Notwithstanding the misunderstanding between the Minister of State for Labour and Employment, Festus Keyamo, and the House of Representatives Committee on Labour, last week, this project needs to be appropriately interrogated and reviewed in the context of national fiscal realities and the demand of value for money. What value will this project add to the national economy during and after its implementation.
Our fiscal reality shows that in the first quarter of 2020, actual accrued federal revenue amounted to N950.56bn while 99% of the revenue amounting to N943.12bn was used for debt service. The implication of the foregoing is that the personnel, overhead and capital expenditures spent in the first quarter were derived from borrowed funds or other deficit sources.
If the funding will come from earned revenue, the challenge of value for money and alternative use of this large amount of money will also be thrown up. Starting with the goal, it is appreciated that this project intends to create jobs and reduce poverty. With over N52bn, we can create thousands of micro and small-scale enterprises and sustainable jobs across the federation.
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