Poor Budget Implementation Cause Of High Cost Of Doing Business In Nigeria – Sen Kyari

Whatapp News



By Chibuike Nwabuko

Abuja (Sundiata Post) – Chairman Senate committee on Federal Capital Territory (FCT), Senator Abubakar Kyari on Friday bemoaned that, over the years, poor budget implementation has sabotaged key public institutions in Nigeria, which has in turn, unfortunately though, led to steady increase in the cost of doing business in Nigeria in the last 17 years.

He disclosed this while speaking at the public hearing of the joint session of committees of the National Assembly on FCT, on the FCT 2020 statutory budget, held in Abuja.

Kyari who noted that the effect of poor budget implementation, “apart from scaring away foreign investors, has also caused several multinational companies to either relocated to neighboring countries or contemplating doing so”.

“Nigeria is painfully missing several opportunities of being a preferred country of destination of international investors” Kyari said.

According to Kyari “the revenue generated from the investment by FCT administration did not reflect the revenue profile of the FCT over the years, despite the barrage of investment.

He maintained “FCT IRS must stick to its mission statement by making taxation a pivot of FCT development, by providing effective and efficient tax administration through innovation and professionalism capable of generating sufficient income for socio-economic and infrastructural development in the FCT comparable to best practices in the world”.

He however listed some of the observations raised on the floor of the Senate on Thursday during the second reading of the FCT 2020 statutory appropriation, stressing that development of FCT satellite towns is not encouraging and urged the minister of the FCT Mohammed Bello to deploy funds to satellite towns.

He stated that revenue generation of the FCT is low, adding that there is no form of development from Mabushi to minister’s hill to date despite its prime location.

Continuing, Kyari said “expenditure on education, health and water supply are relatively low and development should be extended to neighbouring towns like Suleja”.

He explained that senate canvassed that FCT budget must be subjected to scrutiny, saying lawmakers also demanded that FCT must improve on Security, especially in the satellite towns.

“Senate suggested at the plenary that subsequently, FCT administration must forward complete details of its statutory budget proposal which must be circulated to all members before consideration for second reading, to enhance robust debate on the general principles” Kyari added.

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