Chamber lauds inclusive profile of 2016 budget

BudgetTo Abuja Chamber of Commerce and Industry (ACCI), the nation’s 2016 budget proposal holds the key to the nation’s economic recovery, despite the bleak outlook for the economy.

President of ACCI, Tony Ejinkeonye, who stated this yesterday in Abuja, said that faithful implementation of 2016 budget currently appears to be a way out of the woods.

Ejinkeonye pointed out that despite the prediction that oil price may fall as low as $20 per barrel, “there are still huge potentials for inclusive growth and sustainable development in the coming year, notwithstanding the fact that about 50 per cent revenue is expected from oil receipts, to fund the N6.08 trillion budget, together with the projected increase from internally generated revenue.”

He said that for the country to actualise its goal, “we need a measure of fiscal discipline and strict budgetary control monitoring and implementation.”

He noted that the Federal Government’s resolution to diversify the economy is a well thought out plan and called for strict adherence to the agenda.

Ejinkeonye particularly lauded President Muhammadu Buhari, for stressing the inclusive profile of the budget, in his presentation to the National Assembly, noting that voting the largest capital vote to infrastructure and the initiative to recruit about 500,000 teachers portends good omen for the economy.

He said administration’ planned inclusive agenda could be achieved if the budget could be used as a platform for putting Nigerians to work and having job creation as the primary focus of the government’s programme.
“This is to be driven by the private sector and signifies a clear understanding of what is needed in this regard as private sector and not civil service jobs have the potential of solving this quagmire that the country has presently found itself in.
“I believe that the proposal for the reduction in tax rates for smaller businesses as well as subsidized funding for priority sectors such as agriculture and solid minerals are steps in the right direction,” he said.

He said that there were indications that the spending would both stimulate the economy and the policy of funding a scheme to employ about 500,000 graduate teachers by states and local government would go a long way in reducing unemployment crisis in the country.

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