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CIBN calls on FG, National Assembly to release budget


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 The Chartered Institute of Nigeria (CIBN) has decried the negative impact of budget delays on national productivity, calling on the Federal Government and the National Assembly to close ranks and release the budget on time.

CIBN President, Dr. Uche Olowu, made this call while speaking at the institute’s fifth Economic Outlook tagged ‘Implications for Business in Nigeria in 2019’, adding that re-strategizing is needed to manage some of the country’s economic activities.

 According to the African Development Bank, ADB, Nigeria needs to re-orient its federal budget currently dominated by recurrent spending towards more capital expenditure and accumulating savings to sustain social spending.

 He stressed that delays in budget approval and signing have become predominant which has led to uncertainty in the system and affected the delivery of projects which has profound impact on productivity in the economy.

However, the CIBN, appealed to the government to confirm the Continental Free Trade Agreement (CFTA), which seeks to create a single continental market for goods and services as well as the free movement of business persons and investments across the continent.

 The CIBN President also called for the speedy execution of the Economic Recovery and Growth Plan (ERGP), stressing that this will improve the growth of the economy.

He applauded the Federal Government for its efforts in ensuring that the economy attains stability, highlighting that insecurity, huge infrastructural deficits, high poverty levels and other crisis still remains an issue in the country.

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