House of Reps: Bill to increase capital budget to 40% scales second reading

A bill to peg capital expenditure at 40% of the total budget has scaled through second reading at the House of Representatives.

The Green Chamber on Wednesday debated the general principle of the bill sponsored by the Speaker, Femi Gbajabiamila.

If passed, and signed into law, the capital component of the annual budget will be 40% within a period of 10years.

Leading the debate on the bill on behalf of Gbajabiamila, the Minority Leader, Ndudi Elumelu said that the bill will correct some imbalances in the budget.

“Take for instance the health budget, World Health Organization (WHO) recommends that 10% should be earmarked for health, but I am sure not up to 10% has ever been earmarked,” he said.

Elumelu noted that “the bill provides that we should set 40% for capital projects,…

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