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31.3% For Capital Expenditure Not Enough – Experts

31.3% For Capital Expenditure Not Enough – Experts

Experts have faulted the allotment of 31.3 percent of the N4.9 trillion 2013 budget to capital expenditure.

The experts, who spoke in Lagos, said with the nation’s 2013 predicated on $75 per barrel, the allocation of 31 per cent of the budget on capital expenditure, though an improvement over the previous years, was not ambitious enough for Nigeria development needs Yinka Fasuyi, an economist and chief consultant, Supreme Management Consultants, said the expectation was that Federal Government  would be courageous enough to push the capital expenditure component to a minimum of 40 per cent for year 2013.

Related Article: An Overview Of The 2013 Budget Proposed By President Jonathan

While welcoming the allocation of N2.56 billion to education, Fasuyi said there was no greater investment that can be more impactful  on the economy than human capital development.

Former boss of the Chartered Institute Banking of Nigeria (CIBN), Mazi Unegbu, described the budget as elastic and tailored towards International Monetary Fund (IMF) prescription. He said  it was sad that the recurrent expenditure was taking the larger sum than other sectors.

David Imafidon Adonri, chief executive officer, Lambeth Trust & Investment Company Limited, said government should be able to present an audit report of 2011 budget “While presenting 2013 national budget, the audited financial statement for 2011 ought to be simultaneously released. That will enable the public assess actual performance of a budget.”

On his part, Comrade Sunday Salako, President, Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSIBIF), said there was nothing to cheer about the 2013 budget proposal.

Salako said the budget like the previous ones was full of phantom promises.

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