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Former Vice president Atiku Abubakar has taken a jibe 2021 budget proposal submitted to the National Assembly by President Muhammadu Buhari on Thursday.
He said the N13.08 trillion 2021 budget proposal contravened the Fiscal Responsibility Act.
The flagbearer of the Peoples Democratic Party (PDP), in the 2019 presidential election faulted the budget proposal in a statement released on Friday, titled “The 2021 Budget Proposal Contravenes the Fiscal Responsibility Act”.
He said the N5.21 trillion budget deficit amounted to over 3,5 per cent of Nigeria’s 2019 Gross Domestic Product, GDP.
The statement part read, “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.
“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.”
He added, “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.”
This post was written by Obiajulu Joel Nwolu.
The views expressed here belong to the author and do not necessarily reflect our views and opinions.