The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) yesterday said the 2017 budget proposal by the federal government offers economic rejuvenation for the country.
President of the association, Bassey Edem, said at a press conference that following a proposed aggregate expenditure of N7.298 trillion, the size of the 2017 budget signalled the intention of the federal government to stimulate economic growth by aggressively spending on capital and recurrent expenditure.
According to the budget proposal, capital expenditure is set to increase by 13% from budget 2016 while recurrent expenditure will increase by 42%.
Edem said the proposed budget paid close attention to capital expenditure in particular, the rapid development of infrastructure especially rail, roads and power, adding, however, that such significant increase in recurrent expenditure may signal an increase in the nominal wage of government workers or an increase in the number of the workers against the backdrop of the elimination of “ghost workers” from government payroll.
