The Nigeria Employers’ Consultative Association (NECA) has commended the Federal Government for early passage and assent to the 2020 Appropriation Act.
It’s Director-General, Mr Timothy Olawale, in Lagos, commended the government for bringing the country back to the January to December budget cycle.
President Muhammadu Buhari had on Dec. 17 signed into law the 2020 Appropriation Act of N10.594 trillion.
It is the fourth time since 1999, but the earliest that the appropriation bill is signed in December, paving the way for the return of Nigeria to a January to December budget cycle.
Olawale said that the feat was an indication that the executive and legislature were listening to the concerns of businesses in achieving the desired result of growing the economy.
“For businesses, having a January to December fiscal year will aid in predicting the direction of the economy and help the private sector and other economic players in planning.
“Past years’ budgets have been plagued by poor implementation, achieving about 50 per cent implementation rate, thus, not achieving the desired positive economic impact, ” he said.
The Director-General, however, called for transparency and effective monitoring of the implementation of the 2020 budget.
He urged the government to initiate the process of exploring other avenues to increase the revenue base of the country for sustained and robust growth.
“Efforts should be intensified to reduce wastages and leakages at all levels of government to enable the citizens maximally benefit from the new January to December budgeting year, ” Olawale said.