Coalition Of United Political Parties (CUPP) has picked holes in the budget presentation by President Muhammadu Buhari, yesterday, at the National Assembly.
The opposition group said although this would be the president’s last full-year budget yet he did not take any steps to include in the budget items that would leave him with a lasting legacy.
In a statement by the group’s spokesperson, Ikenga Imo Ugochinyere, it said the only highlight of the budget is that the government has tactlessly admitted that it is overwhelmed.
According to him, the only thing the budget is clothed with is new loans and borrowings and nothing more.
He said it does not inspire any hope in Nigerians rather it sinks the country further into economic woes.
He said, “Recurrent expenditures and capital expenses like purchase of cars, computers, and accessories, and other unnecessary and white elephant projects are all the budget contains because the ruling party will use the budget to fund their 2023 election campaigns.
“An N16.39 trillion budget contains Debt service of N3.61 trillion, non-debt recurrent costs of N6.83 trillion while there is the only capital expenditure of N5.35 Trillion.
“New borrowings in the budget is totaling N5.01 trillion with an extra N1.16 trillion drawdowns on loans secured for specific projects.
“This is the highlight of the uninspiring speech of the President as it cannot add any productive value to the economy.
“Furthermore, a close look at the speech will show Nigerians that President Buhari has been perpetually funding the same set of projects without ever completing them.”
“After borrowing over N33 trillion, President Buhari is still declaring to Nigerians that he is borrowing to fund Lagos-Ibadan Expressway, Abuja-Kano Expressway, East-West Road, 2nd Niger Bridge, etc.
“Nigerians should please ask President Buhari; when will these projects which have been in the budgets since 2016 ever be completed?”
The spokesman said the president was severally thanking the lawmakers for speedy approvals, but Nigerians will notice that there was never any appreciation for critical analysis by the National Assembly.
“They quickly approved the Medium Term Expenditure Framework, they quickly approved the 2021 supplementary budget, they quickly approved loans and all borrowings and also will quickly approve this budget.
“All these were without critical analysis on the impact of their approvals on the people they represent.
“Nigerians are hereby called upon to bear yet again another year of suffering but have hope that when the opposition takes over, Nigeria will get back on its feet,” he added.