The Manufacturers Association of Nigeria (MAN) on Tuesday urged the Federal Government to allocate 45 per cent of 2017 budget to development of capital infrastructure to accelerate economic recovery.
MAN President Frank Jacob told the News Agency of Nigeria (NAN) in Lagos that such allocation would create wealth and redistribute income.
According to him, allocating 45 per cent is possible, if government across board will cut down their budgetary votes on governance.
He said that the paltry 30 per cent previously allocated would not take the country’s economy from the current position.
“Sustaining this proportion over the years on infrastructural development will reposition the economy and set it on the path of prosperity.
“Allocating it to key infrastructure such as renewable energy, modern railway network across the country and information technology incubators will facilitate the development of the society,” he said.
Jacob stated that there was the need for the National Assembly to give the 2017 budget an accelerated hearing for a quick assent by the President.
He added that the executive must streamline the bureaucracy for timely release of funds to appropriate Ministries, Department, and Agencies (MDAs) of government.
“We must avoid the mistakes of the past where the year’s budget will not be passed and capital allocations not disbursed even at the end of second quarter of financial year.
“Prompt passage of a budget and release of funds is imperative to meet critical infrastructural demands,” he said.
NAN reports that the Federal Government has proposed a budget of N6.5 trillion for 2017.
The Minister of Budget and National Planning, Mr Udoma Udo-Udoma said that the budget and the 2017-2019 Medium Term Expenditure Framework would be ready by October.