Headlines

Abaribe Says 2020 Budget Not Sustainable

Published

5 years ago

Oct 10, 2019.

Otunba T.J Abass

– Senator Abaribe said that the 2020 budget presented by President Buhari was not sustainable

– The budget was not sustainable because debt servicing was higher than capital expenditure

– This is nothing but a budget of taxation

The Senate Minority Leader, Eyinnaya Abaribe, has said that the 2020 budget President Muhammadu Buhari presented to the joint session of the National Assembly was not sustainable.

Abaribe, Senator representing Abia south made this known at a plenary on the floor of the Senate.

He argued that the budget was not sustainable because debt servicing was higher than capital expenditure.

According to Abaribe: “This is nothing but a budget of taxation. I urge the Senate to look at that fact as it is not a sustainable budget. Debt servicing is higher than capital expenditure.

“We are still struggling. I second the budget presentation by the Senate Leader.”

In reaction, the former Governor of Benue State and Senator representing Benue North-East Senatorial, Gabriel Suswam, said that the lawmakers needed to address the nation’s borrowing methodologies.

“I commend Mr. President for bringing an ambitious budget; the deficit worries me, there is a correspondence borrowing increase; we need to do something in this Chamber by way of legislation to address borrowing,” Suswam said.

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