2nd June, 2019
Dr Samuel Nzekwe, a former President of Association of National Accountants of Nigeria (ANAN) has called on the Federal Government to execute capital projects that would enhance economic development.
Nzekwe made the call in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun, on Sunday.
He spoke against the backdrop of the 2019 Appropriation Bill of N8.92 trillion signed into law by President Muhammadu Buhari on Tuesday in Abuja.
The former ANAN president noted that the major problem facing the country was lack of effective implementation of capital budget.
“The proper implementation of capital budget as stated in the country ‘s annual budget will reduce the capital deficits or infrastructural deficits confronting the nation,”he said.
Nzekwe listed the capital projects that would benefit an average Nigerian to include; electricity, good road network and effective water system.
He said that the absence of these critical infrastructure was hindering the private sector from driving the nation’s economy.
“Nigeria’s economy is being driven by the Federal Government because it is the biggest spender, which is the reverse in most of the developed countries,” he said.
Nzekwe stressed the need for the Federal Government to provide critical infrastructure that would make the private sector to drive the nation’s economy and called on the Federal Government to make efforts to reduce the country’s debt as, according to him, over 30 per cent of the revenue generated was being used to service the nation’s debt.
He also advised that efforts should be made to reduce the recurrent expenditure in Nigeria’s annual budget.