Senators on Tuesday commenced debate on the general principles of the 2021 budget estimates, presented to the Joint session of the National Assembly last Thursday by the President Muhammadu Buhari.
Senators from the ruling All Progressives Congress commended the Buhari regime for coming up with the N10.08trn fiscal document tagged, “Budget of Economic Recovery and Resilience”.
But their Peoples Democratic Party counterparts described the budget as unrealistic for implementation.
The Senate Leader, Senator Yahaya Abdullahi, who started the debate, said the proposed budget deficit of N5.19tn represented 3.64 per cent of the Gross Domestic Product, which was above the threshold set by the Fiscal Responsibility Act, 2007.
He said, “Even though the deficit is covered by N4.28trn of new borrowing and funds obtainable from privatisation proceeds and multilateral and bilateral sources, it is important for our Committee on Finance to raise the matter for the National Assembly to permit this increase, as specified in the extant law, particularly given the special circumstances which made this necessary.
“It is important to point out that issues of revenue shortfall and meeting unexpected emergencies can only be tackled either by borrowing, cutting expenditure, shrinking the economy, reducing government and social services, rationalisation, and job cut, among others.”
However, the Senate Minority Leader, Senator Enyinnaya Abaribe, said the budget did not show that the Buhari regime understood that the world had changed and that the country’s problems had intensified.
He said, “The oil era is fading out, but the government retains an attitude of business-as-usual. This is not a time for tokenistic ideas. Nigeria needs big ideas. This 2021 budget proposal failed to deliver on that point.”
However, the Senate President, Ahmad Lawan, pointed out that the budget proposal was an estimate and assumption.
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