Nigeria

Economic expert enumerates positive moves to realise 2022 budget projections

A development economist, Dr Chiwuike Uba, has enumerated necessary positive moves which the government could embark upon to realise 2022 budgetary projections.

Newsmen report that President Muhammadu Buhari presented the 2022 Budget proposal to the National Assembly on Thursday, Oct. 7, about 12 weeks to the end of the year.

Uba, who is the Board Chairman of Amaka Chiwuike-Uba Foundation (ACUF), said this in a statement obtained by newsmen on Friday in Enugu.

According to him, achieving the 2022 budget targets of economic growth and consolidation requires real investment in key infrastructure – health, education and other key economic and social sectors.

“Infrastructure funding through Public-Private-Partnership (PPP) mechanism, as well as funding from the Central Bank of Nigeria (CBN) for targeted sectors, need to be deepened.

“Nigeria needs to replicate large businesses such as Dangote across the country.

“Seventy-two large and strong corporations in each state are better than the millions of enterprises financed by the CBN with no real and measurable impact on the economy.

“Economic growth and consolidation are beyond good speeches, it demands bold decisions,” he said.

The expert also faulted the large number of government agencies responsible for midwifing and escalation of capital projects and developmental efforts without measurable results.

“Do we really need to continue funding agencies such as the Bank of Industry, Development Bank of Nigeria, Bank of Agriculture, Infrastructure Concession Regulatory Commission (ICRC), and other related government agencies?

“When such agencies appear not to be fulfilling their mandates? Redesigning our development strategy is important,” he said.

Uba lauded President Buhari for his reference to a national development plan during his speech at the 2022 Budget proposal to the National Assembly, adding: “This is a right step in the right direction.”

According to him, however, for any development plan to succeed, adequate public consultation aimed to gather public feedback is important.

“The citizens need to own the process and the output/document for it to be sustainable.

“Therefore, the national development plan process requires public input and feedback.

“Having made the above analysis, I will be able to make a more informed analysis and contribution to the proposed 2022 budget when the full budget proposal is released to the public.

“Nigeria is bound to do better. God is with us,” he added.

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