NASS Criticises Low Implementation Of 2024 Capital Budget
The 2024 budget’s significant imbalance between recurrent and capital expenditures, which the National Assembly raised, highlights the insufficient release of funds for capital projects in Ministries, Departments, and Agencies (MDAs).
The Senate and House Committees on Appropriations’ chairpersons, along with the Presidential Economic Team, were the subjects of a joint session that made this known.
The lawmakers’ revelations revealed that the overall performance of the 2024 budget was only 43%, with only 25% of capital expenditure coming from recurrent expenditures.
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Senator Solomon Adeola and Honorable Abubakar Birchi, chairpersons of the Senate and House Committees, both called for urgent measures to increase funding for capital projects, stressing that these projects directly affect the majority of the population, in contrast to recurrent expenditures that only provide a small portion of the population.
Senator Adeola further , advocates a , reduction of , the current 80% allocation for recurrent expenditure to a more balanced 60% for recurrent and 40% for capital, arguing , that capital projects are vital for economic growth and public welfare, underscoring , the need for immediate fund releases to prevent project abandonment and support the president’s Renewed Hope Agenda.
Honourable Birchi, who also echoed this position, urged the government to prioritize funding for essential infrastructure projects such as schools, roads, dams, and hospitals, which serve the broader population, rather than focusing on debt repayments.
Wale Edun, the minister of finance, acknowledged the imminent capital releases but warned against unsustainable spending practices that have led to economic problems in other nations in response. He assured us that once funds are secured, warrants will be issued.
Source: Channels TV
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