- The Federal Government is planning to set up an infrastructure fund in order to facilitate easy funding for critical areas of the economy.
- The infrastructure fund, according to Vice President Yemi Osibajo, will be planned outside of the budget, to handle major segments of the economy such as road and power.
- Government is working out a document that would guide the administration within the four years of its life-span, the Vice President told members of the National Economic Summit Group who paid him a visit on Tuesday in Abuja.
- According to a statement by the Senior Special Assistant on Media and Publicity to the Vice President, Laolu Akande, the FG is also planning to use a zero-based budgeting format for its 2016 budget planning.
“Zero-based budgeting is planning according to needs and costs, different from the existing envelope budgeting or traditionally incremental budgeting whereby the planning is based on existing income and expenditure as the deciding factor in national financial planning levels, which often incurs waste and assumes previous costs as constant,” the statement explained.
- The Vice President said the zero-based budgeting would be carefully coordinated to ensure that it is policy-driven, especially regarding the proposed social intervention policy of the Buhari administration.
- Osinbajo said with the zero-based budgeting, the FG would also focus on a ‘bottom-up’ approach to development.
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