2019 Budget Passes Second Reading
The 2019 budget appears
to be on a speed mode this time.
On Tuesday the Senate passed the appropriation bill of 8.82 trillion naira for second reading.
The budget totaling, N8,826,636,578,915 has a recurrent expenditure of 4 trillion naira while 2 trillion naira goes for capital expenditure with 2.2 trillion naira and 492 billion naira for debt servicing and statutory transfers respectively.
Budget of impossibilities - Abaribe
Reacting to the details of the budget, Senator Enyinnaya Abaribe said: “With a total debt service of 25.7% and capital budget at 23%, it means we are paying more debt. This is a budget of impossibilities. Out of every 1 Naira, 68kobo is paid out. The Federal Government needs to go back to the drawing board.”
Senator Mao Ohuabunwa said: “We are consolidating poverty. We need to really look at this budget. Instead of reducing, we should ‘jack up’ the budget by 10 trillion. What can two trillion do when we have ongoing projects. We need to block leakages and ensure taxes are collected.”
Senator Ben Murray-Bruce from Bayelsa State reacting to the budget said: “The budget is not different from what we have been presented in the last four years. Recurrent expenditure of 4 trillion is too high. There are government agencies set up that have no value. These agencies must be scrapped.”
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