An investment analyst, Mahmood DanAudu, has chided the minister of Finance, Wale Edun, for the poor capital budgetary releases, insisting that they pose a serious threat to economic development.
DanAudu, who claimed that the 2024 budget releases for overhead costs and intervention funds are 100 per cent, alleged that capital releases so far have been about 20 per cent, even though the budget’s lifetime ends in June.
“How can we have a minister that is comfortable with about 100 per cent releases for the overhead cost and intervention funds but refused to release funding for capital project as a result of which most contractors have abandoned site? Do we expect to build a virile economy under this scenario?”
He emphatically called for the immediate sack of the minister of Finance, Wale Edun whom he accused of failing woefully in ensuring dutiful implementation of the budget and creating bad image for the present administration.
DanAudu alleged that those saddled with the responsibility of ensuring budgetary releases concentrate on areas that benefit them and some people while ignoring the main budget (capital), which benefits all.
He noted that such act was making the APC-led government unpopular, noting “those doing this are sabotaging the government and may well be working for the opposition”
He accused the accountant general of not helping matters by failing to advise against starving contractors of funds with plethora of projects abandoned. “This non-release of funds has led to many contractors leaving the site, and this will lead to variation and more spending by the government”.
“Because contractors are not being paid, jobs are not being commissioned. MDAs are grounded. It is only FCT that is not on TSA that is working. We cannot justify the fact that about two months to the expiration of the 2024 budget calendar, only 20 percent of capital release has been made.”
He said that the non-release of funds for the 2024 budget has caused many Nigerians to lose hope in the government’s ability to fund the 2025 budget, noting, “We are tempted to believe that the 2025 budget is not realistic. It’s mere deception and propaganda since we did not achieve more than 20 percent of the capital vote for the 2024 budget.”
“In spite of devaluation, increase in fuel price and huge borrowing, people are being told that there is no money to fund projects. This is a clear attempt to portray the government in a very bad light. We suspect sabotage,” he added.
Continuing, DanAudu said, “This whole thing is making the government unpopular, as a lot of contractors have lost confidence and hence abandoned the site. Residents and other immediate beneficiaries of the projects are disenchanted.”
He hinted of plans to sabotage the government’s bottom-up method of payment and urged President Tinubu to “watch the deliberate attempt to sabotage the bottom up system of payment which is the best and help to guard against sharp practices.”
Under the bottom-up system, payment is initiated from the ministry and goes up to the office of the accountant general. It guarantees transparency and makes it impossible for anyone to be paid for a job not done.
DanAudu said those trying to circumvent it are not just enemies of the government and the people but are economic saboteurs who should be shown the way out and replaced by persons that will work towards building favorable support for this government as the build up to 2027 election intensifies.
“I am appealing to the president to overhaul the leadership of the finance ministry to avoid further damages to the nation” he added.
