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Why Nigeria’s 2020 Budget Is Empty: Peter Obi

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Peter Obi
Peter Obi

Peter Obi

The vice presidential candidate of the Peoples Democratic Party(PDP), Peter Obi, has described the 2020 budget as presented by President Muhammadu Buhari ‘as empty’ because it comprises less than 15% of its GDP.

Speaking on ‘Arise News Morning’ he added that no country in the World has its GDP less than 15percent in its yearly budget.

His full address below:

“We have not looked at the quantum of the budget compared to the size of the country. I have made a study of the budget of about 24 countries and I have followed it religiously and I can give you an example of what is happening. Let us use examples of the BRICS (Brazil, Russia, Indonesia, China and South Africa) nations and the MINT economies (Mexico, Indonesia, Nigeria, and Turkey.) Of all these countries, there is none whose budget is less than 15 percent of its GDP except Nigeria. Brazil has a population of 210 million people, with a GDP of three billion, their budget is 803 trillion dollars. Nigeria has a population of 200 million people and a GDP of $400 billion and the budget for 2018 was $22 billion. If you look at all these countries and share their budget with their population, you will see that Nigeria is the worst yet none of them have more than five percent of their people living under poverty. In our own case, 50 percent of our people are living under poverty and our budget is so low.

Read Also: So after announcing them who will confirm them?; Nigerians Blast Peter Obi For Querying Buhari On His Unnamed Cabinet

“This 2020 budget that we are clapping about is not up to the Indonesia’s budget for education. So, we have a crisis and we need to look at what these countries are doing right that we are not doing. The budget that you think is big is empty in itself and to worsen it, you cannot fund it. Raising revenue is very simple. The only way to increase revenue is to create more employment. The more people are employed, the more revenue you get. If you pull 40 million people out of poverty, you can increase revenue through the tax they pay. But you are not creating jobs and you are now over-taxing the few who are struggling to make ends meet. Are you going to tax jobless people? Or will you tax those whose businesses are already closing?

“I spoke about debt in 2017 but because I’m just a trader and I don’t work in World Bank, no one listens to me. Our debt is toxic. There is nothing wrong in borrowing if we are borrowing for production. If you are borrowing for consumption, you have a crisis because you can’t pay it and that is why we are having problems today.”

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Fayemi Presents Over N109 billion As Budget Estimate For 2021

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Fayemi Orders Resumption Of All Workers In Ekiti
Fayemi Presents Over N109 billion As Budget Estimate For 2021

Governor Fayemi

Governor of Ekiti State, Kayode Fayemi has presented the proposed budget for the 2021 fiscal year in the State.

The Governor on Monday presented a budget estimate of over N109 billion for the 2021 fiscal year.

Governor Fayemi, while presenting the budget at the State House of Assembly complex yesterday in Ado-Ekiti described the 2021 budget as “Budget of Recovery and Economic Restoration.”

Also Read: #EndSARS Protests Politically Motivated – Kogi Governor

The budget has a recurrent expenditure of N57, 997,898,982.62k while the capital expenditure has N51, 668,386,739.99k.

Fayemi, said the budget proposal presented contains the policy thrust, programmes, and vision of his administration for 2021, saying efforts shall be made to source the needed resources to fund the budget.

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National Broadcast: PDP Slams Buhari Over ‘Disappointing, Empty’ Speech – PDP

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National Broadcast: PDP Slams Buhari Over 'Disappointing, Empty' Speech – PDP
National Broadcast: PDP Slams Buhari Over 'Disappointing, Empty' Speech – PDP

Muhammadu Buhari

The Peoples Democratic Party (PDP) has blasted President Muhammadu Buhari over his nationwide broadcast over the ongoing #EndSARS protest rocking the country.

Recall that Buhari in his speech called for an end to the protest, adding that his government had already accepted and started implementing demands of the protesters.

He, however, failed to acknowledge the shooting of protesters by soldiers of the Nigerian Army at the Lekki Toll Gate on Tuesday night.

Also Read: President Muhammadu Buhari’s speech – Full text

Reacting in a statement on Thursday night by its spokesperson, Kola Ologbodinyan, the PDP said Buhari’s address was depressing and failed empathy test.

The party appealed to Nigerians, particularly the youth, to remain calm and allow a return to normal life in the collective quest for peaceful co-existence in the overall interest of the nation.

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PDP Asks Buhari To Stop Killing Of #EndSARS Protesters Across Nigeria

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PDP Asks Buhari To Stop Killing Of #EndSARS Protesters Across Nigeria

PDP

The Peoples Democratic Party (PDP) has condemned the killing of peaceful #EndSARS protesters at the Lekki Toll Gate, Lagos.

This was contained in a statement titled “EndSARS- Lekki Massacre,” signed by the PDP National Publicity Secretary, Kola Ologbondiyan, late on Tuesday.

Ologbodiyan said, “The Peoples Democratic Party, condemns in very strong terms, the killing of peaceful protesters at the Lekki Toll Gate in Lagos as well as other parts of our country.

Also Read: Shehu Sani Condemns Shooting Of #EndSARS Protesters At Lekki Toll Gate

“It is shocking that security agents and, in some cases, thugs, were reportedly deployed to end the lives of promising Nigerians. This, to say the least, is saddening.

“Those responsible for the heinous murder of the innocent and harmless Nigerians must account for their nefarious acts.

“The PDP calls on President Muhammadu Buhari to immediately direct an end to these wanton killings across our nation.

 

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