Senate summons Adeosun, Udoma over budget implementation

The Senate yesterday summoned the Minister of Finance, Kemi Adeosun and her budget and National Planning counterpart, Senator Udo Udoma over poor funding of the capital component of the 2017 budget.

The summon was sequel to a motion sponsored by Senator Gbenga Ashafa (APC, Lagos) and five others on the inadequate releases of fund for the capital component of the budget.

The ministers are to appear before the Senate in plenary to explain steps being taken to expedite release of funds for the capital component of the appropriation. A date has not been fixed for their appearance.

Moving the motion, Ashafa said since the budget was assented to on 12th May, this year, only about N310 billion was released to the Ministries, Departments and Agencies (MDAs) for funding of capital projects.

Similarly, the Senate urged the national economy managers to remain focused and ensure that the current weak growth of a mere 0.55 percent was built upon in the months to come.

The resolution followed a motion sponsored by Senator Yahaya Abdullahi (APC, Kebbi), tagged "Stabilizing and sustaining post- recession growth of the economy."

It also urged the fiscal and monetary authorities to come together and harmonize fiscal and monetary policies with a view to drastically reducing the interest rate.

The Upper chamber further called on the fiscal authorities to reduce the accumulation of domestic debt in order to free the market for better access by the private sector.