2017 Budget Will Bring Nigeria Out Of Recession – Kannike

2017 Budget Will Bring Nigeria Out Of Recession – Kannike

A member of the House of representatives, Abubakar Kannike, has said the 2017 appropriation bill passed by the national assembly will stimulate economic growth and pull the country out of recession.

Kannike of the All Progressives Congress (APC/Oyo state), made this known on Friday.

The national assembly had passed the 2017 appropriation bill of N7.44 trillion on Thursday.

The budget is N143 billion more than the N7.30 trillion budget presented to the legislature by President Muhammadu Buhari on December 14, 2016.

Kannike said the country is going to have a “budget of recovery and development” due to the appropriation of the expected revenue.

“A good look at the budget will tell you that there is a departure from a situation where there is huge disparity between recurrent and capital projects value in the budget,” he said.

“This year, we are looking at a situation where 30 per cent of the budget will be for capital projects. Before now, we used to have about 60 per cent of our budget for recurrent expenditure.

“There was no proper focus on capital projects; there is no economy that will grow or recover if the government does not invest on capital projects.’’

He said the 2017 budget will not only address the huge infrastructural deficit in the country but will also “guarantee conducive environment crucial for economic activities to thrive”.

He said there have been situations where manufacturers leave Nigeria for neighbouring countries where economic conditions were more encouraging.

“But now we are focusing on infrastructure and this will engineer growth,”

“You will now see more roads are going to be constructed, we will have more power generation and electricity will become more constant and there is going to be more infrastructure.” he said.

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