2016 budget implementation key to economic recovery – ACCI

President, Abuja Chamber of Commerce and Industry, ACCI, Mr. Tony Ejikeonye, said the faithful implementation of the 2016 budget would revive the nation’s bleak economy.

Ejinkeonye, who stated this in Abuja, noted that the 2016 budget proposal holds the key to the nation’s economic recovery, describing it as the way out of the woods. He also commended the federal government’s resolution to diversify the economy.
According to him, “there are still huge potentials for inclusive growth and sustainable development in the coming year notwithstanding the fact that about 50 percent revenue is expected from oil receipts to fund the N6.08 trillion budget together with the projected increase from internally generated revenue.”
“All we need is a clear policy and faithful implementation. Also, leaner government policy to cut off waste, significant reduction of recurrent expenditure and the 223 percent year-on-year growth in capital expenditure demonstrates the desire to make Nigeria more competitive and start the journey to deliver sustainable development.”
Ejinkeonye said President Muhammadu Buhari, in his budget presentation to the National Assembly, indicated that the focus of the budget would be on inclusive growth.
“I believe that the proposal for the reduction in tax rates for smaller businesses, as well as subsidised funding for priority sectors such as agriculture and solid minerals are steps in the right direction,” he said.
The president said “we, the private sector, signifies a clear understanding of what is needed in this regard as private sector and not civil service jobs have the potential of solving this quagmire that the country has presently found itself.’’
Ejinkeonye lauded the largest capital vote going to infrastructure and that of recurrent vote to education together with the initiative to absorb about 500,000 teachers.
He said there were indications that the spending would stimulate the economy and the employment of about 500,000 graduate teachers by states and local governments would go a long way in reducing unemployment.
He also commended the recently revised Micro, Small and Medium Enterprises Development Fund, MSMEDF, guidelines issued by the Development Finance Department of the Central Bank of Nigeria, CBN, support banks and other financial institutions.
Ejinkeonye said the revision of MSMEDF’s guidelines would help business start–ups under the fund to access funds at zero interest rate and accept collateral requirements for start-ups to include educational certificates.





Check the Nigerian Pilot newspaper for the full story.








Comments

Post a Comment

Popular posts from this blog

10 World Most Eloquent People

Image
Only the eloquent can adequately describe eloquence. It includes articulation, a mellifluous tone of voice and poise under pressure. To be eloquent is to speak well in a persuasive and deeply thoughtful way. Though it appears to come easily, eloquence does not often come naturally. The most talented speakers often have training in rhetoric and behavioral psychology. Here are 10 great examples of eloquent speakers who have made their mark on the world. 1. Martin Luther King, Jr “I Have a Dream” is perhaps the most powerful speech in American history. In poetic, unequivocal language, he explains how people can live up to their ideals for the sake of their children. 2. Abraham Lincoln In a speech only two minutes long, Lincoln explained the moral justification for the Civil War in his Gettysburg Address. 3. Winston Churchill In a few short years Churchill transformed himself from a burly, unemployed, failed novelist to a leader of the free world with ...
Read more

St. Finbaar’s College, Akoka wins the annual Helmbridge Science Challenge for secondary schools in Lagos State.

St. Finbarr’s College Akoka, Lagos at the weekend won the annual Helmbridge Science Challenge for secondary schools in Lagos State. The school in a six-week-long competition defeated May Day College and Topgrade Secondary School, Surulere in the preliminaries to qualify for the final. The Akoka boys who walked-over Penny International College Coker, the defending champions, for late coming, went into sporadic jubilation on their victory. The News Agency of Nigeria, NAN reports that 16 schools participated in the competition, including Yaba College of Technology Secondary School, St. Finbaar’s College, Penny Internatinal College, Shining Lord’s Secondary and Technical School. Others are St. Michael’s Anglican College, Jubilee Model Grammar school, Fountain Heights Secondary School, St. Gregory’s College and St. Jude’s Private Secondary School. Also in the competition are Methodist Boys’ High School, Birch Freeman High School, Community Senior Grammar School and ABS College. ...
Read more

BIAFRA: IPOB, MASSOB shut down markets, Uwazuruike expelled

Image
  Visit Late Odumegwu Ojukwu’s house to seek his blessing Uwazuruike expelled, Madu takes over as MASSOB leader Forget Biafra, secession —Nwabueze Over seven thousands members of the Indigenous People of Biafra, IPOB, yesterday,   shut   down markets and all commercial activities in Nnewi, Anambra State in solidarity protest for the release of the Director of Radio Biafra, Mr. Nnamdi Kanu, who has been incarcerated by  the Directorate of State Services, DSS, for over one month. Members of the IPOB mobilized from Onitsha, Asaba, Awka, Ekwulobia, Awka-Etiti, Enugu, Imo, Ebonyi and Abia states, converged at  Nnewi from where they marched to the house of the late Ikemba Nnewi, Dim Chukwuemeka Odumegwu Ojukwu to ask for his blessing even in death. This came as constitutional lawyer and leader of eminent group of Nigerians, The Patriots , Professor Ben Nwabueze (SAN),  admonished  the  groups to have a re-think over th...
Read more