Recession: Nigeria is broke, can’t afford 2021 budget – Atiku

Until our economic prospects improve, Nigeria ought to exclusively focus on making budgetary proposals for essential items, which include reasonable wages and salaries, infrastructural projects, and social services (citizenry’s health, and other human development investments)

&⚫ 22nd November, 2020

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Alhaji Atiku Abubakar, Former Nigerian Vice President and Current Wazirin Adamawa
Atiku Abubakar, former vice president, told the executive that the budget planned for 2021 is no longer tenable.

He claimed that in the N13.08 trillion budget plan, Nigeria is broke and can not afford the luxury products.

The advice comes as Nigeria has fallen into a second recession after 2 consecutive negative quarters of growth in 5 years.

On Sunday, Atiku said in a Twitter thread that COVID-19 merely complicated an existing economic issue.

“We cannot afford hand wringing and navel-gazing. We must act now, by taking necessary, and perhaps painful actions.

“For a start, the proposed 2021 budget presented to the National Assembly on Tuesday, October 8, 2020, is no longer tenable.

“Nigeria neither has the resources nor the need to implement such a luxury heavy budget. The nation is broke, but not broken. However, if we continue to spend lavishly, even when we do not earn commensurately, we would go from being a broke nation to being a broken nation.

“Until our economic prospects improve, Nigeria ought to exclusively focus on making budgetary proposals for essential items, which include reasonable wages and salaries, infrastructural projects, and social services (citizenry’s health, and other human development investments).”

The various committees of the National Assembly are still working on the budget.

Source The Gazette Nigeria