Governor
Fayose yesterday warned Buhari against taking a $2 billion loan from China to
finance the 2016 budget.
Fayose
said Buhari’s scheduled trip to China was part of the measure targeted at
sealing the deal for the loan, describing the move as an attempt to mortgage
the future of Nigeria and its people.
The
governor, who said the 2016 budget was not a reflection of the present economic
reality in the country, added: “By the time they borrow N1.84 trillion to fund
their N6.06 billion budget, I wonder how Nigeria will survive in 2017 when the
Federal Government will be servicing debt with about 50 percent of its budget.”
In
a release issued by his Special Assistant on Public Communications and New
Media, Lere Olayinka, Fayose said: “In elementary economics, you don’t propose
to spend more when your income reduces and I still can’t understand this Buharinomics
in which Nigeria is going to spend N6.06 billion with crude oil bench mark of
$38 per barrel when the country budget was N4.5 trillion in 2015 when crude oil
bench mark was $53 per barrel.
He
said since the President claimed to have recovered and still recovering
trillions of Naira looted from the treasury and over N3 trillion saved from the
Treasury Single Account (TSA), the 2016 budget should be funded with the
recovered fund.
The
governor said he was alerting Nigerians to the danger in the federal government
plan to fund the 2016 budget with loan, adding: “Tomorrow,
it will be said of me that I did not keep silent when Nigeria was being
mortgaged to unnecessary debt.”
He
warned that with the proposed N1.84 trillion borrowing, $2 billion of which President
Buhari is already going to borrow in China, the nation may soon be going the
way of Greece because Nigeria will be borrowing N5 billion per day for the next
365 days.
“If
your income was N200,000 per month last year and your expenditure was N195,000
per month; does it make any economic sense for you to propose to spend N300,000
per month this year that your income has reduced to N120,000?
“Only
President Buhari can explain to Nigerians what manner of economic theory
encourages borrowing of N1.84 trillion to fund a N6 trillion budget. As for me,
it is nothing but a voodoo economic theory and Nigerians must take note that
the income that should accrue to them in
five years’ time is about to be spent in
one year by the Buhari APC government.”
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