2022 Budget:Nigerians Are Worried About Quantum of Borrowings – Sen. Danbaba

2022 Budget:Nigerians Are Worried About Quantum of Borrowings – Sen. Danbaba

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By Bashir Bello Abuja

The Deputy Minority Whip of the Senate, Senator Ibrahim Abdullahi Danbaba representing Sokoto South at the National Assembly has advised the Federal Government either to trim down the 2022 budget proposals to a manageable level so as to make sure that projects encased in the 2022 budget are properly executed

Senaror Danbaba was speaking shortly after the President presented the highlights of the appropriation bill to the National Assembly on Thursday in Abuja. He explained that “we make budgets but the realisation of the budgets is the problem. How possible is it that this budget of N16.39 trillion target is going to be met?”

He further questioned the revenue projection of the budget which stands at N10.3 trillion adding that hes not optimistic that we are going to achieve that target of N10.39 expections?

He went on to advice that if the Federal Government feels that it can not meet the expected revenue, the Federal Government can come back to the National Assembly with a supplementary budget, review the appropriation bill downward to a manageable level.

He continued,

“You see, some projects are halfway abandoned, abandoned because of lack of revenue to Implement those projects. I hope this time around, we are going to get it right In this order so that we don’t go through the usual thing of not being able to implement.

When asked about his opinion about the quantum of borrowings by the Federal Government to finance projects, the law maker said that he is not against borrowing by the Federal Government but expressed reservations that unless the nation’s resources are well managed, these borrowings could be unhealthy for the nation.

” Many Nigerians including myself are worried that segments of the capital projects under the 2022 budget is only 33 percent, but the borrowing level is 37 percent. It means that part of money borrowed will be used to finance parts of recurrent expenditures or programs which is not right.

He continued further,
“The purpose of borrowing is to develop, when you develop, you create more jobs, when you create more jobs the economy will grow.

The Senator Futher debunked the notion that it is healthy for the country to borrow as our Gross Domestic Product, GDP is growing. He added that if the country must borrow then it should be tied to developmental projects.

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