Budget 2020 is a Budget of Disaster: BNG

The 2020 budget proposal will ultimately leave a  sour taste in the mouth of Nigerians. The expectations of  Nigerians  to have a budget that will lift them out of poverty, guarantee their welfare, develop critical infrastructures, create employment opportunities and ultimately address the endemic economic imbalance is not be. 

At  best, this is described as Budget of  disaster and fraud. One thing is to have a budget in place, but another is to have it well implemented.

 Budget performance has being the bane of Gen. Mohammadu Buhari's government.
Looking at the budget performances history of this administration, one would agree that nothing will come out of the new proposal, in 2016, budget performance was below 30%, so in 2017, 2018 and in 2019, we are yet  to see what it would become.

 The future of the Nigerian  youth is heavily at risk and stake with budget proposal of this nature because in situation where DEBT SERVICING takes ₦2.45trn, which is more than capital expenditure of ₦2.14trn. Debt servicing is paying interest on the debt, not repaying the debt, therefore a budget proposal that seeks to expense over 2 trillion on debt servicing, a quarter of the entire annual budget leaves much to be desired.

The Budget should ordinarily help provide the range of public goods and basic services that both businesses and citizens need in order to enhance their productivity and competitiveness.
Let’s find the 2019 Budget and learn how well it performed so we can trust 2020 also.

The proposed increase in VAT to 7.5%  that is expected to generate revenue to take care of critical sector according to the government is a welcome idea only if such revenue will be used for the specified sectors.

 But beyond this, VAT should be restructured in such a way that Nigerians will be happy to pay. It needs reminding that Vat  is a tax on consumption but should not be placed on every items that has no direct bearing on consumption.

The BNG is Challenging the Federal Government to reveal the true position of the TSA.( Treasury Single Account) The Buhari's Government is known for  its cries of "No Money" and  " Federal Government is Broke" culture, this is the time to work for Nigerians and not for just few.

Nigerians should hope and pray for the best as the proposed budget does not in any way suggest a better deal for  the country.

Signed
BNG