The Nigeria Employers’ Consultative Association (NECA) has called for a reform of the national budgetary process and its disciplined implementation to engender national growth.
The Director-General of NECA, Mr. Timothy Olawale, said in a statement in Lagos today that late passage of the national budget and below fifty percent implementation over the years have contributed to Nigeria’s slow growth.
Olawale said Nigeria’s fiscal year begins in January and ends in December; hence, we cannot begin to imagine the dire consequences of the late passage of the budget on national development and business growth.
He said that the earliest time the national budget was passed was in March 2016, adding that the attempt to return the nation to a January to December budgetary year was a welcome development.
Mr Olawale said that, beyond enabling the government to focus on the business of development, it will also improve investors’ confidence and aid planning for both the private and public sectors.
He said businesses blossom on the assurance of government policies and programmed; a return to January to December fiscal year and focus on the implementation of the same will, no doubt, accelerate national development.
The director general said that Implementation is largely based on the availability of revenue and ask the government to do well to ensure fiscal discipline, cut wastage and put more life into the war against corruption and urged both the executive and legislature to ensure full implementation of the budget.