the general principles of the 2019 budget with majority of the lawmakers expressing reservations in the ability of the fiscal document to tackle the nation’s socio-economic problems.
The analysts who spoke to our correspondents during separate telephone interviews said with the revenue challenges facing the country, it might be difficult to fully implement the budget.The Senate on Wednesday commenced debate on the 2020 Appropriation Bill with some senators drawing the attention of the executive arm of government to certain areas that needed some tweaking to enhance the economy.
He said, “The major problem that we have is that the economy is very short of revenue. We have an economy with a GDP of about N140tn out of which we can only get about 10 per cent or less. Now, when you look at the budget and the GDP ratio, it is very low. The total Federal Government revenue is N8.155tn. If you add the deficit, the budget comes to about 10.7tn.”
“They call it a budget of fiscal consolidation, investing in critical infrastructure, incentivising the private sector, enhancing and so forth. In other words, putting everything together like that reminds us of what Shakespeare said, ‘a pen full of sound and fury signifying nothing.’” Other senators, in their various contributions admitted that the nation’s economy was not doing well at the moment and called for legislation to involve them in the management of the economy.
The Chairman Senate Committee on Media and Publicity, Senator Adedayo Adeyeye, who made the clarification on Wednesday while briefing journalists said every contribution made on the opening day was very reasonable. “The second reading of the bill, what do we call it? General principles. Do we debate the details? No, we don’t debate the details. You’re ruled out of order,” he said.
A member, Bamidele Salam, commended the executive for cooperating with the legislature towards reverting to the January to December budget cycle. Chairman of the committee, Mr James Faleke, blamed the poor performance of previous budgets on lack of funds. Also, the Committees on Health Institutions and Health Care Services were mandated to ensure compliance with the resolution.The LCCI though commended the return to the January – December cycle for the budgets, saying it would make for easy planning, it described as unrealistic the exchange rate assumption of N305 to the dollar.
Call them PDP experts
Very funny country.... What a sham mtchewww
Presentation of waste box of budget Nigeria is in the hands of a lifeless and clueless man
Experts or backward economists
We have so much but have so little.
Am sorry but have they not seen what these debt to these countries mean? No budget for federal Govt investing in massive agriculture, the CBN has been making a lone effort in that regard trying to reduce importation and increasing exportation.
They are all mad and foolish. They think this is the next thing.?
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