House of Reps Impeachment Threat Latest: "100% implementation of 2012 budget is not possible" - Okonjo-Iweala

The Coordinating Minister of the Economy and the Minister of Finance, Ngozi Okonjo-Iweala, on Wednesday, said the chances of a 100% implementation of the 2012 budget is not possible by the end of September as given by the House of Representation.

According to her, as at 20th of July, 56% of the 2012 budget has been implemented from the 39% achieved by May of 2011.

“My experience worldwide is that there is hardly any country where you would implement 100 per cent; even by the end of the year; and this is based on very broad experience,” she said. “But people try to get at least to 80%; sometimes 90% of the budget, as much as can be done.

We have been working quite collaboratively with the National Assembly on the budget. We have met with the various committees of both the House and the Senate and we appreciate the cooperation that we have from them in trying to get this budget and also in working to implementation. We have been very transparent about the information we have and share with them. I think the point is that Mr President is determined in implementing the budget.”

On cash releases, she said that N404 billion has so far been released to Ministries, Departments and Agencies; and assured that the third quarter releases for the year will be made in two weeks.

According to her, the delay in implementing some capital projects stemmed from the procurement laws. “When you follow the law and the way projects are implemented, it really takes time,” she said.