(Ecofin Agency) - The Nigerian House of Representatives has urged the Federal Government to inject huge investment into the Sovereign Wealth Fund, transport, agriculture and solid minerals. This was declared when the house commenced debate on the 2017 budget on Tuesday.

According to Femi Gbajabiamila (photo), the House Leader, there is a need for massive investment in critical sectors of the economy particularly in agriculture, solid minerals as well as in the revival of the existing refineries for optimization.

Gbajabiamila stressed on the need for payment of local debts to contractors in an effort to stimulate the ailing economy.

“We are recovering from an economic downturn and pressing forward towards economic growth. The global GDP growth rate is expected to rise to 3.4% in 2017 and is one of the reasons this budget is tagged budget of growth. The budget is in line with the new economic recovery and growth plan which will be launched very soon,” he told Business Day.

The House leader added that the budget is designed to increase and strengthen public and private partnership, “focus on and complete ongoing infrastructural projects such as roads, rail, power and ICT that can affect the economy positively, ensure food security and expand the agriculture value chain. It establishes a Social Housing Fund for a more robust mortgage system. It protects and grows small and medium scale enterprises for the purposes of innovation, job and wealth creation.”

Anita Fatunji