Budget 2012 Managed With Transparency, Okonjo-Iweala Insists
ABUJA, July 30, (THEWILL) – Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala has assured Nigerians of the management of the 2012 budget in a way that protects and enhances the best interests of the country.
Responding to recent concerns over the implementation of the budget, Okonjo-Iweala stated that transparency and prudence remain the key priorities of the federal government in the management of the budget.
“Our objective is to achieve both higher budget implementation and better management of the country’s resources,” she said. “We will not toy with public resources because they belong to all Nigerians.”
She disclosed that as part of the milestones recorded in the implementation of the budget so far, total capital budget for 2012 stands at N1.3tr while a total of N404bn has been released so far. In addition, cash-backed portion of the capital budget stands at N324bn while 56 per cent of the cash-backed portion has been utilised.
She explained that the improvement in implementation ratio from 39.2 per cent by the end of May to 56 per cent utilisation of cash-backed resources by 20th June was made possible by the direct leadership of President Goodluck Jonathan, who is personally leading the drive for better budget performance.
She expressed confidence in the further improvement of the level of implementation before the end of the year, noting that the current rate of utilisation leaves room for more implementation.
“To maximise results, the ministry is careful and methodical in releasing funds to MDAs,” she added. “She reiterated that the Federal Ministry of Finance is not holding any budgeted funds back and that more releases of funds will be made in the near future.”
The Federal House of Representatives and the Executive have recently been drawn in a war of words over current percentage implementation of the 2012 budget, the former threatening to commence the institution of impeachment proceedings against President Jonathan if 100 per cent implementation is not achieved by its return from recess in September.