By Chinwendu Agoha (Governance Reporter)
Following the timely passage of the 2021 Appropriation Bill by the National Assembly on Tuesday, the Buhari Media Organization (BMO) has commended the synergy between the Executive and the Legislature in the quick passage of the budget.
The BMO said the budget passage was an indication of the cooperation currently existing between the Executive and the Legislature. It also said the collaboration between the Presidency and the National Assembly will help institutionalize the January-December Budget cycle.
In a statement signed by the BMO Chairman, Niyi Akinsiju and Secretary Cassidy Madueke, it said the Federal Budget which is now restored to a January to December implementation cycle aims at accelerating the pace of Nigerian economic recovery, promote diversification, enhance competitiveness and ensure social inclusion.
"This positive development will bring about a lot of gain for the country, both within and outside, as even development partners will easily align their projects, plans and programs with our new budget cycle.
"The passage of the proposed N13.588 Trillion by the National Assembly recorded about N505 Billion addition by the National Assembly. The addition is to increase allocation to the capital expenditure from N3.6 Trillion initially proposed to N4.125 Trillion.
"This has increased the percentage threshold of capital expenditure relative to the other budgetary expenditures of the 2021 appropriation bill.
"We hope for impressive deliveries from budget 2021 on account of earlier application and approval by the Legislature of the extension of the capital component of the 2020 budget to the first quarter 2021".
The group also noted a historical milestone here where two capital strands of the national budgets will run concurrently. "This will avail more spending and higher deliverables on capital projects needed to exit recession and create more jobs with a view to achieving the intended objectives for the benefit of all Nigerians.
"It is worthy to note that both arms of government are working in harmony towards delivering democracy dividends to Nigerians as quickly as possible", the statement added. NNL