National Assembly, Experts Fault Feasibility Of 2020 Budget

The National Assembly on Wednesday commenced the debate on the general principles of the 2019 budget with majority of the lawmakers expressi...

The National Assembly on Wednesday commenced the debate on 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.

While some senators condemned the borrowing plans of the Federal Government and  the huge sums proposed to service the existing foreign loans, some members of the House of Representatives called for job creation, especially through the Social Investment Programme of the Federal Government.

Some finance experts and economic groups such as the Lagos Chamber of Commerce and Industry, Professor of Economics at the Olabisi Onabanjo University Ago-Iwoye, Ogun, Sheriffdeen Tella; the Lead Director, Centre for Social Justice, Eze Onyekpere, and the Head of Tax and Regulatory Services at PricewaterhouseCoopers, Taiwo Oyedele, also faulted the revenue framework upon which the 2020 budget was predicated.

President Muhammadu Buhari on Tuesday proposed the highest allocation of N262bn to the Ministry of Works and Housing, just as Power, Transportation and Defence followed with N123bn, N112bn and N100bn, respectively in the 2020 budget estimates presented to the National Assembly.

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.

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