FG to hold ministers
responsible for non-implementation of budget
By ISAAC ANUMIHE, Abuja
Friday, December 5, 2008
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•Photo:
Sun News Publishing
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Minister of State for Finance and the supervising Minister
of Federal Capital Territory (FCT), Mr Remi Babalola
yesterday commented on the budget to the effect that
each Minister would be accountable for non-implementation
of the budget.
In an interview in Abuja, he explained that there was
a change in accountability paradigm as each Minister
and accounting officer would be held responsible and
accountable for non-implementation or non-execution
of their mandates.
According to him, on a quarterly basis , the Presidential
Budget Performance Team will ensure a more dynamic ,
result-oriented and performance-based budgeting process
and stressed that each Ministry, Department and Agencies
(MDAs) would become more accountable for the deliverables
in terms of outputs and outcomes.
On the private public partnership direction, he disclosed
that there was an urgent need to create a more enabling
environment for investment. “We need an overhaul
of our infrastructure to galvanize a vibrant private
sector. While government is devoting resources to infrastructure
(91% of capital vote), it is also opening the economy
up for public private investment. When you take China
for comparison, despite the economy growing at very
high rate , the country just decided to invest over
$600 billion in infrastructure to prepare for future
growth. We are on course. What is key is value for money”
he said.
The Minister also noted that it was extremely difficult
to predict and project the volatile oil prices but said
that detailed rigour went into arriving at $45/barrel
using Monte-Carlo simulation over an extended period.
“While it is virtually impossible to forecast
oil price due to many unknown supply and demand variables
, our benchmark is supported by logical and pragmatic
basis.
We are also prepared to weather the storm if the price
falls below the benchmark in 2009. We have in stock
strategic imperative to cushion the effect and protect
the economy from downward slide” the Minister
further explained.
For him, the objective is using oil resource as a short
in the arm , converting it into physical and financial
assets to develop non-exhaustible resources. “We
are investing in productive public infrastructure in
transportation , power , etc. Investing in agriculture,
human capital development, export promotion , etc”
he stated.
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