Economic Growth: Expert Urges NASS to Expedite Passage of 2019 Budget

A former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN) Dr Uju Ogubunka, has urged the National Assembly to expedite the passage of the 2019 budget in order to spur economic growth in the country.

He said accelerating the passage of the appropriation bill by the National Assembly was expedient to enable the Federal Government adequately implement its programmes.

“The Economic Recovery and Growth Plan initiative of the Federal Government will be properly implemented if the budget is passed into law in good time.

“Particularly now that the people are yearning for economic empowerment, and considering that it is an election year,” the economist said.

Ogubunka therefore urged the executive arm of government to engage in more consultation with the National Assembly to avoid late passage of the budget.

“A lobby team representing the interest of the executive arm of government must consult robustly with the legislators for quick passage of the budget, regardless of party divide.

“Lobbing regularly will lead to entrenchment of the process and stop the perennial late passage of the appropriation bill,” he said.

It would be recalled that President Muhammadu Buhari presented the N8.83 trillion budget proposal to a joint section of the National Assembly on December 19, 2018.

The budget was predicated on 60 dollars per barrel, oil production of 2.3 million per barrel per day, exchange rate of N305 to the dollar, Gross Domestic growth of 3.01 per cent and inflation rate of 9.98 per cent.