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Late passage of 2014 budget stalls business growthThe organised private sector has condemned the late passage of 2014’s budget, stressing that it has adversely impacted on business operation in the country.
Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA) at its half-year review of the economy said it was disheartening that the budget christened, “Budget of Job Creation and Growth,” was not passed by the National Assembly until May this year and still awaiting the President’s assent.
According to NACCIMA President, Mohammed Badaru Abubakar, members of the association and other business sectors operating in the country have been unable to make concrete business proposition in the year as they rely more on budget for direction.
“The consequence of this delay in our budgetary process is the dislocation of proper planning by government MDAs and business operators whose public/business plans and projects are directly dependent on the policies and provisions in the annual budgets,” he stated.
He added: “We, therefore, wish to counsel that the executive and the legislature at federal and state levels should strictly adhere to the extant practice of timely crafting, presentation, debate, passage and signing of the annual national/ state budgets latest by mid-December and for Mr. President/ Governors to sign and subse
quently announce same to the citizens on January 1 of every year, in the overall interest of the nation.”
The NACCIMA boss lamented that the increase in insecurity, especially in the North-East region of the country, which is a trading corridor to some neighbouring countries also calls for concern as it was disturbing to the association.
He noted that despite the global concern the Boko Haram insurgency has attracted since the beginning of the year, it has continued to hamstring business growth and Foreign Direct Investment (FDI), as well as Nigeria’s quest to become an investment haven.
While he commended the Federal Government and Lagos State for taking practical steps and efforts to contain the spread of the Ebola virus disease in the country, NACCIMA President, however, said since the outbreak in the country, the tempo of business has been slowed down with significant impact on the economy, especially in the tourism and hospitality sector.
“We believe the virus can be effectively contained if all measures are frontally implemented,” he said.
The association also said infrastructure has been a great challenge for the organised private sector in terms of transportation of their goods and services despite the enormous spending by governments on transportation infrastructure (roads, railways, waterways and airways) nationwide. He noted that the desired positive impact is yet to be felt by the business community and citizens as a good number (about 40-50 per cent) of federal and state roads are still in deplorable conditions, thereby compounding the already high cost of doing business in the country.
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