Enyinnaya Abaribe, minority leader of the senate, says the 2021 budget of N13.08 trillion presented to a joint session of the national assembly by President Muhammadu Buhari is unrealistic.
Speaking on Tuesday during a debate on 2021 budget estimates, Abaribe faulted the assumptions the appropriation bill was premised on..
The budget is based on an exchange rate benchmark of N379/$ and crude oil production of 1.86 million barrels per day (including 400,000 barrels of condensate) at $40 per barrel.
Capital expenditure in the budget is estimated at N2.083 trillion which represents 29 percent of the total budget. It targets three percent GDP growth and 11.95 percent inflation rate.
However, the minority leader said the budget is “nothing but old news.”
“This budget is nothing but the same. We have a budget based on unrealistic expectations. We are not also so sure what the oil situation is going to be,” he said.
“If the budget is based on assumption, I agree but why are not assuming properly. I want to go ahead and say it does not reflect the understanding of the fundamental challenges of today.
“This budget is nothing but old news. Every time the same old news, nothing new.”
On his part, George Sekibo, senator representing Rivers north-east, wondered why the funds earmarked for capital projects is less the deficit.
“The budget of 13.08 trillion has a deficit of 5.20 trillion. How can the capital project be lower than the deficit? I hope when we get the money, it is properly utilised,” he said.
Ike Ekweremadu, senator representing Enugu west, expressed dismay that the projected debt to GDP ratio is over three percent.
“For the first time, the debt to GDP Ratio is over 3%. I want the committee on finance and appropriation to find a solution to this,” he said.
“I have been very worried about the way we are going in terms of borrowing. I am concerned about the loan being given by China. They will not let you go off any of the debt because all the monies are for specific projects and if they are not done they take over,” he said.
Debate on the budget was adjourned till Wednesday.
#EndSARS: Nigerian government are killers – Ighalo (Video)
Former US presidential aspirant, Hillary Clinton blast Buhari and Nigeria Army for killing #EndSARS Protesters
#EndSARS: ‘I Regret Meeting You Dude’ – Ice Prince Hits Hard On Buhari
#EndSARS Protest: Take responsibility and step down, Fani-Kayode hits Buhari
How Can The Bible Say This? I Will Quit Christianity Because Of What I Saw In This Bible Portion.
My Daughter Locks Herself Up In Her Room Every Two Days, I Put A Camera In Her Room & Saw Her Doing This
Crocodile Smile: Apostle Suleman reveals what’ll happen if Buhari uses military against protesters
See What Was Spotted On The Protest Ground In Lekki Which Has Got People Talking On Social Media
News2 days ago
Buhari in Trouble Again
Health1 day ago
5 Simple Ways To Prevent Unwanted Pregnancy Without Using A C0ndom
News1 day ago
I Am Ready To Die Fighting! Actor Yomi Fabiyi Says Goodbye To His Son and Father, Narrates Why His Son Bears Another Man’s Name.
News2 days ago
#EndSARS: Anonymous allegedly hacks airtel, gifts customers N1000 airtime… See how to check yours