Nigeria’s Acting President Goodluck Jonathan has signed into law, the 2010 Budget of $307 billion and the Nigerian Oil and Gas Industry Content Development Act 2010.
Signing the Bills in the presidential villa in Abuja, Jonathan said the budget was to accelerate economic recovery through targeted fiscal interventions designed to stimulate the economy and support sustained private sector growth.
He expressed the hope that the appropriated expenditure would be rapidly utilized to accelerate initiatives that would enhance the pace of development of the nation.
“I sign this budget authorizing the aggregate expenditure, mindful of many challenges facing us and the need to intervene quickly to address these multi-faceted issues.
“However, I am encouraged by our unwavering resolve and collective commitment to overcome any attendant adversity,” he said.
The Acting President assured that increased emphasis would be placed on monitoring the deliverables by Ministries, Departments and Agencies (MDAs) by tracking the outcomes and outputs they achieved with the financial and other resources appropriated in the budget.
He stated that the office of the Minister of Special Duties would be structured and empowered to undertake the task of monitoring and evaluating all government projects and activities.
“This administration will quickly move to identify and resolve the impediments to implementations, rewarding excellence and performance and applying sanctions where otherwise,” he said.
On the Oil and Gas Industry Content Development Act, Jonathan stated that it would address the compelling need for the nation to have indigenous participation in the oil industry.
He said the Act would apply to all tiers pertaining to Nigerian content in respect of all operations or transactions carried out in or connected with the Nigerian oil and gas industry.
The Acting President said the Act would provide for the development of the Nigerian content plan, supervision, coordination, monitoring and implementation of Nigerian content and for related matters.
Source African Press Agency
African News from NetNewsPublisher.com
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