Sango-Ota (Ogun) – Financial experts on Thursday expressed worry over the delay in the passage of the 2018 budget by the National Assembly.
They expressed their views in separate interviews , in Ota, Ogun.
Dr Samuel Nzekwe, a former President, Association of National Accountants of Nigeria (ANAN) said that the delay had created confusion within the system because there was no way the economy could move forward.
According to him, lack of cash in the system has also led to more poverty and suffering among the people.
“There is no liquidity in the system and this has affected the nation’s capital market as the government is the biggest spender in any economy.
“People do not have sufficient funds to throw around by investing in the stock market as they used the little they have to keep the body and souls together.” he said.
The former ANAN president also said the delay in the passing the budget had also affected contractors in the country and urged the National Assembly to resolve their difference and pass the budget.
Nzekwe urged Departments, Agencies and Ministries that had not defended their budget proposals to do so in the interest of the country.
Dr Titus Okunronmu, former Director, Budgetary Department, Central Bank of Nigeria (CBN), noted that the passage of the national budget had in the last three years suffered undue delays.
The former CBN director stressed that there was no country where budget passage is being delayed until May.
“This development will obviously affect Medium Term Programmes as well as slow down economic development in the country.” he said.
Okunronmu advised the Federal Government to put its home in order, do the right thing at the right time so that meaningful development could be achieved in the country. (NAN)