The House of Representatives has passed for the second reading a bill for an act to provide for forty per cent of the nation’s annual budget for capital projects in the next ten years.
Federal Lawmakers say the bill when signed into law will clear up the huge infrastructural deficit in the country, create jobs and help Nigeria achieve its developmental aspirations.
The Bill sponsored by Hon. Femi Gbajabiamila disclosed that the reason there were so many abandoned projects across the country is due to the insufficient funds allocated to capital projects.
The Bill consists of five sections; the first seeks to earmark 40 per cent of the nation’s budget for the next 10 years, the second aims to create some form of the monitoring process to ensure implementation and enforcement to which the AGF will submit quarterly reports to the National Assembly.
The third section states that the Bill will be in effect for a period of 10 years and afterwards open for a review. The section 4 makes provision for a 50 million fine for violation or frustration of the implementation of the bill after it is passed.
The Bill after passing the second reading has been referred to the Committee on Finance and Appropriation.
