2nd March, 2018
An Economist, Dr Uju Ogubunka, has called for a concerted effort that would expedite the passage of the 2018 budget to consolidate the current Gross Domestic Product (GDP) growth figure.
Ogubunka, former Executive Secretary, Chartered Institute of Bankers of Nigeria (CIBN) gave the advice while speaking with the News Agency of Nigeria (NAN) on Friday in Lagos.
He said that this was not the time to trade blames, adding that a quick passage of the budget would facilitate sectoral development and further improve the nation’s GDP figures.
“Trade and services sectors will be enhanced and contribute adequately to the economy should the budget be passed be on time.
“Many businesses will spring up that will add value to the economy and create employment opportunities in the process,” he said.
The National Bureau of Statistics (NBS) said on Wednesday in Abuja that Nigeria’s GDP grew by 1.92 per cent in the fourth quarter of 2017, adding that the development was as against 1.4 per cent in the third quarter of the year under review.
It said the growth meant a persistent growth since the nation moved out of recession.
On the other hand, President Muhammadu Buhari presented before a joint session of the National Assembly, a budget proposal of N8.612 trillion for the 2018 fiscal year on Nov. 7, 2017.
Ogubunka said that it was the time for the stakeholders to ensure the budget was passed on time.
He said that earmarking funds through the budget for the completion of major infrastructure would make the economy vibrant again.
“If the railway track, leading from Lagos to Kano is completed in record time, it will accelerate growth in the economy and bring better standard of living for Nigerians.
“We expect that the proposed budget will address the yet to be dredged seaports so as to facilitate trade and bring development to those areas of the country,” he said.
He further urged the government to sustain its intervention in the agricultural sector to guarantee food security in the country.