Nigeria’s Vice President, Prof. Yemi Osinbajo has urged Nigerians to be patient with the All Progressives Congress (APC) administration, as President Muhammadu Buhari yesterday received the details of the 2016 Budget from the National Assembly.
Prof. Osinbajo revealed that the federal government has put in place a 33-action plan on its budget implementation strategy to put the nation back on track.
Osinbajo, while delivering the keynote address at The Nation national economic summit, spoke on the government’s stance on corruption, the need to make government more efficient and what Nigerians need to pay more to get better power supply.
According to him, the priority of the federal government was to run a cost-efficient administration and channel increased low interest funds to the real sector to engender growth in the economy.
He said the government was working towards achieving a single digit interest rate, especially, for critical sectors in the economy, adding that the government was determined to ensure a minimum of 30 per cent on capital spending.
Noting that past governments had allocated about 15 per cent for capital expenditure with less than 15 per cent of the budget being utilised, he said the present administration would ensure that from this year not less than 30 per cent of the budget would be spent on building critical infrastructure.
Although he said rail, road and power would be the major focal points, Osinbajo, however, stated that there would not be new road contracts as government would focus on completing all outstanding infrastructure projects that had been abandoned, suspended or were ongoing.
“We are not starting any new road project; we will complete the projects
2016 budget:FG Reveals Action Plan As PMB Receives Details
Reviewed by Link Naija