- Son hacks father to death in Enugu
- APGA: Appeal Court adjourns case indefinitely
- Residents heave sigh of relief as government evacuates corpses in Borno
- Ferdinand signs new deal to stay at United
- UEFA announce Berlin as host of 2014/2015 Champions League final
- Man jailed for selling pirated copies of El-Rufai’s book
- Ogun state government uncovers N200m WAEC fees fraud
- “There are 56 million illiterates in Nigeria” – Ezekwesili
- APGA members defect to APC in Anambra
- Rivers political crisis: Police bans public procession
Experts commend plans to cut Federal Budget by N100.25 bn
Some experts have commended the plan by the Federal Government to reduce the recurrent vote in the 2012 budget by N100.25 billion.
In Lagos on Thursday,, the experts described the planned reduction as a welcome development and a gesture of fiscal discipline.
The Minister of Finance, Dr. Ngozi Iweala, had told newsmen on Wednesday in Abuja that the move was to reduce fiscal deficits and domestic borrowing in 2012.
Dr. Tunde Adeoye, a Senior Lecturer in the Department of Economics, University of Lagos, said that a cut in the recurrent expenditures would be a welcome development.
He advised the government to further prun excessive spending, particularly on foreign trips and check leakages in the country’s revenue sources.
“It is a good step in the right direction because there are lots of leakages within the economy,’’ he said.
He said that corruption in government parastatal agencies was one of the major leakages that needed to be addressed.
“There should be accountability and transparency,’’ Adeoye said.
The lecturer also advised the Federal Government to re-direct its spendings towards infrastructure development.
Dr. Samuel Nzekwe, the immediate past President of Association of National Accountants of Nigeria (ANAN), said that government was now “beginning to live up to expectations by cutting the recurrent expenditure’’.
He said that N888 billion for the fuel subsidy was okay “because fuel played vital role in the Nigerian economy’’.
Nzekwe, however, said that the N100.25 billion was too small to develop the infrastructure..
According to him, any fund allocated for specific project, should be used for it.
“The ability of the government to make use of specific funds for what they are meant will impact positively on the economy,’’ he said.
Mr Adewale Adeniyi, General Manager, Regency Assets Management Ltd., also commended the government’s move towards reducing “all forms of leakages within the economy’’.
He urged the government to prevent the incidence of ghost workers in government agencies to further reduce fiscal deficit in the economy,” he said. (NAN)