in , ,

2021 Budget passes 2nd reading at Senate

The Senate on Thursday gave its Committee on Appropriation four weeks to work on the 2021 Appropriation Bill after it passed second reading.
Speaking during plenary in Abuja, President of the Senate, Ahmad Lawan said that the early consideration and passage of the 2020 budget which  returned the country’s budget cycle to January – December, has significantly boosted the implementation of this year’s budget.
Lawan said the return to the January to December is a major achievement under the Buhari administration and the Ninth Assembly.
According to him, the low implementation which characterised previous budgets has been significantly improved upon as evident in the 2020 budget in which Ministries have so far recorded between 50 and 75 percent implementation rates on capital projects across the country.

He said: “In the last three days, we’ve witnessed submissions raising issues about the budget estimates presented to us by Mr. President.
“This is in continuation of our efforts to ensure the desirable cycle that we have taken the annual budget to (January – December) will be a legacy.
“This will be our legacy as the 9th National Assembly and the legacy of Me. President.
“We have been able to do this together and there’s definitely a difference in the implementation of the 2020 budget compared to the others.
“Some Ministries and projects have received up to 75 percent funding. There’s none that has received less than 50 percent.
“While this may not be exactly what we want, it is still an improvement and we will continue to urge the executive to implement the budget up to 100 percent.
“But I believe that we have seen the benefit of passing the budget in good time, and this is something that we will continue to do,” the Senate President said.
On monies generated by agencies of government, Lawan faulted the country’s low revenue earnings on the failure of revenue agencies to remit all sums to the Federation Account after collection.
He therefore advocated for improved revenue generation, collection and remittance methods as way of shoring the nation’s revenue figures.
“Like all of us, I also have some observations. Firstly, I think our revenue generation, collection and remittances need to be better.
“There are many agencies of government that are supposed to be generating revenues and they do so, but they don’t remit all that they are supposed to,” he said.
The Senate President announced that the relevant Committees would interface on a monthly basis with revenue generating agencies to evaluate their performance and device ways on how same can be improved where they underperform or fail to meet revenue targets.
He added that doing so would reduce the deficit contained in next year’s budget and subsequent ones, as well as reduce Nigeria’s dependence on loans to finance capital projects which the country direly needs.
“When we are able to get more revenues, we will reduce the deficit, because this budget has big deficit, and this is because we simply have no resources as at today and we need to have our infrastructure in place.
“So, the issue is for us to diversify the funding and finances of the projects. We may not do completely without borrowing, but we could do diversification of the sources of funding. We could go for Public Private Partnership like many Senators here suggested, so that we reduce the necessity to borrow.
“Whatever it takes, we have to provide infrastructure in this country, otherwise, we would never move beyond where we are,” Lawan said.
The Senate President while underscoring the importance of oversight by the National Assembly, harped on the need for the Federal Government to cut down on the cost of governance by merging some of its agencies.
“The responsibility of the National Assembly or Parliament is that whatever we appropriate is properly, economically and efficiently applied. This is an oversight function that we must continue to do.
“Before we pass the 2021 budget, we should be able to know how much of the 2020 has been implemented. This is because some projects need to be rolled over to 2021, and we need to know the extent to which they have been funded in the 2020 financial year,” he said.

Written by ExpressDay

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Loading…

0

Comments

0 comments

Senate confirms NPC nominees, says Nigeria overdue for census

Buhari praises ECOWAS committee on Mali