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FG may not make any Capital Investment till June 2023

December 27, 2022
in Business News, Latest Nigeria News, Nigeria News, Uncategorized
FG WILL NOT MAKE ANY MAJOR CAPITAL INVESTMENT IN 2023 UNTIL JUNE - SEUN ONIGBINDE

Seun Onigbinde of BudgIT

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The First five months of 2023 will not see any significant capital investment from the Federal Government due to it being an election Year.

Seunj Onigbinde, Director and Co-Founder of BudgIT disclosed it while speaking to Toulope Ogunjobi on Business Nigeria on Tuesday afternoon.

He added that the thoughts will now be turned towards what the new government will be doing to shore up the nations’ revenue base which he described as grossly weak.

He added that despite the presentation of the 2023 Budget, the year will not see any major significant capital investment in the first five months.

He disclosed that issues that will be getting the attention of the new Government include Fuel Subsidy removal which though had been signed off for removal by President Buhari but he will not be around to do it.

He added that the Political Economy of Fuel Subsidy is bigger than what the President has done which is just a pronouncement.

He also said shoring up revenue will be looked at closely especially as it affects Taxation and any Other Source that will help.

Inflation according to Mr Onigbinde is also something that requires attention from the Federal Government because its biting hard on Nigerians and is making things and living difficult.

He said the incoming government after the elections must pay particular attention to how to bring down inflation which is now in their 20’s.

He said the issue of Food inflation is particularly very important for Nigeria.

He also talked about the issue of the Foreign exchange windows which he said need to be brought together so that the nation can control the Value of the Naira better.

He however expressed his belief that things will start becoming clearer from July for the New Government after a settling down period which will be challenging.

He said the first part of 2023 will be like a lameduck situation for the Federal Government.

Going Further the ballooning deficit is a very critical issue that needs attention since it will also affect the nations ability to invest in any project or take measures that will affect Nigerians positively.

On whether their is any way to a quick win for the country, he disclosed that no quick wins is there for Nigeria adding that this is due to the fact that Nigeria is extremely vulnerable at present.

He disclosed that the Buhari administration has failed over the course of the last 7 years to have a synergy between Monetary and Fiscal Policies.

 

 

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