With over a month into the administration of President Muhammadu Buhari, investors have begun expressing concern over the inability of the President to announce his cabinet, stressing that the development is stalling business, both local and foreig.
According to investigation by Punch , a majority of the investors who indicated interest in investing in the country are said to be unable to seal any deal because pacts which ought to facilitate business have been left pending owing to the absence of a cabinet.
A top government official who spoke to Punch availed that the Goodluck Jonatha administration had secured a $60 billion pipeline investment
from several investors of the economy, a deal that is only awaiting implementation. So far, it is still pending.
Further investigation from the Ministry of Finance also has it that the absence of a cabinet has taken its toll on the implementation of the 2015 capital budget.
It was also learnt that the drop in oil prices has caused a drop in revenue making it difficult for the Ministry to release funds for capital projects.Asides the aforementioned, investigations also have it that Ministries, Department s and Agencies (MDA’s) which depend on budgetary allocation had been virtually halted until last week when President Buhari ordered the release of overheads, which had been due since March 2015, with the Presidency keeping mum on the issue of capital budget implementation.
