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2020 Budget: association says early passage will promote Nigeria’s socio economic goals

The Nigerian Association of Small and Medium Enterprises (NASMEs), on Thursday said that early passage of the 2020 budget would accelerate the achievement of Nigeria’s socio economic goals.

Mr Auwal Bununu, the Zonal Vice President (North Central) of the association said this in Abuja.

The National Assembly on Dec. 5 passed the 2020 appropriation bill with an increase from 10.33 trillion presented by President Muhammadu Buhari on Oct. 8 to N10.6 trillion.

The Senate explained that the increase would allow for intervention in critical areas like security, infrastructure, mines and steel development as well as social development.

Bununu, while commending the National Assembly for the early passage of the budget, urged the legislature to intensify efforts on oversight function to ensure effective implementation when signed into law.

According to him, the early passage of the budget shows synergy between the executive and legislative arms of government.

“This is necessary for implementation of the economic agenda that we need in terms of economic diversification, job creation, poverty alleviation, trade, infrastructure development, youth and women empowerment.

“These are critical issues in the economic development of the country.

“That you have a full year to implement the budget is a welcome development and it will help in achieving the socio economic goals of the country.

“Let the legislature intensify efforts on oversight function to see that the executive implements all the local content policies that have been enacted to promote Small and Medium Enterprises (SMEs) vis-a-vis the executive order three and five,’’ he said.

Bununu said that industrialised countries used public procurement to promote the growth of SMEs, thus necessitating the association’s demand for the executive arm of government to implement local content policies enacted for public procurement.

“If that is done, the SMEs will occupy their rightful position as the engine of economic growth.

“Solid minerals will be developed, economy will be diversified and jobs will be created,’’ he said.

He added that the association was ready for closer engagements with the public sector under the Public Private Partnership (PPP) to ensure that public procurement was used to build up SMEs in the country.

 

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