News Detail The 2008 budget will be posted on the website as a demonstration of fiscal responsibility and transparency of the federal government. The minister of state for finance, Mr Remi Babalola disclosed this while speaking as a panelist at the just concluded 13th Nigerian Economic Summit in Abuja. Mr. Babalola, who spoke on the reform process of the federal government disclosed that the government would post the 2008 budget on the website for Nigerians and the world at large to see. The minister, who represented the finance minister at the occasion disclosed that the federal government, in posting the 2008 budget on the website is seeking a demonstration of transparency and accountability stance. On the implementation of capital budget in the past, Mr Babalola disclosed that apart from the federal government which imementation is about 70 per cent capital budget implementation in the states and the local government councils is nothing to write home about. While the capital budget implementation in states is put at about 13 per cent, Mr Babalola said the local government councils did not have any budget at all, stressing that they spend the money as it comes. In the 2008 budget, he said the situation would be different. To show the seriousness of government, he said the oil price bench mark has been fixed at a realistic price based on the current happenings in the international oil market . To smoothen the volatility of the oil price, the minister said the government is proposing the establishment of oil reserve fund, a fund which he said is different from the excess crude oil reserve. On the 13 per cent growth agenda, Mr. Babalola disclosed that the country will not achieve this by relying solely on the extractive industry, stressing that the non oil sector should strive to make a significant contribution towards the achievement of the growth rate. Because government has not really seen the impact of the various free trade zones established Across the country, the minister said would embark on reforms for free trade zones and Export Processing zones to make them perform optimally. This speech was presented on FRIDAY, 21ST SEPTEMBER 2007