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Due Process: N120bn Has Been Saved – Ezekwesili
By Idowu Sowunmi, 12.01.2004
Special Assistant to the President and Head of Budget Monotoring and Price Intelligence Unit (BMPIU), Dr. Obi Ezekwesili, yesterday said the introduction of Due Process has saved the nation about N120 billion. The Special Assistant, who presented a paper titled: "Budget Implementation: Year 2005 Capital Budget" at Budget Summit organised by Association of Professional Bodies of Nigeria (APBN), noted that Due Process was designed as "a rapid-response, expert-driven and integrity-centred mechanism for ensuring fiscal transparency, strict compliance with contracting process, effectiveness and efficiency in the costing, priotisation and execution of budget expenditure items in order to achieve and effective 'follow-the-money' instrument." Ezekwesili, who was represented by BMPIU Senior Sector Specialist, Engr. Bassey Ika Oqua, added that the capital expenditure performance of Budget 2004 did not meet the targeted 80 per cent implementation rate but said the 2005 capital budget would be greatly improved on. She explained that 2005 Appropriation Bill was prepared in the context of a Medim Term Expenditure Framework that looks at projections for years 2006 and 2007. The Special Assistant said the main theme of 2005 Budget is "Building Physical and Human Infrastructure fo Job Creation and Poverty Eradication," observing that "this is the second National Economic Empowerment Deve-lopment Strategy (NEEDS) budget which therefore complements and carries forward the work begun in 2004 Budget to reform the economy and put it on the path to sustainable growth." She said the 2005 Budget gave importance to key infrastructure like water supply, agriculture, education health and national security, adding that the total spending proposed in 2005 Budget amounts to N544 billion, a 51 per cent increase over 2004 capital budget of N360 billion. In his keynote address, Ambassador Oladapo Fafowora commended Federal Government for presenting the budget on time to the National Assembly, saying "there has been considerable delay in presenting the budget proposals to the National Assembly leading to a time lag in the implementation of the approved budget." Fafowora noted that the 7 per cent growth target set by Federal Government is unrealistic, saying "given the unimpressive performance of the economy in recent years, marked by sluggish growth and policy slippages, it is doubtful that this target can be achieved. Annual economicgrowth rate in the life of this administration has averaged less than 3 per cent."
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