Ideato Rep Hails DG budget office over reforms in 2025 budget , capital projects spread

Member representing Ideato North/South of Imo State in the House of Representatives, Hon. Ikenga Imo Ugochinyere, has hailed the Director General, Budget Office of the Federation, Tanimu Yakubu, over the reforms in 2025 budget. Ugochinyere who is the Chairman of the House Committee on Petroleum (Downstream) in a statement issued in Abuja also commended the […]

Member representing Ideato North/South of Imo State in the House of Representatives, Hon.
Ikenga Imo Ugochinyere, has hailed the Director General, Budget Office of the Federation, Tanimu Yakubu, over the reforms in 2025 budget.

Ugochinyere who is the Chairman of the House Committee on Petroleum (Downstream) in a statement issued in Abuja also commended the budget boss for the spread of capital projects to constituencies and states.

The lawmaker noted on that the reforms introduced in the 2025 Budget are key to sustainable development as infrastructure captured under capital projects is the backbone of national transformation.

He noted that as an expert, Yakubu recognised the priorities of the country by ensuring that under his watch, capital expenditure took lion share of the proposed N49.74 trillion budget with the component allocated 17.858 trillion.

“I want to commend the Director General, Budget Office of the Federation, Tanimu Yakubu over the reforms introduced in 2025 budget especially the spread of the capital projects.

“These reforms in the proposed 2025 Budget are key to sustainable development as infrastructure captured under capital projects is the backbone of national transformation has no nation can progress in the face of paucity and I decayed infrastructure as it is presently obtained.

“Yakubu has proved his mettle as an accomplished economist who was Chief Economic Adviser to a former President from 2007 to 2010; Managing Director/Chief Executive Officer of the Federal Mortgage Bank of Nigeria from 2003 to 2007, and Commissioner of Finance, Budget, and Economic Planning in Katsina State from 1999 to 2003.

“Unders his watch, the capital component of the 2025 proposed budget has taken the lion share, having been allocated N17.858 trillion out of the total of N49.74 trillion. The icing on the cake is spread of the capital projects across the nation, hence no part would be left behind in the quest for massive infrastructure development.

“A first look at the proposed Appropriation Bill currently before the National Assembly showed that out of the total sum of N49.74 trillion, N4.43 trillion is for statutory
transfers, N16.32 trillion is for debt service, N14.12 trillion is for recurrent (non-debt) expenditure while N14.85 trillion is for capital expenditure.

“However, after a careful perusal, the statutory transfers include N3,005 trillion of capital expenditure which added to the N14. 85 trillion will give the aggregate capital expenditure of N17.858 trillion. This is adequate for addressing the infrastructural challenges of the country.”