As 2021 fiscal year winds down and the federal government settles for the implementation of 2022 budget, economic experts have made fresh calls on the federal authorities to be strive for inclusive growth in the implementation of the N17 trillion 2022 budget, with special focus on economically viable sectors of the economy.
The general view is that the government should build a template with the capacity to trigger productivity, value addition and transform the economy into a job creating one, with special focus on stable power supply and practicable transformation of the agricultural sector.
On sectoral basis, experts say government should focus on power, agriculture, manufacturing, telecommunications, IT and even access to relatively cheap finance.
Government is also expected diversify the economy with robust micro, small and medium enterprises (MSME) growth, invest in critical infrastructure, strengthen security and ensure good governance.
The budget has aggregate capital expenditure of N5.35 trillion (32.7 per cent of total expenditure). The provision is inclusive of capital component of statutory transfers, government owned enterprises capital and project-tied loans/expenditure.
Professor of economics at University of Benin, Hassan Oikhenan said government should give unstinting attention to the fixing of the power sector, given that it is in the sector that the battle to reboot the economy is fought and won or lost.
Prof. Oikhenan said productive expenditure must be made on the power sector if the manufacturing production and indeed overall industrial production must be revived.