November 23, 2024
Atiku

Looking at the 2021 Budget Proposal placed before the National Assembly by President Muhammadu Buhari on Thursday, October 8, 2020, a number of issues, very grave and perhaps disturbing issues arise.

I could bring up several of them, but for the sake of its direness and consequence to our economy, permit me to address one very important issue.

The budget deficit in the proposal is ₦5.21 trillion. This amount is just over 3.5% of Nigeria’s 2019 GDP. This is contrary to the Fiscal Responsibility Act of 2007, which provides in Part II, Section 12, subsection 1 that: “Aggregate Expenditure and the Aggregate amount appropriated by the National Assembly for each financial year shall not be more than the estimated aggregate revenue plus a deficit, not exceeding three per cent of the estimated Gross Domestic Product or any sustainable percentage as may be determined by the national Assembly for each financial year.”

Nigeria had a GDP of approximately $447 billion in 2019. Three percent (3%) of this amount is $13. 3 billion, which at the current official exchange rate of ₦379 to $1, gives you a figure of  ₦5.07 trillion.

So clearly, the budget deficit of ₦5.21 trillion, as announced by President Muhammadu, is above 3% of our GDP and is therefore in contravention of the Fiscal Responsibility Act of 2007.

Even more disturbing is the fact that our GDP has fallen sharply from its 2019 figures, and has been projected by the World Bank and other multilateral institutions at somewhere between $400 billion and $350 billion. Meaning that in actual sense, the ₦5.21 trillion budget deficit is actually far above the 3% threshold stipulated by the FRA.

“That this escaped the notice of the Buhari administration shows a glaring lack of rigour in the formulation of the Budget. A very disturbing development.

Furthermore, this deficit shows the precarious state of our national finances, which have since been overburdened by excessive borrowing on the part of the Buhari administration.

It has not escaped my attention that the Fiscal Responsibility Act of 2007 makes provision for the National Assembly to raise the threshold of the budget deficit from 3% to a higher figure. However, if this is done, they will be serving this administration’s interests, not Nigeria’s, because the Act says that such a threshold must be sustainable. Is it sustainable when our budget makes almost as much provision for debt servicing, as it does for capital expenditure?

As such, I call on the President, to recall this budget, and recalibrate it to reflect the provisions of the Fiscal Responsibility Act of 2007, and the current economic realities of the nation. To do otherwise will not only be unpatriotic, it will also be catastrophic for our nation’s economy.

 

 

1,317 thoughts on “Atiku: 2021 Budget Proposal Contravenes The Fiscal Responsibility Act.”

  2. Do you mind if I quote a few of your articles as long as I provide credit
    and sources back to your webpage? My blog site is in the exact same niche
    as yours and my users would certainly benefit from some of the information you provide here.
    Please let me know if this ok with you. Appreciate
    it!

    Reply

  6. An impressive share! I have just forwarded this onto a friend who was doing a little research on this.

    And he actually bought me breakfast because I stumbled upon it for him…
    lol. So let me reword this…. Thank YOU for the meal!!
    But yeah, thanx for spending time to talk about this subject here on your
    website.

    Reply

  10. I just couldn’t leave your website prior to suggesting that I really enjoyed the usual info a person supply to your
    visitors? Is gonna be again continuously to investigate cross-check new posts

    Reply

  12. Hey there! This is my 1st comment here so I just wanted to give a quick shout out and
    say I really enjoy reading through your posts.
    Can you recommend any other blogs/websites/forums that
    cover the same subjects? Thank you so much!

    Reply

  14. First of all I want to say terrific blog! I had a quick question which I’d like to ask if you don’t mind.
    I was curious to know how you center yourself and clear your head
    before writing. I’ve had a hard time clearing my mind in getting my thoughts out there.
    I do take pleasure in writing but it just seems like the first
    10 to 15 minutes are lost just trying to figure out how to begin. Any recommendations or hints?
    Thanks!

    Reply

  16. Buradan pul çəkilməsi ancaq pasport məlumatlarının bukmeker şirkətinə ötürülməsini özündə əks etdirən istifadəçi kimliyinin təsdiqlənməsindən sonra mümkündür.

    Here is my page – mostbet online – Daisyee.Com,

    Reply

  17. I blog quite often and I genuinely thank you for your information.
    This article has truly peaked my interest. I’m going to take a note of your
    site and keep checking for new details about once per week.
    I opted in for your Feed as well.

    Reply

  22. I’m excited to uncover this site. I need to to thank you for ones time just for this wonderful read!!
    I definitely savored every little bit of it and i also have you saved as a favorite to check out new stuff
    in your site.

    Reply

  23. You’re so awesome! I don’t suppose I’ve truly read a single thing like this before.
    So good to find someone with a few genuine thoughts on this subject matter.
    Seriously.. many thanks for starting this up. This site is one thing that is needed on the web, someone with some originality!

    Reply

  25. I believe what you posted was very reasonable. However, think about this, suppose you typed a catchier post title?
    I mean, I don’t wish to tell you how to run your website, however suppose you added a
    headline that makes people desire more? I mean Atiku: 2021
    Budget Proposal Contravenes The Fiscal Responsibility Act.
    | thenewnarrativeonline is a little vanilla. You could peek at Yahoo’s front page and watch how they write news titles
    to grab viewers to open the links. You might try adding a video or a related pic or two
    to get people interested about everything’ve got to say.

    Just my opinion, it might bring your website a little livelier.

    Reply

  27. Certain black moms may hold an intelligent conversation during the day but they
    can be scantily dressed as they go to the club.
    Ebony moms are usually significantly attractive.
    They possess great and shimmering pores and skin because
    of the darkish shade of pores and skin they don’t possess to tension over sun tanning.
    Actually though they have that machine-gun mouth area that fires their children with scolding and preaching they also possess
    kissable lips that invite men to get a serious hug.
    No want for make-ups, just kiss and inform you’ll going to fall in like under their dark magic spell.hot sexy girl porn At the age group
    of fifty Even, they are still beautiful. With their ageless beauty, they
    look young always. Even how numerous children do they possess Furthermore,
    their boobs are nevertheless firm and sensitive.
    When women become moms and dads, they don’t prevent being human being; they don’t turn into robots.

    Time still marches and so their sexual wants. But when you
    desire them on bed don’t believe about intercourse simply, think
    about romance. Therefore, watching them on porn does not create you horny but also make your arousal harder than ever.
    Envision eating your respected black chocolate brand, you’ll be pleased in every bite!

    Reply

  30. heyy there and thank you for your info – I’ve certainly
    picked upp something new from right here. I did however expertise some techhnical issues using
    this website, as I experienced to reload the site many times previous to I could get it to load correctly.
    I had been wondering if your web hosting is OK? Not that I am complaining, but slow loading instances times will often affect your placement in google
    and could damage your high quality score if advertising and marketing
    with Adwords. Anyway I’m adding this RSS to my e-mail and could look out forr a lot more of your
    respective intriguing content. Make sure you update this
    agai soon.

    Take a look at my website: darmowe ogłoszenia nieruchomości

    Reply

  32. Hi! This is kind of off topic but I need some guidance from an established blog.

    Is it hard to set up your own blog? I’m not very techincal
    but I can figure things out pretty quick. I’m thinking about making my own but I’m not sure where to start.
    Do you have any points or suggestions? Thanks

    Here is my web site Kleurplaten

    Reply

  34. Wonderful article! That is the type of info that should be shared around the
    internet. Shame on the seek engines for no longer positioning this post
    upper! Come on over and seek advice from my web site .
    Thank you =)

    Feel free to surf to my website – SmadAV Terbaru

    Reply

  35. I like the helpful info you provide in your articles.
    I’ll bookmark your blog and check again here regularly.
    I am quite sure I’ll learn a lot of new stuff right here! Best of luck for the next!

    Reply

  343. Whether you desire to get auto money management online, you have to narrow down all the possible offers
    and also fees that suit your budget. As typically with the instance of several, they tend
    to neglect the importance of reviewing money quotes that they have
    a tendency to devote three times as long
    as they might possess actually conserved, Find Out More.

    Reply

  1305. Hello would you mind letting me know which webhost you’re
    using? I’ve loaded your blog in 3 different web browsers and I must say this blog loads a
    lot faster then most. Can you recommend a good
    web hosting provider at a fair price? Thank you, I appreciate it!

    Reply

  1306. Sweet blog! I found it while surfing around on Yahoo News.
    Do you have any suggestions on how to get listed in Yahoo News?
    I’ve been trying for a while but I never seem to get there!
    Many thanks

    Reply

  1315. I’ve been really impressed with CBD gummies and like https://www.cornbreadhemp.com/collections/full-spectrum-cbd-oil . They’re not only tasty but also incredibly convenient in compensation getting a daily dose of CBD. I fellow-feeling a amour how heedful they are, making them immaculate for when I’m on the go. I’ve ourselves noticed they remedy me relax and sleep superior, unusually after a stressful day. The steadfast dosage in each gummy also takes the guesswork minus of managing how much CBD I’m consuming. If you’re philosophical of trying CBD, gummies are a large choice—ethical be positive to swallow from a trusted tag looking for the nicest results!

    Reply

  1317. Wonderful write-up! Press statements are essential for molding media narratives and sharing important information. They
    support develop relatinships between businesses and
    media professionals. Developing effective press releases necessitates being direct, matched with the concerns of targeted news channels.
    With the rise of digital media, Illinois Press releases also play a vital
    role in web-based PR. They not only target conventional news outlets buut additionally
    boost interest and strengthen a company’s internet visibility.

    Adding visuals, such as graphics, can enhance press releases further interesting and viral.
    Adapting to the evolving media field while keeping core
    values can significantly boost a press release’s influence.
    How do you feel on using multimedia in media statements?

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

Related News

Troops

Nigerian  Army 6 Brigade troops arrests  two, recover  AK 47 riffles from kidnappers in Taraba State

November 20, 2024 24
IMG-20241119-WA0001

Ag.COAS assures on Army personnel  welfare, protection of Nigeria and citizens as top priority.

November 20, 2024 4