Chairman, Senate Committee on Federal Capital Territory (FCT), Senator Abubakar Kyari, has bemoaned poor budget implementation over the years, saying, it has sabotaged key public institutions in Nigeria.<\/p>\n
The lawmaker observed that, this sad development has led, unfortunately, to steady increase in the cost of doing business in Nigeria in the last 17 years.<\/p>\n
Speaking on Friday at the public hearing of the joint session of committees of the National Assembly on FCT, on the FCT 2020 statutory budget, held in Abuja, Kyari noted that the effect of poor budget implementation, \u201capart from scaring away foreign investors, several multinational companies have either relocated to neighboring countries or contemplating doing so\u201d.<\/p>\n
\u201cNigeria is painfully missing several opportunities of being a preferred country of destination of international investors,\u201d Kyari said.<\/p>\n
According to him, \u201cThe revenue generated from the investment by FCT administration did not reflect the revenue profile of the FCT over the years, despite the barrage of investment.<\/p>\n
He maintained that, \u201cFCT IRS must stick to its mission statement by making taxation a pivot of FCT development, by providing effective and efficient tax administration through innovation and professionalism capable of generating sufficient income for socio-economic and infrastructural development in the FCT comparable to best practices in the world\u201d.<\/p>\n
He, however, listed some of the observations raised on the floor of the Senate on Thursday during the second reading of the FCT 2020 statutory appropriation, stressing that development of FCT satellite towns was not encouraging and urged the Minister of FCT, Mallam Mohammed Bello, to deploy funds to satellite towns.<\/p>\n
He stated that revenue generation of the FCT is low, adding that there was no form of development from Mabushi to Minister\u2019s hill, till date, despite its prime location.<\/p>\n
Continuing, Kyari said, \u201cexpenditure on education, health and water supply are relatively low and development should be extended to neighbouring towns like Suleja\u201d.<\/p>\n
He explained that Senate canvassed that FCT budget must be subjected to scrutiny, saying, lawmakers also demanded that FCT must improve on Security, especially in the satellite towns.<\/p>\n
\u201cSenate suggested at the plenary that subsequently, FCT Administration must forward complete details of its statutory budget proposal which must be circulated to all members before consideration for second reading, to enhance robust debate on the general principles\u201d Kyari added.<\/p>\n
The Senate Committee on FCT and its counterpart at the House of Representatives, as well as the Committee on FCT and Ancillary Matters are to defy the weekend break to continue with the FCT budget defence on Saturday by 2:30pm, in line with mandate given by the leadership of the National Assembly.<\/p>\n","protected":false},"excerpt":{"rendered":"
Chairman, Senate Committee on Federal Capital Territory (FCT), Senator Abubakar Kyari, has bemoaned poor budget implementation over the years, saying, it has sabotaged key public institutions in Nigeria. The lawmaker observed that, this sad development has led, unfortunately, to steady increase in the cost of doing business in Nigeria in the last 17 years. Speaking […]<\/p>\n","protected":false},"author":62,"featured_media":11699,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[347,622,1127],"class_list":["post-18859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-abuja","tag-fct","tag-kyari"],"yoast_head":"\n