Leadership (Abuja)
Justus Nduwugwe
21 November 2008
Federal Government yesterday said that the 2009 budget soon to be presented to the National Assembly would substantially be different from past budgets, in view of the developments in the global economy, even as it has said that over $15 billion is needed to develop Abuja .
The Special Adviser to President Umaru Musa Yar'Adua on Economic Matters, Mr. Tanimu Yakubu, made these known at the Abuja Business and Investment Roundtable holding in the city.
The special adviser also stated that the government had taken in consideration, the macro economic realities before finalising the budget, adding that due to the non competitive nature of Nigeria's business environment, the development of infrastructure had been incorporated into its seven-point agenda.
Noting that the cost of doing business is high in Nigeria in comparison with other countries, Yakubu disclosed that in Nigeria , a potential investor would have to provide electricity, security and motorable roads etc
He assured that all these would be a thing of the past as the broad based 7-point agenda incorporated in the budget would take care of critical infrastructure, human capital development, land reforms etc
The special adviser further disclosed that 91 per cent of capital votes in 2009 budget would be spent on critical infrastructure, stating that the government would spend about $1.5 billion on domestic gas production to improve power production in the country
On transportation, he revealed that the western and eastern railways lines would be rehabilitated while the central railway line would be completed within 12 months.
In his speech, the Minister of State for Finance, who is also the supervising minister of the Federal Capital Territory , Mr. Remi Babalola, disclosed that if Abuja fails, the whole Nigeria fails To ensure that Abuja becomes a globally recognised city by 2020, he said the city would be reformed by using the public, private participation model.
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