NIQS, FOCI Hold Roundtable on Appropriation Act 2022

As the implementation of the Appropriation Act 2022 commences by end of next month, the Nigerian Institute of Quantity Surveyors (NIQS) is collaborating with the Federation of Construction Industry (FOCI) to organise a Business Round Table on the Appropriation Act 2022 with focus on the Outlook for the Construction Industry in 2022.

According to a statement jointly signed by the President of NIQS, QS Olayemi Shonubi and the President of FOCI, Engr. Nasiru Dantata, the purpose of the roundtable, which is billed to hold in Abuja today, Tuesday, April 12, 2022, is to discuss and review the Capital Expenditure component of the Appropriation Act 2022 as well as the fiscal policies enshrined in the Act and the likely impact on the Construction Industry.

They explained that the roundtable which will feature key policy and lawmakers, building and civil engineering contractors, consultants and other practitioners in the built environment as well as other allied professionals will analyse the details of the Appropriation Act 2022 with special emphasis on the N5.4 trillion that is projected to be spent on capital expenditure out of total aggregate of N17.1 trillion.

“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 analyze the details of the Appropriation Act 2022 which commences in June 2022 with special emphasis on this year’s total aggregate expenditure of N17.1 trillion, a total of N5.4 trillion is projected to be spent on capital expenditure,” Shonubi explained.

The two Presidents noted that based on the 2022 Appropriation Act, the capital component represents approximately 32% 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 Infrastructural gap.

They stated that, “During this roundtable, we shall be interrogating the key issues surrounding the actual amounts 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 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.”

The statement said a leading Researcher and Consultant on Economics, Finance and Business Strategy, Mr. Bode Augusto, a former Director General of the Budget Office and a one-time Special Adviser (Budget Matters) to the President, will deliver the keynote address at the event where papers are expected from many other speakers including presidents of professional bodies and key public and private sector players.