THE Federal Government may have halted new projects in 2020 budget in favour of completion of ongoing and abandoned projects, according to feelers from the Ministry of Finance.
Besides, there is a stoppage to purchase of vehicles.

The budget estimate is likely to be submitted to the National Assembly next week after President Muhammadu Buhari’s return from his state visit to South Africa.

It was learnt that all Ministries, Departments and Agencies (MDAs) have been given a budgetary ceiling for their capital expenditure needs in the 2020 budget.

Each of them has been given an envelope detailing what their capital expenditure covers, a source said on Tuesday.
The source added that because the Federal Government had resolved to complete ongoing and abandoned projects, the MDAs have been directed to remove the purchase of vehicles from their budgetary requirements.

But, military establishments may be exempted because they require operational vehicles to tackle insurgency and insecurity.
MDAs that have capital expenditure requirements higher than their approved ceiling, have been asked to adjust their budget or give convincing reasons why their demands should be accommodated.

Since the MDAs got their envelopes, ministers, permanent secretaries and top military and para-military chiefs have been visiting the Ministry of Finance and the Budget Office to defend their capital budget requirements.
The Federal Government has pegged capital expenditure for MDAs at N1.01 trillion exclusive of capital in statutory transfers.

The Wednesday (today) deadline given to the Senate Committee on Finance to submit its report on the 2020-2022 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) is no longer feasible, it was learnt on Tuesday.

The panel, which has since embarked on back-to-back meetings since the document was referred to it last Wednesday by the President of the Senate, Ahmad Lawan, is yet to receive presentation from Ministries, Departments and Agencies (MDAs) to enable it conclude its assignment on the MTEF/FSP.

The Chairman of the Senate Committee on Finance, Senator Solomon Adeola, disclosed on his twitter handle on Tuesday that the panel would be taking submissions from relevant agencies Wednesday (Today).

Adeola twitted that: “Shortly after the @MBuhari Broadcast, I headed for office in Senate to continue work on (MTEF/FSP) 2020-2023 as Chairman of Sen Cmtee on Finance.
“I was joined by Sen Ayo Akinyelure, a member, to prepare for invited FG agencies’ presentation tomorrow. All hands/ sacrifices on deck,” he said.
The Senate had on September 25 received the 2020-2022 MTEF/FSP from President Muhammadu Buhari and on September 26, referred the document to its committee on Finance to report back on Wednesday October 2.
In the document, the Federal Government proposed the sum of N10.002trillion as the 2020 Appropriation Bill and the sum of N2.45trillion for debt service for next year.

It also proposed to borrow N1.7trillion.


https://thenationonlineng.net/no-new-projects-in-2020-budget/?fbclid=IwAR0f7Lk-LEpSgyFPId7Arf27e-0M2XYdTFRTn9Q5_YFUFR75_C0xKVVo2nI

What do You expect from a

Even the ones that they shortlisted for this year 2019...They have nOt done justice to 30% of them talk more of shortlisting other ones for next year.

This country matter is just so cumbersome

Fresh air...

Buhari has not initiated any new projects since coming to power. Most of the projects he is commissioning are PDP projects started by Goodluck Jonathan

That's commendable if true. They should finish the ones on ground before wasting money on other roads.

Naija ti su mi oo

Kudos to buhari and his team.

It's better. Let them complete the ones on ground. The borrowing ish sha

Yahoo president

No new project, but budget still high.

hisexcellency34:
Buhari has not initiated any new projects since coming to power. Most of the projects he is commissioning are PDP projects started by Goodluck Jonathan

Are you suggesting that buhari should have started new projects and leave the incomplete ones?

This news is last week... but I like the idea

what a country

Since 2015 budget till date... I haven't feel any impact
of government in my community...Atimes I ask where
this money deh go na? I now remember it goes to
polithievescians Belly

Yes that is good, they will complete the old project which PDP abandoned

Welcomed development.

Use 2020 to fund and fast track pending projects before embarking on new ones .

Don't get your hand too full.

What


This budget na scam

PureGoldh:
Even the ones that they shortlisted for this year 2019...They have nOt done justice to 30% of them talk more of shortlisting other ones for next year.

This country matter is just so cumbersome

I hope you read everything before this your comment?

Good and please there's nothing wrong with deficit spending during a downturn, it's acceptable as long as it focuses on public investments, infrastructure, defense and education.

This is a good move but the news is dated 2 October 2019.

Why won't they halt the projects when there's barely enough money to service our dangerously high debts, pay labour new minimum wage, pay fuel subsidy and service their kleptomaniac desires.

If Jonathan said there will be no new projects in a whole new year, APC will scream at the top of their voices but now they want us to clap for them for trying to be clever by half.

alizma:
Kudos to buhari and his team.

May God handle your life and destiny the way buhari handles Boko Haram insurgency. Amen

Nigeria is sinking only God can save us now

Sukueponmalu:

Are you suggesting that buhari should have started new projects and leave the incomplete ones?

my brother,u don't need to reply anyone...many people here are just nincompoops

That makes sense. They should finish the projects on ground first before starting new ones.

If the administrations before him did that we would have way more than we have now in terms of infrastructure.

valentinenw:
Why won't they halt the projects when there's barely enough money to service our dangerously high debts, pay labour new minimum wage, pay fuel subsidy and service their kleptomaniac desires.

If Jonathan said there will be no new projects in a whole new year, APC will scream at the top of their voices but now they want us to clap for them for trying to be clever by half.

So it is Buhari that makes us to have no money? Let me ask you, was madam Ngozi not telling us all that they were borrowing to pay salaries?

What did GEJ do with so much oil money?

He is in South Africa now? Which country is his next stop? This is one president I know that is having the time of his life vacationing on tax payers money. Shame