Some members of the organised private sector on Tuesday said the late signing of the 2012 budget might have negative effects on the economy.
The delay in the implementation of the budget had affected the general cash flow in the economy.
Mr Goodie Ibru, the President of Lagos Chambers of Commerce and Industry (LCCI), said that the cash flow was essential for the private sector to thrive.
He said that the chamber was worried that delays in the passage of annual budgets had become a recurring practice in the country.
Ibru said that the public sector was a major driver of the economy in terms of resource allocation.
He said that capital projects would suffer the risk of poor budget implementation and this would further take toll on? infrastructure development.?
Ibru said that the construction industry, which was being driven principally by the public sector expenditure, might also be further depressed.
“Payment of many contractors is dependent on the conclusion of the budget process,” he said.
?Mr John Isemede, the Director-General, Nigeria Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA), urged the government to ensure proper implementation of the budget.
He said that proper implementation of this year’s budget would go a long way in reducing the likely negative impacts of the delay.
Mr Isaac Eboh, a member of the Small and Medium Scale Enterprise (SMEs), said that the SMEs would be worst hit by the delay in budget implementation.
Isemede urged the Federal Government to fight corruption in the system to achieve the desired benefits from the budget.
NAN recalls that President Goodluck Jonathan assented to the N4.697 trillion 2012 Federal Budget on Friday.
The budget was based on 72 dollars per barrel benchmark.
It is made up of capital expenditure of N1.34 trillion and recurrent expenditure of N3.357 trillion.
It excludes the appropriation of N180 billion for projects under the Subsidy Reinvestment and Empowerment Programme (SURE). (NAN)