Former Vice-President, Atiku Abubakar,has advised the Federal Government to sell eight or nine of the presidential jets and cancel the N27bn earmarked for the renovation of the National Assembly complex.
The advice was made known as government has only seen fit to slash our budget by a mere 0.6 per cent, from N10.594trn to N10.523trn. This represents a reduction of only N71bn.
Atiku,said,FG has lost touch with current global economic realities, advice buhari administration to put Nigerians first and cut your coat, not according to your size, but according to your cloth.
The budget that was first presented to the National Assembly on Tuesday October 8, 2019, was predicated on a crude oil production of 2.18 million barrels a day, at an expected oil price of $57 per barrel. He said this situation has since changed.
With present budget,crude oil price is pegged at US$25 per barrel, while Nigeria’s crude oil production quota was fixed at 1.94million barrels per day compare to the first budget, Punch online report.
The former Vice President said, the massive budgets to run both the Presidency and the Legislature has to be downsized.
The budget for purchasing luxury cars for the President, his vice, and other political office holders must be jettisoned. Leave the salaries of civil servants alone, but reduce the salaries of political appointees. Sell 8 or 9 of the jets in the Presidential Air Fleet.
The Finance Minister has said earlier that there would be a deficit of N5.365 trillion in the amended budget, which would be financed by both domestic and foreign borrowing.
The foreign borrowing for 2020 are all concessionary loans from the IMF, which had already progressed, approved and crystallized; from the World Bank, from the Islamic Development Bank as well as from AFREXIM Bank.
Multi-lateral loans draw down, funding from special accounts and funding from privatization will fund the fiscal deficit of N5.365 trillion that we have in the proposed amendment for the 2020 Budget.
The former Vice President explained that significant cuts in funds budgeted for presidential feeding and transport as well as non-essential sub heads will go a long way in ensuring that Nigerians get a better deal.