The Abuja Chamber of Commerce and Industry on Thursday said the introduction of the Treasury Single Account policy would reduce the level of extra budgetary spending by Ministries, Departments and Agencies of the Federal Government.
The President, ACCI, Mr. Tony Ejinkeonye, stated this while speaking at the ongoing 10th Abuja International Trade Fair.
He also announced that the fair, which was expected to have ended on Friday (today), had been extended till Monday.
Ejinkeonye also commended the efforts made so far by President Muhammadu Buhari to block all leakages through which funds were being embezzled.
He said, “We have been engaging with the present administration. They are already on the path of broadening our income flow. We were very excited when the government started reducing wastage in the system.
“We believe one of the surest ways to increase the revenue base is to block all leakages through which monies, which would have been put into developmental programmes, are being frittered away.
“The introduction of the Treasury Single Account is also a step in the right direction. Through that, the government will know what accrue to it. The MDAs will strictly abide by the provisions in their budgets.”
Ejinkeonye called on the Federal Government to pay more attention to the mining sector due to its job creation potential.
He stated that with the fall in oil prices, investment in mining was capable of generating substantial revenues.
The ACCI boss said the theme of the year’s trade fair, ‘Entrepreneurship as a panacea for economic growth’, was apt given the fact that small-scale businesses remained the engine of economic growth and development.
He, however, urged the federal government to expedite action on addressing the absence of adequate power supply to manufacturing industries.
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Source : Punch