2009 budget: FG to cut down on projects

Soji-Eze Fagbemi and Gbola Subair, Abuja - 18.07.2008

Minister of Finance, Dr. Shamsuddeen Usman, said on Thursday that the Federal Government would cut down on the number of projects to be funded in the 2009 budget in order to save cost.

Besides, he said the government would give priority to any project initiatives submitted by each ministry, department and agency of government by taking into consideration the limited financial reality of government.

Speaking at the second batch of the government’s Medium Term Sector Strategies (MTSS), Dr. Usman said the 2009 budget, which would be presented by President Umaru Yar’Adua to the National Assembly, would reduce the number of projects to be funded by the government to save cost.

The MTSS is designed for the MDAs to brainstorm and develop strategies which will form the basis for the country’s budget for the next three years.

The minister assured that the 2009 budget would be presented by the President early October so that the National Assembly would have sufficient time to “review and deliberate upon the budget proposals over the last quarter of 2008.”

According to him, the MTSS, which is derived from the harmonised development plan of the National Economic and Economic and Development Strategies (NEEDS)-2 and the seven-point agenda, will prioritise best initiatives of each sector before admitting them into the budget.

“Consequently, funding for many initiatives will, unfortunately, have to be postponed to other years while other projects may have to be discarded if found not to be aligned with the higher policy objectives of government or considered not critical,” he said.