Business owners are torn on the effects of the non-passage of the 2016 Appropriation Bill by the National Assembly. While some say the delay has slowed down business, others feel it has had no effect on their business…
It’s a known fact that the crisis that bedeviled the 2016 budget is the major cause of the delay in passing it and that has retarded every economic activity in the country. All businesses are affected, not only ours as entertainers. But I still believe there is going to be light at the end of the tunnel. It’s only that we all need to exercise patience with the present administration of President Muhammadu Buhari.
However , I will suggest that the National Assembly act fast and put in all efforts to ensure that the budget is passed in March as promised so that we can move forward.
MOON OBI IFEOBI
Budgets implementation is what sets the pace and drives business forward. So, with the ongoing crisis in respect of 2016 budget, it has brought every business to almost a standstill. It’s not only affecting the local businesses but foreign investors are also being discouraged. The situation has been worrisome and discouraging to investors because they don’t know whether the economy is receding or progressing because there is no fiscal policy or document to prove it, which I think is the essence of
budget in a country. As we all know, the first rule in business is profit, especially in a capitalist market. So, something has to be done as a matter of urgency to ensure the crisis is over before the situation gets out of control. I will suggest that the government of the day should assemble the best hands in economics and finance experts as fast as possible to find a way around the dwindling economy for the benefit of the poor.
I think I will have to commend the decision of President Muhammadu Buhari sacking the budget officers who failed to acknowledge the new wave of sanitization sweeping through all sectors of the polity. I am optimistic and positive that the President will get it right, especially with the budget and its implementation, and we will surely move forward.
I can say 2016 budget is good because of the way money has been budgeted for infrastructure and other things. My own concern is where are we going to get this money because presently, Nigeria really does not have money and if we are looking at sourcing for funds from World Band or the likes, I don’t see reason why we have to borrow for what we will consume.
As we are borrowing to do these things, how are we going to get the money to pay back, that’s my concern.
Right now in Nigeria, due to the increase in dollar and the fall in naira, we cannot buy from foreign countries.
I believe the budget crisis will affect all Nigerians in the sense that if there is no delay in releasing the budget, more money will be in circulation and there will be ease. There is tension everywhere now because there is no money.
They should make haste in tackling it. I heard the President said he will take necessary action on culprits. I believe if that is done, it will be a great lesson for others.