Democracy Newsline NewspaperDemocracy Newsline Newspaper
  • Home
  • Politics
    Politics
    Show More
    Top News
    In Rivers, Asíwájú Tinubu harps on unity, non-violence
    3 years ago
    Kogi Guber: Olayinka Braimoh Popularity Soars Ahead of other candidates  
    2 years ago
    Labour Party Dismisses Report of Arrest of National Chairman
    2 years ago
    Latest News
    ODODO VANGUARD LAUNCHES “RENEWED HOPE CONTINUITY MILLION MARCH IN KOGI”
    30 minutes ago
    LG Election: Ebonyi Journalist Declares Interest for Ishielu Chairmanship Poll
    6 days ago
    APC Mobilization Gains Momentum in Otu Ward, Kabba/Bunu Local Government Area 
    3 weeks ago
    INEC Recognizes David Mark as ADC Chairman, Aregbesola as Secretary
    3 weeks ago
  • Technology
    TechnologyShow More
    Key Takeaways from the Kogi Dialogue Marking Governor Ododo’s First Year in Office
    8 months ago
    Bala Wunti in the News Again
    8 months ago
    Dangote Refinery Slashes Ex-Depot Petrol Price to N890 Per Litre
    8 months ago
    Ajaokuta LNG Plants Will Position Kogi as a Key Player in Nigeria’s Energy Sector – Governor Ododo
    8 months ago
    Ughievwen Monarch Commends Tinubu for Approval of New 10,000 bpd Refinery in Imode
    8 months ago
Reading: FG’s Failure To Fund 2024 Capital Budget Destroying Businesses – Situation Room Tells Tinubu
Share
Notification Show More
Latest News
KOGI POLY RECTOR CONGRATULATES BARRISTER MAIMUNAT EKE AUDU AS THE EXECUTIVE DIRECTOR, COMMERCIAL SERVICES, (NEMSA)
News
Distinguished Senator Garba Musa Maidoki Congratulates Newly Elected Executives of Kebbi Motor Dealers Association.
News
ODODO VANGUARD LAUNCHES “RENEWED HOPE CONTINUITY MILLION MARCH IN KOGI”
News Politics
Prof. Duru Petitions IGP, Calls for Investigation of Commissioner Fakorede Over Alleged Misconduct
News
CELEBRATING A MAN OF PURPOSE: Mr. Kutu Augustine Adebayo
News
Aa
Democracy Newsline NewspaperDemocracy Newsline Newspaper
Aa
  • Economics
  • Politics
  • Business
  • Science
  • Technology
  • Home
  • Politics
  • Technology
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 Democracy Newsline All Rights Reserved.
Democracy Newsline Newspaper > News > News > FG’s Failure To Fund 2024 Capital Budget Destroying Businesses – Situation Room Tells Tinubu
News

FG’s Failure To Fund 2024 Capital Budget Destroying Businesses – Situation Room Tells Tinubu

Democracy Newsline
Last updated: 2025/01/16 at 6:01 AM
Democracy Newsline 9 months ago
Share
SHARE

FG’s Failure To Fund 2024 Capital Budget Destroying Businesses – Situation Room Tells Tinubu

The Economic Situation Room, a coalition of 48 civil society groups in Nigeria, has warned that the Federal Government’s failure to release funds for completed contracts under the 2024 capital budget is having a devastating impact on businesses and the economy.

According to the group, the government’s inaction is crippling businesses, perpetuating hardship among Nigerians and bringing economic activity to a grinding halt.

In a statement signed by its national coordinator, Dr. Abraham Attah, the group lamented that many businesses are on the brink of collapse due to the government’s inability to fulfil its contractual obligations.

Attah noted that the situation is exacerbated by the government’s poor budgeting and lack of transparency, which undermines confidence in the economy.

“We are sounding the alarm on the devastating consequences of the Federal Government’s failure to release funds for completed contracts under the 2024 capital budget,” he added.

“This inaction is not only crippling businesses but also perpetuating hardship among contractors, their staff, and associates. The lack of funds has brought economic activity to a grinding halt, stifling growth and development.

“The situation is dire, with many businesses on the brink of collapse due to the government’s inability to fulfil its contractual obligations. The ripple effects are far-reaching, impacting not only the businesses themselves but also the livelihoods of countless individuals who depend on them.

“The government must take immediate action to address this crisis and prevent further economic devastation. The non-release of funds for completed contracts is having a profound impact on the economy, leading to reduced employment opportunities, increased poverty, and a decline in economic activity.

“This is exacerbated by the government’s poor budgeting and lack of transparency, which undermines confidence in the economy. The proposed 2025 budget must prioritize the release of funds for completed contracts under the 2024 capital budget to prevent further economic damage.

“Furthermore, the government’s inaction is perpetuating a culture of uncertainty and unpredictability, making it challenging for businesses to plan for the future. This uncertainty is deterring investment, stifling innovation, and hindering economic progress.

“It is essential that the government takes a proactive approach to addressing this crisis and providing a stable and supportive environment for businesses to thrive.”

The Economic Situation Room, therefore, urged President Bola Tinubu to intervene immediately and direct the Finance Minister and the Accountant General of the Federation to release the necessary funds for completed contracts.

The group emphasised that the government must take responsibility for its contractual obligations and ensure that businesses are not unfairly penalised for its inaction.

You Might Also Like

KOGI POLY RECTOR CONGRATULATES BARRISTER MAIMUNAT EKE AUDU AS THE EXECUTIVE DIRECTOR, COMMERCIAL SERVICES, (NEMSA)

Distinguished Senator Garba Musa Maidoki Congratulates Newly Elected Executives of Kebbi Motor Dealers Association.

ODODO VANGUARD LAUNCHES “RENEWED HOPE CONTINUITY MILLION MARCH IN KOGI”

Prof. Duru Petitions IGP, Calls for Investigation of Commissioner Fakorede Over Alleged Misconduct

CELEBRATING A MAN OF PURPOSE: Mr. Kutu Augustine Adebayo

Democracy Newsline January 16, 2025
Share this Article
Facebook Twitter Whatsapp Whatsapp Telegram Email
Previous Article Madein: Celebrating A Track Record Of Excellence In Public Service
Next Article KOGI POLY APPOINTS ANSELM AS NEW DEPUTY DEAN, STUDENT AFFAIRS
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

about us

We influence 20 million users and is the number one business and technology news network on the planet.

  • Advertise

Find Us on Socials

© Foxiz News Network. Ruby Design Company. All Rights Reserved.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?