Aside the pomp and pageantry (a yearly ritual) that attended the signing into law of the Federal Government 2023 Budget, there is very little to cheer Nigerians who are conversant with the enormity of economic problems currently afflicting the country
[FILE] President Muhammadu Buhari during the presentation of the 2023 budget to the joint session of the National Assembly in Abuja. PHOTO: PHILIP OJISUA. INFOGRAPHICS: OLAKUNLE OLANIYI
The budget ritual often means many things to many people – a clear case of different strokes for different folks. The average Nigerians do not see how this significantly affect their lives, while for individuals and corporate organisations that have anything to do with government, it means a lot, in relation to their means of survival.
The spate of perennial budget deficit financing under the Muhammadu Buhari administration and throughout its tenure has become very worrisome. That of 2023 is unprecedented. The projected spending of N21.83 trillion is more than double the projected revenue of about N10.5 trillion. How is that sustainable? How is that implementable? How is that realistic? The resort has often been to increase in public borrowing.
It is noteworthy also that the provision for defence and security in the 2023 budget is the largest followed by that for education and health. However, it is ironic that there are serious crisis in these sectors particularly for defence and security which has been receiving huge allocations since the inception of this administration and yet the spate of insecurity has been worsening.
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