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Budget: Give priority to implementation of capital projects, financial expert advises

 Mr Lawson Ayaele, a financial expert, has advised the Federal Government to give priority to the implementation of capital projects that can grow the economy of the country in the 2016 budget. He said in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday that if the government paid attention to such projects, the economy would recover rapidly.

“It took a long time for this budget to be signed, I thanked the president for insisting on thorough work but the focus should be on implementation of capital projects. “ Our economy has been stagnant in the last couple of months, so i think the strength should be in revamping the sectors that can bring about turn around in the economy. “If that is done, jobs will be created and Nigerians will be happy for it,’’ he said.

He advised that the government should focus on agriculture, power and transport, observing that the sectors were fundamental to bringing the desired change to the country. He further advised the government to review the projects of the past administration and execute those that could enhance the economy. “I am happy that this administration said it would continue with some ongoing projects that will make a lot of sense.

“ If you look very well, the inflation is moving up, go to the market, things are so expensive, so, there are many things to be done,’’ he insisted. Ayaele said that although the N6.6 trillion-budget was huge, if the fight against corruption was sustained, revenues would be used appropriately. He called on the Federal Government to support the efforts of the Federal Inland Revenue Service to achieve its target in revenue generation.

He advised that the government should monitor other revenue generating agencies to enable them contribute to economic growth and development of the country. He said the N38 oil per barrel benchmark was logical as there are expectations that the price would soon come up in the global market. “Although oil is about 46 dollar per barrel now, the diversification drive of the government is a better option for economic revival of the nation,’’ he said.

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