In Dialogue with Economic Summit Group, Tinubu Says Nothing Wrong with Endless Budget Deficits Bennett Oghifo The presidential candidate of the All Progressives Congress (APC), Bola Tinubu yesterday in Lagos unfolded his comprehensive economic
The presidential candidate of the All Progressives Congress , Bola Tinubu yesterday in Lagos unfolded his comprehensive economic plan for the organised private sector before the Nigeria Economic Summit Group , and further defended the heavily criticized endless budget deficits of the Buhari administration.
“A budget deficit is not necessarily bad. Look at the Japanese example with high government borrowing and low inflation. The real issue is whether deficit spending is productive or not. Unproductive deficit spending is a compound negative, especially if backed by excessive borrowing of foreign currency. This is not classroom economics but it is the lesson of the real economic history of nations.”
He said, “My core belief is that the private sector must be the prime driver of economic progress. However, the government establishes the framework within which the private sector must operate. If that framework is sound, the private sector will flourish. If the framework is frail or incomplete, then the private sector will struggle.”
“It is based on this idea that I believe we must remove the PMS subsidy immediately. It has outlived its shelf life as a public good. We will neither subsidise neighbouring countries’ fuel consumption nor allow a select few to reap windfall profits and hoard products. He said his administration’s budgeting would be based on the projected spending levels needed to push real annual growth rate above 10 per cent, while reducing the unemployment rate, so that the economy can be doubled in seven years.
“Building on this foundation, we will accelerate the faithful implementation of the ‘Infrastructure Master Plan’ by adopting proven financing structures till we deliver an acceptable stock of hard infrastructure through seaports and airports; and road, rail and water transportation linkages that can support our desired economic growth.
To solve this, he said his administration will improve transparency, moving toward a unified exchange rate. According to him, by relaxing stifling trade and capital control policies, domestic and foreign investors will be encouraged to invest more in the economy.
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