ActionAid Nigeria has raised concern of the realisation of the 2021 budget proposal of #13.08tn described it as ambitious and unworkable.
The ActionAid which is working to eradicate poverty and to promote social justice in the 36 states and the FCT stated this , Tuesday in a Press release signed by her Communications Coordinator Lola Iyanda and made available to Journalists in Lokoja.
The release noted that the budget which was presented to the joint session of the National Assembly on the 8th of October 2920, by President Muhammadu Buhari would be difficult to meet the yearnings and expectations of Nigeria as revenue accruing to the country continues on the spiral decline.
The statement stated that against the steady decline in revenue, the federal government had to review the 2020 budget from #20.594 to #10.523tn and Crude Oil Production while adjusting exchange rates to mitigate the present realities.
Lola Iyanda stated that the covid 19 pandemic which may render the country incapable of meeting her 2021 revenue targets, a budget deficit of 5.19tn which is expected to be funded through loans from the international and local financial institutions has become worrisome.
The release insisted that the dwindling revenue occasioned by falling oil prices, non-remittances, leakages etc, and the tendency to borrow to fund the budget will be a major concern to the organisation.
According to ActionAid” This is a major concern as the debt profile keeps pilling and to substantiate this, the Debt Management Office (DMO) showcases the nation’s total debt stock at N31.009 ($85.897b) as of June 30th, 2021.
” The Health, Education and Agricultural sectors are not yet given the attention required given their strategic importance in pioneering the economy.
” As reported by the World Poverty Clock, Nigeria has overtaken India as the poverty capital of the world and the most vulnerable groups include women and children. Nigeria currently has more than 82m of its people dwelling bellow the poverty line.
The Organisation therefore advise the Ministries, Departments and Agencies to adopt a bottom up approach to budget creation while states and local governments should aggregate their own budgets to exact deeper developmental impact in rural communities.
The statement further advised the government to increase allocations to these critical sectors of the nations life in 2021 as it has fallen bellow the expectations of the society.
The statement added that for the budget to have impact on the people it should shelve off vague proposal to target concrete delivery for social economic well-beings of the people and to improve critical infrastructure that have direct bearing on the populace.
While calling for debates on the budget warned against the the use of loans to fund budgets.
