The Nigerian President, Mr Muhammadu Buhari has finally agreed that his policies are responsible for the crashing of the Nigerian economy and promising to reverse some of them to the position they were before he took over from the last administration.
The President who Nigerians brands as “Baba Go Slow” made this known through the Secretary to the Federal Government, Mr. Babachir David. To make matters worse, the President lamented that the earnings accruable to the federal government shriveled by 40%.
Mr. Babachir stated that, “We cannot guarantee the implementation of constituency projects in the 2016 budgets. As a government, constituency projects are championed by members of the National Assembly. Likewise Legislature, members of the Executive are politicians who canvassed for votes.
He added that, “Lawmakers are aware that oil production has dwindled to about 800,000 barrels per day. This has led to the inability of the government to finance the budget. It is the duty of government to prepare the minds of Nigerians ahead that there will be challenges in implementing the budget,” Babachir stated to the consternation of the Senators.
The Secretary to the Federal Government further clarified that funds will only be allocated for major projects this year., saying that cash crunch has forced the government to set new priorities for its policies.
“Government based its funding on zero budgeting this year. Funds will be released to finance key projects in line with the plans of the government. I spoke with the Minister of Budget yesterday (Wednesday), I asked him about the revenue base of the government.
Babachir added that “Nigeria is now receiving 50% to 60% of the earnings as against what we projected. Some ministries, departments and agencies (MDA) might find it impossible to implement budgets appropriated in the budgets. We have to reprioritize .
Buhari’s policy on Foreign exchange, especially closing Domiciliary accounts, restriction of remittance from the diaspora, which accounts to about $24billion a year, scrapping Jonathan’s Agriculture, Youth empowerment, Graduate conversions polices. The poor implementation of TSA, reckless spending of over N7trillion in his first 9 months in office, Increased Interest rates and excess tax pushing inflation to nearly 18% accounts to the shocking bad economic state Nigeria found itself.
According to records, Buhari inherited the Biggest economy in Africa valued over $600billion and with GDP growth of about 7%, the number 1 investment destination in Africa, and 4th in the whole world, today, Nigeria is 24th in Africa and 89th in the world. The 3rd fastest growing economy in the world cannot find itself in the top 80s, as Nigeria GDP crashed to -2.06% in the last quarter.
Source: Hope For Nigeria