The Senator representing Abia-South Senatorial District in the Senate, Enyinnaya Abaribe, says the 2020 budget is “nothing but a budget of taxation”, one that is not “sustainable.”
Speaking at the Senate plenary on Wednesday, Senator Abaribe argued before other lawmakers that the budget is not sustainable because debt servicing is higher than capital expenditure.
He urged the parliamentarians to look into the budget, stressing that the nation is still struggling.
In reaction to Abaribe’s comment a former Governor of Benue State who now represents Benue North-East Senatorial District at the Senate, said the lawmakers need to address the nation’s borrowing methodologies.
“I commend Mr. President for bringing an ambitious budget; the deficit worries me, there is a correspondence borrowing increase; we need to do something in this Chamber by way of legislation to address borrowing,”Suswam said.
Taking a rather divergent view on the matter, Senator Aliyu Sabi Abdullahi (Niger North), argued that the budget rightly addressed the economic issues besetting the nation.
He said: “This is a budget of continued change. This government is on the right trajectory.
“This budget has addressed how the micro and medium small enterprises will play a key role in building the Nigerian economy.”
Still speaking on the issue, Abdullahi said, “This budget will continue the change and ensure our citizens see a better economy.”
President Muhammadu Buhari had on Tuesday presented the 2020 Appropriation Bill to the joint sitting of the National Assembly.
The budget which the President had termed a ‘Budget of Sustaining Growth and Job Creation,’was proposed based on a 7.5% tax rate.