Daily Independent (Lagos)
David Agba
20 November 2008
Abuja — Federal Government on Thursday declared that the 2009 budget provisions, which are yet to be presented to the National Assembly would reflect the reality of a new Nigeria with a difference.
Government has also stated that a whooping sum of $15 billion is needed to develop the Federal Capital Territory, Abuja.
Special Adviser to President Umaru Yar'Adua on economic matters, Tanimu Yakubu stated this at the Abuja Business and Investment Roundtable.
He affirmed that the government had taking the macro economic realities into consideration before crafting the budget, adding that the President, aware of the non-competitive nature of the Nigerian economy had incorporated in its seven points agenda infrastructural development.
Yakubu, who said the cost of doing business is high in Nigeria compared with other countries, disclosed that in Nigeria, a potential investor would have to provide electricity, security and motor able roads among others.
In the 2009 budget, the Special Adviser said all these would be a thing of the past as the broad based seven point agenda incorporated in the budget would take care of critical infrastructure, human capital development, land reforms and others.
According to him, 91 per cent of capital votes in 2009 budget would be spent on critical infrastructure, pointing out that the government would spend about $1.5billion on domestic gas production to improve power production in the country.
To improve the transportation system in the country, he said the western and eastern railways lines would be rehabilitated, while the central railway line would be completed within 12 months.
Speaking earlier, the Minister of state for Finance/ Supervising Minister of the Federal Capital Territory, Remi Babalola declared 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.
Also, Babalola said the FCT administration would reform the act of governance using concepts in modern management of reducing layers of bureaucracy, enhancing productivity and improving service delivery.
Noting that about $15billion would be required to do all these, Babalola said pressing issue of security would be addressed by adequately equipping the security services to keep lives and property safe and collaborating with neighbouring states to keep the roads safe and secure as well.
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