The Manufacturers Association of Nigeria (MAN) has commended the federal government’s proposed capital expenditure of N5.35 trillion in the N17.7 trillion 2022 budget tagged “Budget of Economic Growth and Sustainability.”
It said the proposed aggregate capital expenditure of N5.35 trillion, which is 32.64 per cent of the total expenditure, was against the N4.37 trillion and 32.2 per cent of the 2021 budget.
MAN said this meant that the amount allotted to capital expenditure would increase appreciably in 2022, particularly for the building materials and construction segment that has higher multiplier effects on the manufacturing sector.
Making this known in his preliminary comments on the proposed 2022 Budget, MAN Director-General Segun Ajayi-Kadir said the increased allocation to capital expenditure in the proposed 2022 budget no doubt, buttresses the fact that the government intends to continue to upscale the development of infrastructure across the country.
“This is a development that MAN considers laudable, because it resonates with our annual advocacy submission to the government on the need to prioritize infrastructure development for sustainable economic growth. It will also increase production in the real sector of the economy,” he said.
