KEY POINTS
- NACCIMA backs budget increase but seeks clarity on revenue projections.
- Development banks’ funding could enhance industrial growth and economic stability.
- Fiscal adjustments are needed to align with the revised budget strategy.
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) supports the planned budget increase from N49.7 trillion to N54.2 trillion but demands additional details about the new funding sources.
NACCIMA President Dele Oye confirmed that budget growth signals active capital investment and revenue oversight yet he requested complete disclosure of supplementary revenue sources for enhancing transparency and credibility.
Godswill Akpabio previously identified new sources of revenue as coming from Federal Inland Revenue Service and Nigeria Customs Service alongside government-owned entities that would produce N1.4 trillion and N1.2 trillion respectively, N1.8 trillion more.
– N1.4 trillion from the Federal Inland Revenue Service (FIRS)
– N1.2 trillion from the Nigeria Customs Service
– N1.8 trillion from government-owned entities
The projected budgetary expansion requires stakeholders to verify whether the projections will remain viable as sustainable evidence for budget growth.
Strategic focus on economic diversification
NACCIMA observed that budget expansion funds will fortify the Bank of Industry and Bank of Agriculture to support economic diversification and private sector development.
According to Oye development banks will benefit from improved financial backing which would produce the following outcomes:
-The budget increase aims to foster investments in infrastructure development together with solid mineral exploration.
-Encourage economic diversification programs
-Strengthen Nigeria’s productive sector
The Medium-Term Expenditure Framework (MTEF) would require modifications since it was built for N49 trillion budgets according to the budgetary expert.
Transparent and confident engagement in budget activities
The maintenance of stakeholder confidence requires proper disclosure about both funding sources and budgeted allocations according to Oye.
The government needs to establish transparent budgeting practices because transparency will sustain Nigeria’s economic development and growth.
