The Federal Executive
Council (FEC), on Wednesday
directed Ministries,
Departments and Agencies
(MDAs), to fast-track the
release of their capital
budgets to quickly reflate the
economy.
The Minister of Budget and
National Planning, Sen.
Udoma Udo Udoma,
announced this to State
House correspondents after
the FEC meeting presided
over by Vice President Yemi
Osinbajo in Abuja.
“The focus of our
deliberation today at the FEC
was a review of the economy
which we do from time to time.
“On a quarterly basis, the
Ministry of Budget and
National Planning briefs the
cabinet about the economy
and the steps that we need
to take.
“Council approved that the
various MDAs should fast-
track the processes for
release of their capital
budget so that the economy
can be quickly reflated’’, he
said.
According to him, the
administration’s promise to
release N350 billion into the
economy was undergoing
some process, adding that
while it was easy to release
for ongoing projects, new
ones would pass through
procurement laws.
“The N350 billion indicated is
available but there is a
process and this is part of
the reasons we briefed
council.
“There is need to fast-track
those processes so that
most of those monies will be
released very soon.’’
He said the administration
expected that the Ministry of
Works should make quite
substantial release in the
next week or so.
Udoma explained that the
release would be easier for
existing projects “but new
projects are a bit more
difficult because of the public
procurement’’, adding that
the impact of the release
would be felt soon.
He said the administration
would from time to time
announce various amounts
released to the economy.
On President Muhammadu
Buhari’s directive for the
release of grains to ease
economic hardships, Udoma
said the Minister of
Agriculture was in a better
position to state the
situation.
On economic plan, he said
“we launched a strategic
document, we set out 34
things we want to achieve
this year, we set out all our
objectives. We have a plan
and the plan is to reflate the
economy.
“What has happened to
Nigeria is not a surprise to
the government, it is
something that we came in to
meet.
“It has been caused by the
fall of crude oil prices from
over $100 to less than $30.
We came in to meet that
problem. ‘’
Udoma said the
administration decided to
spend a huge amount of
money on infrastructure to
correct the economic malaise
in the country.
“We know the situation we
are in right now and we have
a plan to get out of the
situation.’’
The minister also denied
rumours of impending sack of
workers in para-military
organizations, stating that it
was the policy of the
administration not to
retrench anywhere.
“We said so at the beginning
that we are not going to
retrench, there is a natural
wastage which happens in
government.
“There are people who
retire, people who may be
disciplined but there is no
policy in this government to
retrench. ‘’
Udoma explained some of
government policies to
ensure self-sufficiency in
rice and wheat production in
a few years.

www.dailypost.ng/2016/06/09/economy-fec-directs-mdas-to-release-capital-budgets/

They have started again

These people are just not serious.

How long has it been since the budget was passed?

And they are yet to release funds.

It took them almost 6months to pass a budget of the year.

Another 3months to release funds.

So, when will it be implemented?

Lallai.. Buhari must hear

To release any kobo from the government coffers, the procurement process must be properly adhered to inline with the existing law of the land. The practice of ad hoc method of releasing government fund which breeds corruption should be discourage. My grievance with this government is her inability to constitute the National Procurement Council without which the government procurement is illegal. The law is explicit about the role of National Procurement Council in public procurement process. All government procurement in the last couples of years has been illegal since their is no National Procurement Council in place to approve the procurement.

This government should not adopt the model of approving projects at the Federal Executive Council meetings. That role is strictly for the Bureau of Public Procurement which must be approve by the National Procurement Council. The fight against corruption will continue to be a mirage so long as the government did not get the procurement process right. Their is an assertion that 70% source of corruption in our public life is through procurement.