Former Vice President and runner-up in the 2019 general elections, Atiku Abubakar has asked the FG to cut down the cost of running the country’s bureaucracy in the light of revenue woes brought by the coronavirus pandemic, stating that current budget adjustments is only a window dressing.
Atiku faulted as too little the 0.6% or N71 billion reduction in the now N10.523 trillion 2020 budget, and warned that borrowings to plug the budget’s N5.3 trillion deficit would entrap Nigeria.
Instead, Atiku advised that the FG realistically slash the budget by up to 25%, like other oil producers have, emphasizing the need to reduce the cost of governance in order to create room for investment on Nigerians.
“In times of austerity, no nation, not the least a mono product economy, such as ours, should be living in luxury at a leadership level,” said Atiku.
Atiku said the billions budgeted for the travels and feeding of the President and Vice President has to be reduced.
The former vice president said the massive budgets to run both the Presidency and the Legislature has to be downsized, including the N27 billion budgeted for the renovation of the National Assembly.
Atiku advised that the budget for purchasing luxury cars for the President, his vice, and other political office holders be jettisoned and the salaries of political appointees are cut, without reducing the salaries of civil servants.
He also asked FG to sell 8 or 9 of the jets in the Presidential Air Fleet.
Atiku’s said his advice for a budget realignment to redirect expenditure away from running a massive bureaucracy, into social development sectors like education, infrastructure, and above all, healthcare, embodies the types of sacrifices that Nigeria needs in a time of crisis, as opposed to empty gestures that will lead to empty treasuries.
“We must invest in the goose that lays the golden egg – the Nigerian people,” he said.
Nigeria’s projected revenue has tanked by N3 trillion to N5.1 trillion due to low oil sales and declining prices. In reality actual revenue has plunged with the country’s recording unsold vessels, and income falling more than 50%, Atiku.
As a result, almost 50% of 2020 budget will be funded by debt.
“Nigeria cannot make up for the loss of expected revenue by taking out more loans and issuing out more bonds,” said Atiku, who proffered a way out for Nigeria. “Debt will be the death of our economy and bonds will put our people in bondage.”
