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Nigerian Lawmakers Moves to Double The Country's Infrastructure Spends

Nov 28, 2019 05:18 PM
Nigerian Lawmakers Moves to Double The Country's Infrastructure Spends Africa Business Radio, Femi Gbajabiamila, Infrastructure, Africa Business News, Ndudi Elumelu, Budget


A bill to ensure that 40% of Nigeria’s national budget is allocated to capital expenditure in the next 10 years has passed second reading at the House of Representatives. The bill was sponsored by the Speaker, Mr. Femi Gbajabiamila, and debated on his behalf by the Minority Leader of the House, Ndudi Elumelu. The bill seeks to criminalize the failure of the Federal Government to allocate 40% of funds in the country’s annual national budget to capital expenditure. The lawmakers declared their support for the bill, stating that it came at a time when ministries, departments, and agencies needed additional money to execute projects. Mr. Gbajabiamila disclosed that countries around the world allocate more resources to capital projects, saying that only 40% of the capital component in the 2019 budget would be implemented, despite being lesser than the recurrent component of the budget. Meanwhile, the speaker in his ruling disclosed that with the passing and implementation of the bill, Nigeria and Nigerians would experience economic growth, reduced unemployment, and infrastructural deficit.


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