A Non-Governmental Organisation, African Centre for Entrepreneurship and Information Development (ACEIDEV) on Thursday advocated improved budgetary funding for Education, Science and Technology, Industry, Trade and Investment sectors.
The Executive Director, ACEIDEV, Mr James Ugochukwu who said this in a statement, noted that improving budgetary funding to these three sectors would pull the nation out of abject poverty.
Ugochukwu said that it would also ensure that the country developed a competitive edge in the emerging global market.
He commended the Federal Government for early presentation of the 2020 Budget to the National Assembly.
“The public presentation shows the commitment of the government to be more fiscally transparent, which is in line with its 2016 commitment to Open Government Partnership.
“It also debunks ill-informed analysis that arose after President Muhammadu Buhari presented the Appropriation Bill to the 9th National Assembly,’’ he said.
The director pointed out that the 2020 budgetary allocations to the three sectors were far too low given the global trend.
According to him, the budgetary allocations are also too low, given the drift in manufacturing, quest for clean energy and persistent search for alternative energy solutions.
Ugochukwu emphasised that only a strong educational support, in-depth research in science and technology, attractive investment policies could position Nigeria and give it a competitive edge in the emerging global market.
“An inclusive Gross Domestic Product (GDP) growth that seeks to create massive employment and lift many citizens out of poverty should provide more resources for education, science and technology.
“It should also provide resources for stable power supply and diverse investment opportunities for the country.
“Providing these sectors with resources will reduce cost of doing business in Nigeria, enable more expansion, and trade and investment which will create conducive environment.
“It will also spur entrepreneurship endeavours among other benefits,’’ the ACEIDEV boss said.
Ugochukwu said that he believed that the Budget, if passed into law would have a positive impact on the economy.
He, however, said that this was achievable only if the assumed macro-economic variables were unchanged insignificantly, adding that there was significant revenue growth from the non-oil sector, especially the manufacturing and service sectors.
The executive director explained that the budget, if passed into law by the 9th National Assembly in 2019, would afford the executive early implementation from January to December 2020.
He urged the National Assembly to do the needful, adding that ultimately, there would be funds in circulation which Small and Medium-scale Enterprises would benefit from and more jobs would be created.
The reports state that the 2020 Budget presentation allocated N162.74 billion to Education including UBEC, N41.34 billion to Industry, Trade and Investment, and Science and Technology N37.55 billion.