Ike Amos 26 December 2018, Sweetcrude, Abuja — The Petroleum Products Pricing Regulatory Agency, PPPRA, has accused the Budget Office…
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Akabueze explained that when an agreement had been reached on the new minimum wage, the financial implications would be worked out and a supplementary budget would be prepared for its implementation.
”Independent revenue has continued to lag behind with low level of remittances. The GDP growth rate planned for 2017 was 1.7percent and at the end of 1st quarter, we have achieved 1.4percent, giving a positive indication that we will attain the 1.7 percent target and possibly surpass.”
He said that the government had presented a draft for an Organic Budget Law to the National Assembly, which when passed, would ensure punctual drafting and approval of subsequent proposed budgets within a stipulated time.
The Director-General of the Budget Office, Mr. Ben Akabueze, said the release of the fund was not within the purview of the office, adding that the powers lied with the minister of finance, who should seek approval from the president before the fund was released.
“It should be noted that capital budget implementation depends on resource availability. As such MDAs’ budgetary provisions not fully funded in the 2016 Budget will be repeated in the 2017 budget. When we sent out the Call Circular, we told them (MDAs) clearly that those items that could not be funded in the previous budget should be re-presented.”