ADVERTISEMENT
The Sun Nigeria
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Home Business

MAN expresses fear over 2019 budget

…Says its low on infrastructure, others

2nd January 2019
in Business, Cover
0
MAN expresses fear over 2019 budget
4
SHARES
178
VIEWS
Share on FacebookShare on Twitter

The Manufacturers opined that the 2019 Budget has important provisions aimed at reinforcing and building on the recent accomplishment of the economy.

Bimbola Oyesola

Nigeria’s Organised Private Sector (OPS) yesterday expressed concern that the manufacturers in broad terms could be in for tougher operating environment in 2019 with the failure of the Federal Government to address the challenges confronting the sector in this year’s budget.

Anti-corruption: Complaints Commission targets MDAs, private sector

The Manufacturers Association of Nigeria (MAN), while registering its apprehensions on the 2019 Budget proposal, said its assumptions were based on the fact that the needed supporting policies and infrastructure were not given sufficient priority. According to MAN, the proposed capital expenditure budget for Power, Works and Housing infrastructure was N408.03 billion, representing 26.5 per cent reduction from N555.88 proposed in 2018.

It noted that “Although the budget touched on key projects (construction of new power plants and maintenance of existing ones; rehabilitation of rail tracts; and construction/rehabilitation of roads infrastructure across the country) that will support economic activities if completed, the allocation appears insufficient in the light of the prevailing infrastructural deficit.

“Inadequate electricity supply from the national grid and the bad condition of roads across the country remain core challenges of the manufacturing sector.”

Equally, MAN said the budgeted capital allocation to the development of transportation infrastructure is N194.24 billion, indicating 26.2 per cent reduction from N263.10 billion allocation in 2018.

It stated that the N80.22 billion allocation for counterpart funding for railway projects (Lagos-Kano; Calabar-Lagos; Ajaokuta-Itakpe-Aladja; Port Harcourt-Maiduguri, etc) and the N27.12 billion allocation for rehabilitation of rail tracts and general maintenance/running of the rails system are critical.

The OPS also argued that global evidence has shown that no country in the world had ever fully industrialised without a robust railway system and lamented that no mention was made of the need to dredge the various ports outside Lagos to decongest Tin Can and Apapa ports to reduce the cost of moving goods from ports to the factories.

It added, “Technically, from the observed trends in the Nigerian budget cycle, the 2019 budget proposal might undergo late passage and the resultant negative effect on the overall economic landscape of the country might be colossal for an economy whose current growth rate is still fragile.

“The proposed 2019 budget appears to be an extension of 2018 as no new grounds were explored. There is the need to properly align the assumptions of the budget with economic realities.”

The Manufacturers however opined that the 2019 Budget tagged “Budget of Continuity” has important provisions aimed at reinforcing and building on the recent accomplishment of the economy.

It advised, “Consequently, for the budget to be effective, there is need to sustain expansionary monetary policy stance, while ensuring sufficient synthesis of monetary and fiscal policies.

“By implication, lending rate should moderate through development windows, while taxes and levies should either drop or remain unchanged and backed by incentives.”

Collecting taxes in an era of poverty (2)
Tags: manufacturersmanufacturers association of nigeriaopsorganised private sector
David

David

Sun News Online team

Related Posts

Shake-up as NAF appoints new Branch Chiefs, AOCs, others
Cover

Shake-up as NAF appoints new Branch Chiefs, AOCs, others

5th August 2022
I prepared for jail after leaving CBN –Sanusi
Cover

Nigeria in deeper mess than it was in 2015 – Sanusi

5th August 2022
Lawan, Tinubu, Amaechi, Akpabio stoke APC presidential ticket battle
Cover

APC names Lalong, Keyamo as presidential campaign DG, spokesperson

5th August 2022
Next Post
New Year eve auto crash claims 12 lives in Ibadan

New Year eve auto crash claims 12 lives in Ibadan

Minimum Wage: Labour tells workers to mobilise for prolonged strike

Minimum Wage: Labour tells workers to mobilise for prolonged strike

Reelection: Kalu appointed, as Buhari inaugurates women, youth presidential campaign team

Reelection: Kalu appointed, as Buhari inaugurates women, youth presidential campaign team

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

APC names Lalong, Keyamo as presidential campaign DG, spokesperson

WAFCON 2022: Falcons still waiting for unpaid bonuses and allowances

Ex-IG, Tafa Balogun, dies at 74

389,000 PVCs unclaimed in Kano State – INEC

Buhari mourns Gowon’s sister, Maryama Dimka

Kwara Gov appoints Nollywood actor, Aramide, as aide

Trending

Shake-up as NAF appoints new Branch Chiefs, AOCs, others
Cover

Shake-up as NAF appoints new Branch Chiefs, AOCs, others

5th August 2022
0

From Molly Kilete, Abuja The Nigerian Air Force (NAF) has announced the appointment of new Branch Officers,...

I prepared for jail after leaving CBN –Sanusi

Nigeria in deeper mess than it was in 2015 – Sanusi

5th August 2022
Adebowale-Arimoro delighted to get Falconets call up

Costa Rica: 21 Falconets depart for Costa Rica

5th August 2022
Lawan, Tinubu, Amaechi, Akpabio stoke APC presidential ticket battle

APC names Lalong, Keyamo as presidential campaign DG, spokesperson

5th August 2022
AWCON 2022: S/Africa’s Ellis anticipates difficult Nigeria opener

WAFCON 2022: Falcons still waiting for unpaid bonuses and allowances

5th August 2022
ADVERTISEMENT

Follow us on social media:

Latest News

  • Shake-up as NAF appoints new Branch Chiefs, AOCs, others
  • Nigeria in deeper mess than it was in 2015 – Sanusi
  • Costa Rica: 21 Falconets depart for Costa Rica
  • APC names Lalong, Keyamo as presidential campaign DG, spokesperson
  • WAFCON 2022: Falcons still waiting for unpaid bonuses and allowances
  • Ex-IG, Tafa Balogun, dies at 74
  • 389,000 PVCs unclaimed in Kano State – INEC
  • Buhari mourns Gowon’s sister, Maryama Dimka
  • Kwara Gov appoints Nollywood actor, Aramide, as aide
  • AEDC attributes power outage in parts of FCT to explosion
  • Political instability in some African countries alienating citizens from Govt – DSS boss
  • Equity market sheds N6bn, index drops 0.03%
  • Nigeria’s challenges are beyond religion: Oshiomhole
  • UPDATED: APC appoints Lalong presidential campaign DG
  • Ekiti election: APC aspirant, Ojo, rejects Fed High Court judgement on suit challenging Oyebanji’s candidacy at primary, heads to Appeal Court
  • Nigeria in deeper mess than it was in 2015 – Sanusi
  • Gunmen reportedly abduct pastor in Anambra
  • APC is bridging gaps by reconciling aggrieved members, ahead of 2023 – Wase
  • Edeoga formally elected Labour Party Guber candidate for Enugu
  • Former IGP, Tafa Balogun is dead

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • Change of Name
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.