The Nigerian Association of Chambers of Commerce, Industry, Mines And Agriculture, NACCIMA, has criticised the delay in passing the 2017 budget by the National Assembly.
Although NACCIMA acknowledged the desire of the legislators to do a good job on the 2017 Budget to ensure that it positively impacts on Nigeria’s economy, it, however, said, “the process is taking too long, considering the fact that a budget is a life line of the Economic Development of any Nation, which the private sector also depends upon for its initiatives.”
Bassey Edem, president of NACCIMA, said, “there is need for the Executive and Legislative arms of Government to expedite action on the Budget and ensure that the 2017 Appropriation Bill is passed into law as soon as possible. In doing so, we would successfully reduce the negative impacts which include the stalling of key infrastructure projects and prevention of Foreign Direct Investments waiting for the direction of the Nigerian economy to conclude their investment plans and actions.”
Edem also said the newly introduced economic recovery growth plan, ERGP, of the federal government, which is expected to grow the economy by 2.19 per cent in 2017 and 7 per cent in 2020, was a step in the right direction.
“However, the bane of such a plan is usually the implementation. That is why we wish to start this overview of the trending economic situation in the country by counselling that the Federal Government should ensure that the timeline for each milestone on the ERGP is strictly adhered to, so that the plan as conceived will promote the needed   diversification and resource-based industrialisation plan of government.”
Continuing, Wdem said, “Having been part of the process of developing the ERGP, it becomes imperative that the private sector be carried along in its implementation. Hence, we suggest and also counsel that government should work with the Organised Private Sector in the different areas of implementation to enable the country have an all-inclusive depth in its recovery plan and a clear path for implementation.”