NIQS, FOCI examine 2022 Appropriation Act
As the implementation of the Appropriation Act 2022 commences by end of next month, the Nigerian Institute of Quantity Surveyors (NIQS) and the Federation of Construction Industry (FOCI) plan to examine the implication of the Act on the construction industry.
According to a statement jointly signed by the NIQS President, Olayemi Shonubi and FOCI President, Nasiru Dantata, the purpose of the roundtable holding tomorrow in Abuja is to review the capital expenditure component and fiscal policies enshrined in the Act.
They explained that the roundtable, which will feature key policy and lawmakers, building and civil engineering contractors, consultants and other practitioners as well as other allied professionals will analyse the Act with special emphasis on the N5.4 trillion that is projected to be spent on capital expenditure out of a total aggregate of N17.1 trillion.
A former Director-General of the Budget Office and a one-time Special Adviser (Budget Matters) to the President, Mr. Bode Augusto, will deliver the keynote address, where speakers include presidents of professional bodies, key public and private sector players.
“The construction industry is a major contributor to the GDP of Nigeria and a barometer for measuring the health of the economy due to various linkages and multiplier effects it has on other sectors of the economy and employment. It has therefore become expedient to brainstorm and analyse the details of the Act, with special emphasis on this year’s total aggregate expenditure,” Shonubi explained.
The presidents noted that based on the 2022 Appropriation Act, the capital component represents approximately 32 per cent of the total spending, the roundtable will interrogate issues surrounding the actual amount directly structured to be spent on construction works, and the impact that such expenditure would make on Nigeria’s gross capital formation, growth of the Nigerian construction industry, and the reduction of the infrastructural gap.
They stated that “we shall be interrogating the key issues surrounding the actual amounts directly structured to be spent on construction works and impact that such expenditure would make on Nigeria’s Gross Capital formation, growth of the construction industry, and the reduction of Infrastructural gap.
Also, we shall be looking at the challenges likely to be faced by the Construction Industry in the implementation of the Act, formulation of better policies and Laws for the sector in the subsequent budgets.”