Budget withdrawal/Correction: Is This Connected To The Visit by IMF Boss?

There is no doubt that there is something not completely right with the national budget for 2016, which was duly submitted and read on the senate floor by the president, being withdrawn. On the case of some outcry by good number of citizens  questioning the withdrawal of the  2016 budget.

The new finance minister Mrs Kemi Adeosun said that the budget is not being withdrawn but undergoing some corrections. What sort of corrections would a budget that has been duly submitted and read out by the president be undergoing? This woke up my thought on what transpired in the meeting with IMF boss.

Though some could argue, the difference between the two, ‘withdrawal’ and ‘correction’, the fact that either is being done has more to it.

Let me think reflexively here a little bit and ask few probing questions  concerning the saga with the 2016 budget. Before I start, I would like to raise this question. Has the budget withdrawal something to do with the visit of IMF boss Mrs Lagarde? What transpired in the meeting between the IMF boss and the team of ministers, vice president and the president? What did they discuss that made IMF boss later gave the words that ‘IMF won’t borrow to Nigeria’?

So, my take is this, it became very clear to Mr preisdent and his team that his government cannot meet the social benefits he listed or promised to achieve with his 2016 budget, after their ill-fated meeting with IMF boss. So, she must have told them that they cannot borrow money from IMF. That they cannot provide all those social welfare packages they promised their citizens. If and when you change all those and make some amends to your budget, then and after then, we would consider a loan from us. Ooops, now that is the game changer. Now, I see why the budget was being withdrawn or corrected or better still withdrawn for corrections. BINGO!BuhariandIMF

“Now, there seems to be a reflex connection between the withdrawal of the 2016 Budget by Buhari and the IMF Boss,Christine Lagarde’s visit to Nigeria..

Watch! All the noise about welfare packages in that budget will be thrown to the dustbin. . Remember,you are dealing with IMF that doesn’t believe in social welfare for countries such as ours. . A capitalist Organization like IMF is a recipe for disaster” written by one Mr Otuonye.

I think he has some valid points on the subject. I vehemently agree with him. I hope, I strongly hope and I am sure that millions of Nigerians do also, that Mr president is not looking forward to borrow from IMF.

But it is almost impossible to avoid borrowing from IMF when the price of oil is in all-time low. And Oil is the prime source of revenue for Nigeria. What all these portend for Nigerians are nothing but very stringent austerity measures that will inadvertently cripple the economy, or even send it to a recession. The Central Bank forecasted that the economy would grow at 3.3% pace. Though the same economy grew at blistering pace of 6.7% with the former immediate past government of Goodluck Jonathan. So, I would end this by using a line from the track from the son of the legendary musician Femi Kuti ‘I sorry, sorry ooo for Nigeria’

Leave a Reply