Budget 2020: Budgeting for consumption

33 trillion 2020 budget proposals presented by President Muhammadu Buhari last week, optimism on its capacity to deliver progress comes mostly from the government’s corner. Some have hailed the ambition to increase non-oil revenue. Critics however fault some of the budget’s key assumptions, revenue targets, deficit, poor allocation to infrastructure and mounting debt service obligations.

Yet, experts espouse the importance of government budgets in planning, boosting economic activities, eliminating poverty, creating jobs, allocating resources and in GDP growth. A World Bank report credited the formulation of effective national budgets and long-term planning for the rapid industrialisation achieved by the four Asian Tigers – Hong Kong, Singapore, South Korean and Taiwan – in the second half of the 20th century.

Salvation for the country will lie in promoting non-oil exports to rise faster to catch up and surpass oil revenues. Buhari disclosed that both oil and non-oil revenues reached only 58 per cent target in 2019. The government is targeting a 90 per cent increase in non-oil receipts over the next three years. The National Bureau of Statistics reported N577 billion from non-oil exports in Q1 2018, 12.3 per cent of total exports of N4.69 trillion for the quarter.

Though tagged “Budget of Sustaining Growth and Job Creation,” there is scanty hope that the budget will make any impact on the country’s unemployment and underemployment rates. While the plan is silent on any cost-cutting plan, it increases recurrent spending to N4.88 trillion, including a general wage increase for a public service notorious for incompetence and corruption that brings personnel costs to N3.6 trillion, 35 per cent of the budget.

Budget for improvement of the already impoverished people

Budgeting for the RICH

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