See How Much Damage Late Budget Passage Did To Nigerian Economy
So, the 2018 budget was passed after 7 months and it did more damage than you can imagine to Nigeria’s economy.
It cost Nigeria 13% of its gross domestic products, GDP – that’s about 52 billion dollars wiped off the total value of the economy.
According to the Lagos Chamber of Commerce and Industry, LCCI the late passage of budget cost the country a lot in monetary terms, time and other resources, leading to the about 13% drop in the value of GDP.
The chamber stated that this had become a big threat to achieving the Economic Recovery and Growth Plan targets and to Nigeria’s goal of becoming one of the top 20 economies in the world in the nearest future.
A Director of the LCCI, Dr Vincent Nwani, stated this at a forum of business editors in Lagos on Thursday.
He added that the implications of the late passage of the 2018 budget includes: a slowdown in the economic recovery process by postponing the multiplier effects of government spending and delay in the commencement of economic activities.
Nwani, who represented the Director-General, LCCI, Muda Yusuf, called on business journalists to raise the conversation on the actual roles of the National Assembly and the executive in the budgetary process.
According to him, the time has come when Nigerians should ask whether the National Assembly is a budget making or budget influencing arm of government.
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