•Buhari:

President Muhammadu Buhari Monday in Abuja spelled out his budget philosophy: era of the locust ear is over. It’s time to get Nigeria back to work.

In furtherance of this, he ordered the National Planning Commission (NPC) to go back to the drawing board and produce the framework for a 2016 national budget that will reduce recurrent expenditure and prioritize developmental projects.

President Buhari gave the order after receiving a briefing from the Executive Secretary of the Commission, Dr. Bassey Akpanyung at the Presidential Villa.

The President told Dr. Akpanyung and Directors of the NPC that capital projects must now be given the fullest possible priority because Nigeria cannot achieve real development without adequate investment in capital and infrastructural projects.

“In carrying out its role in surveillance of the economy, review and appraisal of policies, the Commission should devise a plan for a realignment of the budget so that capital projects can be really prioritized,” the President directed.

Nigeria’s 2015 budget is heavily skewed at 92 per cent in favour of recurrent expenditure.

The Executive Secretary of the NPC had informed the President that Nigeria’s planning system was beset by many challenges.

These challenges, he said, included the non-alignment of national plans with the annual budget and inadequate capacity in the departments of Planning, Research and Statistics in the various government ministries.