Pri­vate sec­tor needed for bud­get per­for­mance – fg

The Punch - - MONEY - Olufemi Atoyebi, Abuja

THe fed­eral Govern­ment has said that the bud­get can only per­form at an ap­pre­cia­ble level that will trig­ger sus­tain­able in­fras­truc­tural de­vel­op­ment if the pri­vate sec­tor is pro­vided with an en­abling en­vi­ron­ment to thrive.

The sec­re­tary to the

Govern­ment of the fed­er­a­tion, Boss Mustapha, stated this in an ad­dress he de­liv­ered at the High-level stake­holder Re­treat on Pub­lic Pri­vate Part­ner­ship which ended in Uyo at the week­end.

in the ad­dress, which was made avail­able to our correspondent in Abuja, the sgf, who was rep­re­sented at

the event by the Per­ma­nent sec­re­tary, Po­lit­i­cal and eco­nomic Of­fice, sgf of­fice, Gabriel Aduda, stated that Nige­ria’s in­fra­struc­ture deficit was a huge con­straint to eco­nomic growth and the ease of do­ing busi­ness in the coun­try, stress­ing that the World eco­nomic fo­rum ranked Nige­ria in the 132nd po­si­tion out of 138 coun­tries on its over­all in­fra­struc­ture qual­ity in 2016.

He also said that fix­ing the in­fras­truc­tural deficit in the coun­try would re­quire an in­jec­tion of $1.44tn into the econ­omy by the pri­vate sec­tor.

He said, “Given the scale of the chal­lenge, it is widely recog­nised that the hu­man and fi­nan­cial re­sources re­quired to ad­dress this deficit will re­quire sig­nif­i­cant pri­vate sec­tor’s par­tic­i­pa­tion to aug­ment govern­ment’s an­nual bud­getary al­lo­ca­tion.

“in this re­gard, the Na­tional in­te­grated in­fra­struc­ture Mas­ter plan es­ti­mates that 48 per cent of the $3tn re­quired to ad­dress Nige­ria’s in­fra­struc­ture deficit will come from the pri­vate sec­tor. How­ever, much more needs to be done to en­gen­der the pri­vate sec­tor’s in­ter­est and con­fi­dence re­quired to de­liver the much needed lev­els of in­vest­ment.

“There can be no doubt that the com­po­si­tion, trans­parency and pre­dictabil­ity of Nige­ria’s in­fra­struc­ture De­liv­ery frame­work will ei­ther be a hin­drance or an en­abler to at­tract­ing and har­ness­ing the pri­vate sec­tor’s en­gage­ment in the fi­nanc­ing, de­liv­ery and man­age­ment of crit­i­cal pub­lic-sec­tor in­fra­struc­ture. De­spite re­cent mo­men­tum, it is presently seen by most as a ma­jor con­straint.”

While stat­ing that part of the man­date of the re­treat was to ad­dress the chal­lenge, the fed­eral Govern­ment, how­ever, said ef­forts had been made by the cur­rent ad­min­is­tra­tion to fix some of the iden­ti­fied con­straints.

Newspapers in English

Newspapers from Nigeria

© PressReader. All rights reserved.