Implementation of 2010 Budget
- By Rosemary Onuoha
- Published June 28th, 2010
- MoneyWorld
- Unrated
SANUSI Lamido Sanusi, governor, Central Bank of Nigeria (CBN) has said proper implementation of the 2010 fiscal budget would not only make the economy of the country move forward, but also make her realise its vision 2020 initiative.
Sanusi who stated this at a seminar organised by the Nigerian Economic Society in conjunction with the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos last week said, the 2010 fiscal budget is expected to impact positively in virtually all the sectors of Nigeria’s economy. He however called on the different stakeholders charged with the responsibility of executing the national budget to strive towards achieving an effective and efficient budget formulation and implementation process in order to realise the vision of being among the 20 largest economies by 2020.
Speaking further, he noted that the 2010 budget was tagged ‘budget of fiscal stimulus’ because of the need to stimulate economic recovery, sustain growth in the wake of the 2008 financial and economic crises that culminated into widespread recession in most leading economies of the world.
In order to tackle this, he said that Nigeria quickly implemented monetary and fiscal policy measures that were aimed at mitigating the effects of the crises. This, he said accelerates fast economic recovery.
While reacting on the 2010 budget per se, he disclosed that estimated expenditure was deliberately expanded over that of the preceding fiscal years to mitigate the effects of the global liquidity crunch on the economy as well as address the issue of infrastructure gap. The capital expenditure, according to him, was prioritised to avoid distributing resources too thinly across too many initiatives, with the allocation of about 90 per cent of MDAs’ capital expenditure to five key priority sectors. He listed the five sectors to include: critical infrastructure, human capital development, land reform and food security, physical security, law and order, and the Niger Delta.
This year budget, he said intends to moderate the cost of doing business in Nigeria, through interventions in critical infrastructure and improvement in power generation. Other areas include; transmission and distribution; expansion, management and maintenance of new and existing power plants, among others.
He equally indicated that there are special intervention measures to provide credit facilities for commercial farming and support agro-processing activities to resuscitate ailing agro-industry.
The review of existing tariffs and provision of fiscal incentives to enhance productivity in the real sector; sustenance of reform of the Nigeria Customs Service as well as audit of independently generated revenue in order to increase non-oil revenue are part of the new adjustment.
Sanusi who stated this at a seminar organised by the Nigerian Economic Society in conjunction with the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos last week said, the 2010 fiscal budget is expected to impact positively in virtually all the sectors of Nigeria’s economy. He however called on the different stakeholders charged with the responsibility of executing the national budget to strive towards achieving an effective and efficient budget formulation and implementation process in order to realise the vision of being among the 20 largest economies by 2020.
Speaking further, he noted that the 2010 budget was tagged ‘budget of fiscal stimulus’ because of the need to stimulate economic recovery, sustain growth in the wake of the 2008 financial and economic crises that culminated into widespread recession in most leading economies of the world.
In order to tackle this, he said that Nigeria quickly implemented monetary and fiscal policy measures that were aimed at mitigating the effects of the crises. This, he said accelerates fast economic recovery.
While reacting on the 2010 budget per se, he disclosed that estimated expenditure was deliberately expanded over that of the preceding fiscal years to mitigate the effects of the global liquidity crunch on the economy as well as address the issue of infrastructure gap. The capital expenditure, according to him, was prioritised to avoid distributing resources too thinly across too many initiatives, with the allocation of about 90 per cent of MDAs’ capital expenditure to five key priority sectors. He listed the five sectors to include: critical infrastructure, human capital development, land reform and food security, physical security, law and order, and the Niger Delta.
This year budget, he said intends to moderate the cost of doing business in Nigeria, through interventions in critical infrastructure and improvement in power generation. Other areas include; transmission and distribution; expansion, management and maintenance of new and existing power plants, among others.
He equally indicated that there are special intervention measures to provide credit facilities for commercial farming and support agro-processing activities to resuscitate ailing agro-industry.
The review of existing tariffs and provision of fiscal incentives to enhance productivity in the real sector; sustenance of reform of the Nigeria Customs Service as well as audit of independently generated revenue in order to increase non-oil revenue are part of the new adjustment.
